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Dover Post
  • Old Walmart building sold to developer

  • THE ISSUE KLNB Retail has brokered the sale of the 118,000 square foot building formerly owned and occupied by Walmart in Dover for $5.2 million, said spokesman Larry Lichtenauer, of the Lawrence Howard & Associates firm.


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  • THE ISSUE KLNB Retail has brokered the sale of the 118,000 square foot building formerly owned and occupied by Walmart in Dover for $5.2 million, said spokesman Larry Lichtenauer, of the Lawrence Howard & Associates firm.
    Kevin Barrett of KLNB Retail represented the buyer, BCP LLC and the seller was Walmart Realty. The property is contained on a 15.2-acre parcel along U.S. Route 13 (Dupont Highway). The new ownership is a partnership of real estate development and investment groups based in Kennett Square, Pa. Baltimore, Md. and Dover. The group develops, owns and manages a variety of commercial and retail real estate projects in the Mid-Atlantic.
    WHAT WE’VE REPORTED Walmart officials closed its Dover store when it opened up a brand new, $12.5 million, Super Walmart structure off the eastern side of U.S. Route 13 just south the Cheswold town limits in late October.
    Kent County Levy Court approved the 185,950 square-foot project on Oct. 21, 2008. Final site plan approval came on Dec. 7, 2009, Kent County Department of Planning Services Director Sarah E. Keifer had said. The permit to build was issued once Walmart completed engineering and stormwater mitigation; construction began in summer 2011 and rapidly progressed.
    WHAT’S NEXT BCP LLC is making plans to subdivide the old store into four to six sections suitable for a variety of regional and national retail companies, Lichtenauer said. The company is marketing the property and is involved in leasing discussions with several national retail groups.
    “With its position contiguous to an operating Sam’s Club, as well as less than one mile from Dover Mall, Dover Downs…and numerous major big-box retailers, this asset is strategically located to support a range of new retail uses,” stated Kevin Barrett, a principal with KLNB Retail. “The new owner acquired a building in excellent condition, with a large parking field, that is perfectly suited for the redevelopment strategy they intend to execute.”
    A daytime population of nearly 55,000 residents is contained within a five-mile radius of the Walmart property, including nearly 21,000 households, according to KLNB Retail. The average annual household income is nearly $70,000 within this radius, and nearly 38,000 employees work in the immediate sub-market.

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