Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 100 and 300 D and S Lane in Bear, Delaware, leased to W.L. Gore & Associates, Inc. The subject asset consists of approximately 125,000 square feet of warehouse space and is situated on two separate parcels totaling 8.17 acres. The two-building asset consists of a 40,000-square-foot property (100 D and S Lane) and an 84,733-square-foot warehouse (300 D and S Lane). Constructed of steel with concrete masonry unit walls, the two buildings feature a clear height ranging from 20’ to 22’, 14 dock-high doors, two drive-in doors, 47 parking spaces, and heavy power with 400 to 800 amps and 120 to 480 volts. The smaller building is fully air-conditioned and heated, which is mission critical for Gore to store certain products that need to be climate controlled. The larger building is also equipped with demising walls, allowing for multi-tenant use. A rail line operated by Norfolk Southern Railway runs along the property line, creating the opportunity for a future rail spur. Located in proximity to Interstate 95, the property sits 16 miles south of Wilmington, Delaware, and 47 miles from Philadelphia, Pennsylvania. W.L. Gore & Associates, Inc. (doing business as Gore) has occupied the property for seven years, facilitating raw materials handling and storage. Positioned 10 miles from Gore’s corporate headquarters in Newark, Delaware, the subject asset serves as a strategic location for the company. Tenant improvements have included new racking systems, LED lighting, and ESFR upgrades, which show Gore’s commitment to the asset. Gore is signed to two separate triple-net leases, each at $10.40 per square foot, running through December 2027 with a 4.0 percent rent escalation. The company’s lease agreements are directly tied to its third-party logistics (3PL) contract that typically renews on a three-year basis. Established in 1958, Gore is a multinational manufacturer, specializing in products derived from fluoropolymers, and is best known for its waterproof, breathable Gore-Tex fabrics. The subject property is situated within the large New Castle County submarket, containing 41.1 million square feet of industrial space. With access to an advanced intermodal network, the industrial market in New Castle County has undergone significant growth in recent years. In the third quarter of 2025, the vacancy rate stood at 6.0 percent (for comparable mid-size properties), below the national average. While New Castle County’s annual rent growth has decelerated to 2.0 percent, the rate remains slightly ahead of most markets. However, among comparable midsized properties, New Castle County boasts a 5.2 percent annual rent growth, versus the 1.5 percent national average (based on the top 50 metros, 50,001 to 200,000 square feet, classes A, B, and C). The average market rent was $11.40 per square foot during Q3, up 104 percent over the last decade. With only about 750,000 square feet of industrial space under construction in New Castle County (representing 1.8 percent of the inventory), demand will be in the driver’s seat of vacancies and rents for the foreseeable future (CoStar). Wilmington, Delaware, is the state’s largest city, with a metro population of 728,000 and forecasts for moderate growth. Located between Philadelphia and Baltimore, Wilmington benefits from a strong business environment, hosting major corporate headquarters like DuPont and AstraZeneca. Wilmington is the center of New Castle, the state’s largest county, offering a large educated workforce. Education, health services, and trade are leading employment sectors, while the bustling Port of Wilmington drives logistics activity. Competitive real estate and above-average median household incomes contribute to Wilmington’s appeal for both residents and employers.