REBusinessOnline

Hersha Hospitality Sells 192-Room Sheraton Hotel in New Castle, Delaware

NEW CASTLE, DEL. — Pennsylvania-based Hersha Hospitality Trust (NYSE: HT) has sold the 192-room Sheraton Wilmington South hotel in New Castle, located south of Philadelphia. The six-story building was constructed in 2011 and renovated in 2020. Amenities include a pool, fitness center, business center and 9,167 square feet of meeting and event space. Jeffrey Davis, Blaise Fletcher, Stephen VanLeer, K.C. Patel, Nikhil Chuchra and Desmund Delaney of JLL represented Hersha Hospitality Trust in …

Acquisitions, Delaware, Hospitality, Northeast

Greysteel Brokers Sale of 132-Unit Willows at Dover Apartments in Delaware

DOVER, DEL. — Greysteel has brokered the sale of Willows at Dover, a 132-unit apartment community in the state capital city. The townhouse-style property was built in 1976 and renovated in 2009. Amenities include a playground, clubhouse and onsite laundry facilities. Henry Mathies and Fletcher Hultman of Greysteel represented the seller, New Jersey-based investment firm The Ingerman Group, in the transaction. The duo also procured the buyer, an affiliate of Los Angeles-based BLDG Partners, …

Acquisitions, Delaware, Multifamily, Northeast

Lument Provides $8M in Agency Financing for Affordable Housing Conversion Projects in Delaware

MIDDLETOWN AND SMYRNA, DEL. — Lument has provided an $8 million Freddie Mac loan to the Delaware State Housing Authority (DSHA) for the conversion of three public housing developments into Section 8 affordable housing for seniors. The permanent financing will pay off construction and renovation debt for a portfolio of three properties totaling 106 units. The portfolio being renovated comprises Holly Square in Middletown and McLane Gardens and Peach Circle, both in Smyrna. The renovation …

Affordable Housing, Delaware, Loans, Multifamily, Northeast, Seniors Housing

J.G. Petrucci Completes $20M Seniors Housing Project in Harbeson, Delaware

HARBESON, DEL. — Developer J.G. Petrucci has completed PeachTree Health Group Rehabilitation Center, a $20 million seniors housing project in the southern Delaware city of Harbeson. The property features 78 assisted living units that will serve patients that are recovering from brain injuries. Cerminara Architect designed the project. Iron Hill Construction, J.G. Petrucci’s in-house construction firm, served as the general

Delaware, Development, Multifamily, Northeast, Seniors Housing

Lululemon Acquires Digital Exercise Platform Mirror for $500M

DOVER, DEL. — Lululemon Athletica Inc., a provider of athletic apparel that is based in Vancouver, British Columbia but incorporated in Delaware, has acquired digital exercise platform Mirror for $500 million. The startup fitness concept, which launched in 2018, sells a digital mirror with a camera, speakers and virtual metrics that allow users to participate in live fitness classes from home. Mirror will bolster Lululemon’s digital offerings and bring personalized in-home workouts to …

Acquisitions, Delaware, Northeast, Retail

Lululemon Reopens 60 Percent of Stores, Reports 17 Percent Drop in Revenue in Latest Quarter

DOVER, DEL. — Lululemon (NASDAQ: LULU), a provider of athletic apparel that is based in Vancouver, British Columbia, but incorporated in Delaware, has now reopened 295 of its 489 stores, or roughly 60 percent of its worldwide locations. The company reported net revenue of $652 million in its fiscal first quarter, which ended May 3, compared with $785 million during the same period a year ago, a 17 percent decline. Lululemon closed all of its stores in mainland China following the outbreak of …

Company News, Delaware, Northeast, Retail

CBRE Arranges Sale of 210,088 SF Office Building in Wilmington, Delaware

WILMINGTON, DEL. — CBRE has arranged the sale of a 210,000-square-foot, Class A office building in Wilmington, approximately 30 miles southwest of Philadelphia.  Located at 824 N. Market St., the 10-story property was constructed in 1982 and was 67 percent leased at the time of sale. U.S. Bankruptcy Court for the District of Delaware occupies 65,941 square feet of the building, which is located across the street from Wilmington’s U.S. District Courthouse. Jerry Kranzel, Robert Fahey, Erin …

Acquisitions, Delaware, Northeast, Office

Greystone Provides $26.6M Fannie Mae Refinancing Loan for Multifamily Property in Newark, Delaware

NEWARK, DEL. — Greystone has provided a $26.6 million Fannie Mae refinancing loan for Liberty Square, a 297-unit multifamily property in Newark, Delaware,, located approximately 45 miles southwest of Philadelphia. The loan carries a 10-year term with a 30-year amortization schedule, as well as interest-only payments for the first three years. Liberty Square is a garden-style apartment community with amenities including a pool, playground, tennis court and laundry facilities. Dan Sacks of …

Delaware, Loans, Multifamily, Northeast

Capano Residential Opens 264-Unit Multifamily Property in Middletown, Delaware

MIDDLETOWN, DEL. — Capano Residential, is a subsidiary of Capano Management, has opened The Reserve at Westown, a 264-unit luxury apartment community in Middletown, located approximately 30 miles northwest of Dover. The community offers farmhouse-inspired residential units in one-, two- and three-bedroom floor plans and amenities including a fitness facility, library and

Delaware, Development, Multifamily, Northeast

Sprouts to Open 30,000 SF Grocery Store in Wilmington, Delaware

WILMINGTON, DEL. — Sprouts Farmers Market will open a 30,000-square-foot grocery store in Wilmington, located approximately 30 miles southwest of Philadelphia. The Arizona-based grocery chain offers organic produce, an expansive bulk foods selections and an extensive vitamin department. Located at 4727 Concord Pike, the new store will bring 140 full- and part-time jobs to the area. The opening is scheduled for March

Delaware, Leasing Activity, Northeast, Retail
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