REHOBOTH BEACH, DEL. — Newmark Knight Frank (NKF) has brokered the sale of a 10.3-acre development parcel located at the southeast corner of Coastal Highway and Holland Glade Road in Rehoboth Beach. The Corrado Family LLC sold the 448,668-square-foot site to Coastal Station Development Co. for $13.5 million. The buyer plans to redevelop the site, with the first phase featuring a Royal Farms convenience store and Iron Hill Brewery & Restaurant. Mike Margolis, Dave Dolan and Neal Dangello of NKF represented the seller in the transaction.
WILMINGTON, DEL. — Grandbridge Real Estate Capital has arranged a $44.5 million first mortgage loan secured by an eight-property, 4,400-unit self-storage portfolio in Wilmington. Michael Balan of Grandbridge originated the refinancing transaction for Storage Rentals of America. The fixed-rate loan was funded through BB&T Real Estate Funding and features a 10-year term and 25-year amortization schedule.
DOVER, DEL. – The Kane Co. has brokered the sale of an 80,000-square-foot industrial facility at 44 Industrial Park Drive in Dover. The property is the former warehouse of Kessler Sales and Distribution, a wholesale distributor of pipe, valves, fittings and water heaters. Peter Billipp of The Kane Co. represented the seller and procured the buyer.
NEWARK, DEL. — HALL Structured Finance has closed a first lien construction loan totaling $14.7 million for the development of a SpringHill Suites by Marriott in Newark. Danneman Hospitality is developing the hotel, which will be the first SpringHill Suites in the state. The property will have 118 one-room suites and seven two-room suites. Amenities at the five-story property will include a breakfast dining area, lobby, bar, three meeting rooms, an indoor pool, fitness center, laundry room, marketplace and on-site restaurant.
WILMINGTON, DEL. — HFF has secured $12.6 million in refinancing for an office building located at 1011 Centre Road in Wilmington. Ryan Ade of HFF arranged the long-term, fixed-rate loan with a regional bank for the borrower, Delle Donne & Associates. Built in 1986, the 90,000-square-foot property is fully leased.
BEAR, DEL. — Delle Donne & Associates has received a $35 million loan for the refinancing of Governor’s Square Shopping Center, a fully leased retail property located at 401 Governor’s Place in Bear, a suburb of Wilmington, Del. Loan proceeds will be used to retire existing debt. The 294,213-square-foot, two-building property is occupied by ShopRite, Kmart, American Signature Furniture, Rite Aid, Sneaker Villa H&R Block, Karate for Kids, RadioShack, Bear Chiropractic, Subway and GameStop. The center also includes three pad sites leased to Wells Fargo, Taco Bell and McDonald’s. Ryan Ade of HFF secured the financing for the borrower.
NEW CASTLE COUNTY, DEL. — U.S. Realty Capital has originated $31 million in permanent financing for a multifamily complex located in northern New Castle County. The financing will replace an existing construction loan on the newly built 218-unit property. The property had significant pre-leasing activity and overall occupancy was close to 100 percent at completion. The property features a fitness center, pool and 9,000 square feet of retail space. Bruce Robertson Jr. and Jane Bender of U.S. Realty Capital arranged the financing for the undisclosed borrower.
CLAYMONT, DEL. — The Galman Group has completed the disposition of The Edge at Greentree, a garden-style apartment community located off Namaans Road in Claymont. A joint venture between two private groups acquired the asset free and clear of existing debt for an undisclosed price. The 26-building community features 286 apartments in a mix of one-, two- and three-bedroom units averaging 844 square feet. Community amenities include a state-of-the-art fitness center and tech lounge. Mark Thomson and Carl Fiebig of HFF represented the seller in the transaction.
NEWARK, DEL. — Rockford Capital Partners has acquired two institutional-quality office buildings located at 242 and 248 Chapman Road in Newark. Rockford Capital purchased the properties on behalf of its affiliated value-add investment vehicle, Rockford Real Estate Fund III. Chapman Road Investors, an affiliate of Equus Capital Partners, sold the properties for an undisclosed price. 242 Chapman Road is a three-story, 65,967-square-foot building and 248 Chapman Road is a two-story, 77,974-square-foot building. Together the properties are fully leased to KBR and HP Enterprise Services. Michael Margolis and David Dolan of NGKF represented the seller in the deal.
NEW CASTLE, DEL. — The Delaware Skills Center has leased 34,823 square feet of space at 500 Ships Landing Way within Twins Spans Business Park in New Castle. A division of the New Castle County Vocational Technical School District, the adult vocational technical training center provides skills training for adults seeking careers. Harvey, Hanna & Associates owns the business park, which features 1.85 million square feet of Class A commercial warehouse space. Paul Bryant and Jeff Shahan of Wilmington, Del.-based SB Real Estate represented the tenant in the transaction.