3650 REIT Provides $85M Loan for Refinancing of Office Building in Wilmington, Delaware

WILMINGTON, DEL. — 3650 REIT, a Miami-based direct lender, has provided an $85 million loan for the refinancing of WSFS Bank Center, a 371,000-square-foot office building in Wilmington, about 30 miles south of Philadelphia. Developed by Buccini/Pollin Group in 2006, the property serves as the corporate headquarters of WSFS Bank. David Strongwater of Lantern Real Estate placed the loan, which carries a 120-month term, with 3650 REIT on behalf of

IPA Negotiates Sale of 191,973 SF Shopping Center in Dover, Delaware

DOVER, DEL. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of North Dover Center, a 191,973-square-foot shopping center in Dover. The property was built in 1989 and was 97 percent leased at the time of sale. The spaces of two of the original anchor tenants, Toys ‘R’ Us and Acme, have been backfilled by Hobby Lobby and Bob’s Discount Furniture in recent years. Staples and T.J. Maxx are the center’s other anchors. Brad Nathanson, …

Chase Properties Acquires 334,000 SF Peninsula Crossing Retail Power Center in Millsboro, Delaware

MILLSBORO, DEL. — Ohio-based owner-operator Chase Properties has acquired Peninsula Crossing, a 334,000-square-foot retail power center located in the southern Delaware city of Millsboro. Lowe’s Home Improvement and PetSmart anchor the open-air center, which will soon be adding German discount grocer Aldi to its tenant roster. According to, other tenants at Peninsula Crossing include Supercuts, Mattress Firm, AT&T, GNC and Burger King. The seller and sales price were …

IPA Arranges $138M Loan for Refinancing of Industrial Portfolio in New Castle, Delaware

NEW CASTLE, DEL. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $138 million loan for the refinancing of a portfolio of 14 industrial properties spanning 2.2 million square feet in New Castle. James Conley and Neil Campbell of IPA arranged the loan through Barclays and Citibank on behalf of the undisclosed

LaMotte to Open 79,000 SF Office, Manufacturing Facility in Newark, Delaware

NEWARK, DEL. — LaMotte Co., a Maryland-based provider of water-quality testing supplies, will open a 79,000-square-foot office and manufacturing facility at Pencader Corporate Center in Newark, Del. The company will immediately hire 50 people to staff the new facility and plans to employ more than 100 workers at the site within three years. In addition, LaMotte will invest $3.3 million in the interior build-out of its new

MRA Group Acquires Life Sciences Campus in Wilmington, Delaware, Begins $500M Redevelopment

WILMINGTON, DEL. — MRA Group has acquired Chestnut Run Lab Campus, a 163-acre life sciences and manufacturing campus in Wilmington, from industrial engineering firm DuPont for an undisclosed price. MRA Group is underway on a $500 million redevelopment of the property, which is being rebranded the Chestnut Run Innovation & Science Park (CRISP). Located at 984 Centre Road, the development is currently home to 780,000 square feet of lab, research and advanced manufacturing …

Logistics Property Co. to Develop 1 MSF Industrial Project in Newark, Delaware

NEWARK, DEL. — Chicago-based Logistics Property Co. will develop First State Logistics, an approximately 1 million-square-foot industrial project that will be located on a 149-acre parcel in Delaware’s New Castle County. The site of the three-building project, which will be developed in two phases, is in Newark, about 45 miles south of Philadelphia. Building features will include 40-foot clear heights, 60,000 square feet of office space, proximity to Interstate 95 and ample car and trailer …

EOS Investors Opens 101-Room Hotel Bethany Beach in Coastal Delaware

BETHANY BEACH, DEL. — Privately held firm EOS Investors has opened Hotel Bethany Beach, a 101-room property located about two blocks from the Atlantic Ocean in coastal Delaware. EOS Investors acquired the pet-friendly property earlier this year and is planning a $5.5 million interior renovation. Amenities include a pool, fitness center, business center, 1,400 square feet of meeting and event space and complimentary breakfast

Driftwood Capital Begins Conversion of Delaware Office Building to 134-Room Hotel

WILMINGTON, DEL. — Miami-based Driftwood Capital is underway on a $31 million project that will convert an 11-story office building in Wilmington, Del., into a 134-room hotel that will be operated under the Staybridge Suites brand. The new hotel, which is expected to open in the second quarter of next year, will offer a lobby lounge, fitness center, business center with meeting space and a convenience mart. First International Bank & Trust provided $14.9 million in construction and …

Savills Brokers Sale of 100-Room Holiday Inn Express in Bethany Beach, Delaware

BETHANY BEACH, DEL. — Savills Inc. has brokered the sale of a 100-room Holiday Inn Express hotel in the coastal Delaware town of Bethany Beach. The hotel, which is located two blocks from the beach, is part of the InterContinental Hotels Group (IHG) family of brands and offers a business center and a 1,400-square-foot conference space. Marc Magazine and Tom Baker of Savills represented the seller, a partnership between two entities doing business as Bethany Boardwalk Group LLC and Bethany …

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Walker & Dunlop

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