SALISBURY, MARYLAND— May 4, 2022— Principal Chris Davis of NAI Coastal recently represented an investor in their purchase of 200 East Vine Street, a fully-leased investment property located in Salisbury, Maryland. The single-story commercial building totals +/- 6,300 square feet and is currently occupied by TidalHealth and CoreLife, two of the Delmarva Peninsula’s most widely recognized healthcare brands.
“NAI Coastal made this process as seamless and smooth as it could be,” said buyer, Tom Davis. “Chris Davis and the rest of the team were a pleasure to do business with. We look forward to working with them in the future.”
Opportunity Street, an entity owned and operated by the principals of Gillis Gilkerson, sold 200 East Vine Street after three years of ownership. During this time, partners Brad Gillis, Joey Gilkerson and Chris Gilkerson redeveloped the underutilized building, transforming it into a destination for sought-after healthcare services. Prior to their purchase, portions of the building had sat vacant for decades while the façade did little to attract favorable users to the Route 13 corridor.
“Given its geographic location and proximity to our regional hospital, we knew medical tenancy was the goal for this building,” said Gillis Gilkerson and NAI Coastal Principal, Joey Gilkerson. “Through the redevelopment process, we saw an opportunity to help make quality healthcare more accessible to our local community, a priority that is well reflected in our development portfolio.”
The $2.9 million-dollar transaction occurred in April 2022, fulfilling the purchaser’s 1031-Tax Deferred Exchange needs. To inquire about other investment opportunities across the Delmarva Peninsula, contact Chris Davis at chris@naicoastal.com / tori@naicoastal.com or by calling (410) 543-5115.
About NAI Coastal
NAI Coastal is a full-service commercial brokerage headquartered at Riverview Commons, 150 West Market Street, Suite 101 in Downtown Salisbury, Maryland. The team of twelve advisors have comprehensive market knowledge and an unwavering commitment to the Delmarva region. In addition to brokerage and development, NAI Coastal rounds out their service offerings with consulting, which covers leasing, assemblage, acquisition and sale and investment advising. For more information please visit www.naicoastal.com or call 410-543-5115.
