Bellevue Park sold for $62 million

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The Bellevue Park Corporate Center in Delaware. (Photo from loopnet.com)

The Buccini/Pollin Group, Wilmington, says it has bought the 306,000 sq ft Bellevue Park Corporate Center, near the Marsh Rd. exit off I-95 and bordering Bellevue State Park (the former William du Pont estate), from Meltzer Real Estate, for $61.5 million. The center was developed by Trammel Crowe in 1990.

Buccini/Pollin says the complex is 99% occupied; tenants include Cigna, BlackRock, BNY Mellon, MasterCard, making Bellevue one of Delaware's main financial-company employment centers. Delaware's low bank tax rates and liberal lending laws have made it a popular back-office location for big consumer-lending and investment companies.

Buccini/Pollin is also the developer of a string of Wilmington-area taxpayer-backed residential projects, hotels (Westin, Hilton Garden) and the Penn Cinema in Wilmington, the Union soccer stadium in Chester, and Washington, D.C.-area hotel projects. The company owns 500 Delaware Ave. in Wilmington and the Quaker Park office complex in Conshohocken.  Buccini tapped CBRE Inc. as agent for Bellevue Park.

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