Wilmington business park sold for $26m

ING Clarion sold the Fordham Road Business Park in Wilmington for $26 million to Everest Partners LLC, said CB Richard Ellis Capital Markets, a broker involved in the deal.

Fordham Road Business Park is a four-building complex with about 300,000 square feet of space, the broker said.

CB Richard Ellis Capital Markets represented the seller, CP/HERS Wilmington L.P., which is controlled by real estate management firm ING Clarion of New York.

Everest Partners is a private management and ownership group with offices in New York and Billerica.

"The value for Everest Partners in this deal is taking an 18 percent vacancy opportunity in a tightening market, combining it with interstate highway access second to none, and coupling that with four exceedingly well maintained assets," John Conley, director of acquisitions and leasing for Everest Partners, said in a statement.
(By Chris Reidy, Globe staff)