Los Angeles, CA (September 30, 2015)- Circle Industrial, a real estate private equity firm based in Los Angeles, has acquired a 75.96 acre property located at 560 Merrimac Avenue in Middletown, DE from Duke Realty Corporation (NYSE:DRE). The property consists of a singular concrete tilt-up building with 1,015,740 RSF of rentable area plus 238,595 RSF of mezzanine. The property is ideal for its proximity to Philadelphia, Baltimore and Washington D.C and its immediate access to I-95.
The property is leased long-term to Amazon, who has a significant financial investment in building improvements and installation of material and storage equipment at the facility. The transaction was handled by Mike Hines and Brian Fiumara of CBRE, who represented both buyer and seller.
Circle Industrial is a real estate private equity firm focused on the acquisition, development and operation of industrial properties in strategic U.S. markets. Circle Industrial is led by executives Pat Maloney and Eric Omohundro, who have been working and investing together for years at Circle Industrial and previously at Prologis (NYSE: PLD). www.circle-industrial.com