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501 South Walnut Street

Updated Dec 4, 2024

First National Realty Partners Acquires Christina Crossing Shopping Center In Wilmington, DE For $29.8M
SOLDRetail

First National Realty Partners Acquires Christina Crossing Shopping Center In Wilmington, DE For $29.8M

501 South Walnut Street

$29,800,000

$249/SF

Building Size

119,446 SF

Asset Type

Retail

Closing

Nov 9, 2023

About this deal

AI

First National Realty Partners, represented by Josh Champion, purchased Christina Crossing, a 119,446-square-foot retail property located at 501 South Walnut Street in Wilmington, DE, for a total of $29.8 million. The property was acquired from a joint venture of KPR Centers and DRA Advisors LLC.

Summary of transaction details

  • Property Type: Retail
  • Transaction Amount: $29,800,000
  • Square Footage: 119,446
  • Price per Square Foot: $249
  • Address: 501 South Walnut Street, Wilmington, DE
  • Market: Wilmington, DE

JLL represented the seller, Red Bank, in the transaction.

It is noteworthy that First National Realty Partners successfully acquired Christina Crossing from the joint venture of KPR Centers and DRA Advisors LLC. JLL acted as the seller's representative in this transaction, ensuring a smooth deal for all parties involved.

Players

First National Realty Partners
First National Realty PartnersBuyer

Wilmington Retail Market Snapshot

Boundary boundary · Retail · Sale transactions

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Deal FAQ

About $249 per square foot on a published $29.8M for 119,446 square feet (2023).

Browse Wilmington retail sales on Traded.

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.53%

Cash-on-Cash

-0.15%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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