Wilmington, DE — Newmark Knight Frank (NKF) announced the sale of the 10.3-acre; 448,668 s/f parcel at the southeast corner of the Coastal Highway (Rte. 1) and Holland Glade Rd., in Rehoboth Beach, Sussex County. The $13.5 million sale represents the last large commercial land tract along the Rte. 1 corridor between Lewes and Rehoboth Beaches. Mike Margolis, Dave Dolan and Neal Dangello of NKF represented the seller, the Corrado Family, LLC in the sales transaction. Coastal Station Development Co., LLC were the buyers.
The site will be redeveloped with the first phase to begin immediately and will include a Royal Farms convenience store and Iron Hill Brewery and Restaurant (planned to open in summer 2018).
The site is one of the last major development sites with frontage along the Coastal Highway. Nearby developments consist of successful retail centers as well as residential communities in the form of apartments, condominiums and townhouse developments. It lies within a 1.5-mile section of Rte. 1 considered to be the most heavily developed commercial area in and around the Delaware beaches. With three Tanger Outlet Centers in the area, the location draws tourists and shoppers year-round. The six-lane Rd.way has heavy traffic (39,000+ ADT) and lies near the entry to the beach towns of Lewes Beach, Rehoboth Beach, Dewey Beach, Bethany Beach and Fenwick Island.
Neal Dangello, senior managing director, commented that “NKF was able to achieve the $1.310M+ per acre high-water mark price by creatively structuring a lengthy due diligence period which allowed Coastal Station Development Co., LLC the time to design the project and gain a portion of the approvals prior to closing. As a result, they are able to put shovels in the ground in the coming weeks following settlement.”