NEWARK, DE — Rockford Capital Partners announced the acquisition of 242 & 248 Chapman Rd., two institutional quality office buildings located in Newark, DE. Rockford Capital acquired the property on behalf of its affiliated value-add investment vehicle, Rockford Real Estate Fund III. The seller, Chapman Road Investors, LLC, an affiliate of Equus Capital Partners, was represented by Michael Margolis and David Dolan of NGKF in the transaction.
242 Chapman Rd. is a three-story, 65,967 s/f building and 248 Chapman Rd. is a two-story, 77,974 s/f building. Together the two buildings are 100% leased to KBR and HP Enterprise Services and have served as the Delaware headquarters for KBR, an international engineering firm, for over 20 years. HP Enterprise Services, the global business and technology services subsidiary of Hewlett Packard Enterprise, occupies a portion of 248 Chapman Rd. and has been a tenant at the property for over 10 years.
“We are thrilled to add these institutional quality buildings to our growing portfolio in the eastern U.S.,” said Doug Motley, of Wilmington-based Rockford Capital. “This transaction provided an attractive investment opportunity in that it has the combination of strong and stable in-place income and a great location.”
The property is located less than seven miles from the University of Delaware, less than one mile from the Interstate 95 intersection with Delaware Route 273 and is within walking distance of two large shopping centers that provide multiple retail and dining choices.