Delaware

CBRE Arranges Sale of Nearly 100-Year-Old DuPont Country Club in Wilmington, Delaware

by Jeff Shaw June 11, 2018

WILMINGTON, DEL. — CBRE has brokered the sale of DuPont Country Club, which occupies more than 500 acres in northern Delaware’s Brandywine Valley, for an undisclosed price. A local investment group that includes former DuPont executives Ben duPont and Don Wirth acquired the property from DowDuPont Co. Jeff Woolson, an executive vice president with CBRE who serves as the managing director of its Golf & Resort Group, handled the transaction, along with fellow professionals in CBRE’s Wilmington office. Established in 1920, the club was originally built as an amenity for DuPont company employees. Recreational amenities include three 18-hole golf courses and 25 tennis courts, complemented by a stately clubhouse measuring approximately 113,000 square feet. A key component of the property is the 60-acre Brantwyn Estate, which features a three-story 28,000 square foot mansion surrounded by manicured gardens that is utilized for weddings and other special events. The new buyers plan to spend $18 million on improvements, which include a swimming pool, fitness center as well as a new driving range. The DuPont championship course has hosted many professional and prestigious amateur golf tournaments over the years, most notably serving as the home of the LPGA Tour’s McDonald’s Championship from 1987 …

June 11, 2018

Delaware Hospitality Loans Northeast

Buccini/Pollin Receives $36.5M Loan to Refinance Westin Wilmington

by David Cohen June 1, 2018

WILMINGTON, DEL. — The Buccini/Pollin Group has received a $36.5 million loan to refinance the Westin Wilmington, a 180-room, full-service hotel located at 818 Shipyard Drive in Wilmington. Jordan Roeschlaub, Dustin Stolly, Nick Scribani and Chris Kramer of NKF Capital Markets arranged the loan on behalf of Buccini/Pollin through Goldman Sachs and Quadrant Real Estate Advisors. The hotel is connected to the Chase Center, which is the largest special event facility in the Brandywine Valley with more than 87,000 square feet of meeting space. The property was built in 2014 and features 5,780 square feet of meeting space as well as a restaurant, lounge, indoor pool and fitness center.

June 1, 2018

Acquisitions Delaware Industrial Northeast

CBRE Negotiates Sale of 120,000 SF Industrial Facility in Delaware

by David Cohen May 22, 2018

NEWARK, DEL. — CBRE has negotiated the sale of 322 Ruthar Drive in Newark for an undisclosed amount. DuPont Transportation & Advanced Polymers acquired the 120,000-square-foot industrial facility. CBRE represented DuPont in the transaction. The seller was undisclosed. DuPont has committed to invest $45 million in the new facility, which will increase its manufacturing capacity for DuPont Kalrez, a specialized engineered material used in a variety of sealing applications.

May 22, 2018

Delaware Northeast Office

Chemours Developing $150M Research Facility in Newark, Delaware

by Amy Works February 28, 2018

NEWARK, DEL. — The Chemours Co. is developing Chemours Discovery Hub, a 312,000-square-foot research facility located on the University of Delaware’s Science Technology and Advanced Research Campus in Newark. IMC Construction broke ground on the $150 million project in December 2017. Designed by L2 Patridge, the 15-acre project will consolidate laboratories and offices for approximately 330 scientists, engineers and researchers who will be relocated from Chemours’ New Castle County facilities. The new facility will include more than 100 labs, 50 specialty rooms, cafes, conference rooms and 20 huddle rooms for small group meetings. Project members include Tetra Tech, RDK and O’Donnell & Naccarato. Completion of the four-story building is slated for early 2020. Trammell Crow is representing the owner in the project.

February 28, 2018

Delaware Market Reports Northeast Northeast Market Reports Office

Increase in Tech Employment Drives Growth in Wilmington, Del. Office Market

by Taylor Williams February 21, 2018

In Delaware’s largest city, Wilmington, it is a tenant’s market when it comes to office leasing. There is much activity and redevelopment to attract new tenants downtown. Rental rates hover around $18 to $21 per square foot for Class B office space and $23-plus for Class A office space. Vacancy for Wilmington and its suburbs combined has decreased to around 13 percent. In the past year, nearly vacant office buildings have garnered activity from new investors looking to purchase at lower price points, freeing up excess capital for renovations or redevelopment. Some office buildings are being redeveloped into residential apartments due to the demand of millennials and professionals who desire a “live-work-play” lifestyle in downtown Wilmington, and who wish to reside near the city’s Amtrak station to take advantage of the easy access to larger cities like Philadelphia, New York, and Baltimore. The Buccini/Pollin Group has been putting hundreds of millions into the construction or redevelopment of residential, office, and hotel, as well as sports and entertainment properties on Market Street and in the Riverfront area. The company recently acquired a 13-story building comprising the former DuPont headquarters and the Hotel DuPont, which will be converted into a mixed-use complex …

February 21, 2018

Delaware Northeast Office

Patterson-Woods Commercial Facilitates $1.9M Sale of Office Building in Wilmington, Delaware

by Amy Works February 1, 2018

WILMINGTON, DEL. — Patterson-Woods Commercial Properties/CORFAC International has arranged the sale of an office building located at 913 Delaware Ave. in Wilmington. Washington Street Realty Co. sold the property to 913 Delaware Avenue, a Series of KD Financial LLC for $1.9 million. The single-story property features 8,100 square feet of office space. Bart Mackey of Patterson-Woods Commercial represented the seller in the deal.

February 1, 2018

Delaware Multifamily Northeast

HFF Facilitates $20M Sale of Two Apartment Communities in Dover, Delaware

by Amy Works January 31, 2018

DOVER, DEL. — HFF has arranged the sale of two adjacent apartment communities: Alder Park Apartments and Pine Grove Apartments in Dover. Dover Investors LP, an affiliate of Anderson Vedic, sold the properties to a regional private buyer for $20 million. Totaling 311 units, the properties were 95 percent occupied at the time of sale. The 215-unit Alder Park is located at 51 Webbs Lane, and the 96-unit Pine Grove is located at 255 Webbs Lane. The communities share amenities, including a swimming pool with a clubhouse, a fitness center, a barbecue area, on-site laundry facilities and on-site public transit access. Carl Fiebig, Mark Thomson and Francis Coyne of HFF, along with Robert Stella of Financial & Consulting Services, represented the seller in the transaction.

January 31, 2018

Civic Delaware Northeast Retail

Philadelphia 76ers, Buccini/Pollin Group to Develop 140,000 SF Sports Complex in Wilmington, Delaware

by Amy Works November 30, 2017

WILMINGTON, DEL. — The Philadelphia 76ers and The Buccini/Pollin Group are developing 76ers Fieldhouse in Wilmington. Situated on 8.9 acres, the 140,000-square-foot multi-purpose sports complex and youth training center will be the new home for the 76ers NBA G League affiliate team, the Delaware 87ers. In addition to use by the affiliate team, the facility will be used to provide local youth with new sports programming and opportunities. The Buccini/Pollin Group will manage the development and construction of the facility, which is being designed by Rossetti Architects. The facility is situated on a site currently owned by Riverfront Development Corp.

November 30, 2017

Delaware Multifamily Northeast

Aulder Capital Acquires 414-Unit Multifamily Community in Newark, Delaware, for $44.5M

by Amy Works October 26, 2017

NEWARK, DEL. — Aulder Capital has purchased Foxwood Apartments, a 414-unit value-added multifamily property located at 15 Fox Hall in Newark. Fairfield English Village LLC, an affiliate of Fairfield Residential, sold the property for $44.5 million. Foxwood Apartments comprises 31 three- and four-story residential buildings completed in the 1970s. At the time of sale, the property was 96 percent leased. The community features a mix of one-, two- and three-bedroom floor plans averaging 869 square feet. Community amenities include a resort-style pool with sundeck, playground, fitness center, barbecues, picnic areas and landscaped grounds. Mark Thomson, Carl Fiebig, Francis Coyne and Jose Cruz of HFF, along with Robert Stella of Financial & Consulting Services, represented the seller in the transaction. Additionally, James Conley of HFF arranged a $34.3 million acquisition loan for the buyer. The seven-year loan features a fixed-rate with four years of interest-only payments at 75 percent loan-to-value. The loan was provided through Freddie Mac’s Capital Markets Execution Program.

October 26, 2017

Delaware Industrial Northeast Office

NAI Emory Hill Facilitates Sale of 8,000 SF Office, Industrial Building in Wilmington, Delaware

by Amy Works October 16, 2017

WILMINGTON, DEL. — NAI Emory Hill has arranged the sale of an industrial and office building located at 510 Century Blvd. in Wilmington. Mark Landis and Karen Landis of Metro Merchant Services acquired the 8,000-square-foot condominium building for an undisclosed price. Metro Merchant Services plans to move its operations from 132 Clinton St. in Delaware City, Del., to the newly acquired facility. WSFS provided financing for the deal. David Morrison of NAI Emory Hill represented the seller, while Lorraine Sheldon and Becky Harrington of NAI Emory Hill represented the buyer in the transaction.

October 16, 2017

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