Delaware

NAI Emory Hill Brokers Sale of White Clay Corporate Center in Delaware

by Amy Works April 28, 2016

NEWARK, DEL. — The Emory Hill Companies has completed the second phase of the sale of White Clay Corporate Center, an office and industrial complex in Newark. Shelbourne Global Solutions LLC purchased four of the seven buildings at the complex in 2015, and recently purchased the remaining three buildings to complete the acquisition for an undisclosed sum. The campus totals 493,581 square feet. Neil Killian of NAI Emory Hill represented the undisclosed seller in the transaction. NAI Emory Hill manages the property.

April 28, 2016

Delaware Market Reports Northeast Northeast Market Reports Retail

Retail Gains Steam throughout Delaware

by Jaime Lackey March 3, 2016

Recovery is continuing to occur in the Delaware retail market and forecasts show it will continue in the year to come. The retail sector has been strong in Class A locations, while secondary centers have experienced less demand. Land values on major corridors remain high and the limited supply is expected to further this trend. The area around Christiana Mall continues to be a strong draw for national retailers. Recent new retail activity includes the Christiana Fashion Center, which has been approved for buildings totaling in excess of 500,000 square feet. Current tenants include The Container Store, REI, Nordstrom Rack, DSW, Saks OFF Fifth, Ulta Cosmetics and Jared Jewelers. Allied Properties is developing the center. Also in the Christiana area, Kimco is planning to develop the Christiana Promenade which will encompass more than 400,000 square feet. Demolition of an existing structure is underway. The city of Wilmington will see a new $40 million redevelopment of a popular retail and office location on the 2000 block of Pennsylvania Avenue. Mayor Dennis Williams recently announced the project, which will redevelop the existing property into an attractive, high-quality mixed-use and pedestrian-oriented space that incorporates luxury residences above a first floor of quality retail …

March 3, 2016

Delaware Northeast Office

Patterson-Woods Completes $20.4M Lease with U.S. Bankruptcy Court in Delaware

by Amy Works February 4, 2016

WILMINGTON, DEL. — Patterson-Woods Commercial Properties/CORFAC International has completed a 65,941-square-foot office lease at 824 N. Market St. in Wilmington for the U.S. Bankruptcy Court for the district of Delaware. The new 10-year lease has a gross value of $20.4 million. The U.S. Bankruptcy Court premises comprise the third, fifth, sixth floors, as well as a portion of the second floor of the 196,969-square-foot office building. Bart Mackey of Patterson-Woods represented the landlord, NNN 824 North Market Street LLC, while the General Services Administration represented the tenant in the transaction.

February 4, 2016

Delaware Healthcare Northeast Office

Emory Hill Real Estate Services Acquires Glasgow Medical Center in Delaware for $13.8M

by Amy Works February 2, 2016

GLASGOW, DEL. — 2600 Glasgow LLC, an affiliate of NAI Emory Hill Real Estate Services, has acquired Glasgow Medical Center, located at 2600 Glasgow Ave. in Glasgow. GMC LLC sold the property for $13.8 million. The 109,000-square-foot building offers medical office suites ranging from 1,475 to 6,800 square feet. Current tenants include Ambulatory Surgery Center and Medical Aid Unit, laboratory facilities and various specialty medical practices and administrative support functions. Emory Hill provided in-house representation for the buyer, while the seller was represented by Tactix. David Morrison of NAI Emory Hill is handling leasing activities for the property.

February 2, 2016

Delaware Loans Northeast Office

FM Capital Acquires $26.9M Loan Secured by Office Building in Delaware

by Amy Works January 14, 2016

WILMINGTON, DEL. — FM Capital has acquired a non-performing loan secured by the North Market Office Building in downtown Wilmington. The property has a current unpaid principal balance of approximately $26.9 million. Built in 1982, the 203,000-square-foot property features 10 floors of office space and a 42-car underground parking garage for tenant use. The debt was originated in 2007.

January 14, 2016

Delaware Northeast Office

NAI Emory Hill Negotiates Sale of 45,399 SF Office Building in Delaware

by Amy Works January 8, 2016

WILMINGTON, DEL. — NAI Emory Hill has brokered the sale of Stoney Batter Office Building at 5301 Limestone Road in Wilmington. 5301 Properties LLC acquired the property from Rockford Capital Partners for an undisclosed price. Built in 1987, the 45,399-square-foot Class A property is situated on 6.1 acres. Current tenants of the fully occupied building include Simon Eye Care, Lab Corp., Edward Jones & Co., Meridian Bank, and Crown Cork and Seal. Jim O’Hara Jr., Jim O’Hara II and Kevin O’Hara of NAI Emory Hill represented the buyer and seller in the transaction.

January 8, 2016

Delaware Multifamily New Jersey Northeast Pennsylvania

AIG Global Real Estate Investment Corp. Sells 12-Property Apartment Portfolio for $165M

by Amy Works January 4, 2016

NEW YORK CITY — New York City-based AIG Global Real Estate Investment Corp. has sold a 12-property apartment portfolio in New Jersey, Pennsylvania and Delaware. An undisclosed buyer purchased the 2,811-unit portfolio for $165 million free and clear of existing debt. The garden-style communities feature a mix of one-, two- and three-bedroom units averaging approximately 800 square feet in size. Amenity packages vary by community but include fitness centers, swimming pools, tennis courts, playgrounds and dog parks. Seven properties are in New Jersey, three in Pennsylvania and two in Delaware. Jose Cruz, Andrew Scandalios, Mark Thomson, Kevin O’Hearn, Michael Oliver and Steve Simonelli of HFF represented the seller in the transaction.

January 4, 2016

Delaware Northeast Retail

Patterson-Woods Facilitates $1M Sale of Retail Building in Delaware

by Amy Works October 9, 2015

WILMINGTON, DEL. — Patterson-Woods Commercial Properties/CORFAC International has brokered the sale of a retail property located at 3805 Concord Pike in Wilmington. C&J Commercial LLC sold the 2,400-square-foot property, which was formerly a four-bay auto repair shop, to Delaware-based Half Acre Cap LLC for $1 million. Charles Woods of Patterson-Woods represented the buyer, while Long & Foster represented the seller in the transaction.

October 9, 2015

Delaware Loans Multifamily Northeast

Capital One Closes $45M Refinancing Loan for Delaware Apartment Complex

by Amy Works July 29, 2015

BEAR, DEL. — Capital One has provided a $45 million Fannie Mae loan for the refinancing of Christiana Meadows located at 264 Bear Christiana Road in Bear, a suburb of Wilmington. Developed between 1987 and 1989, the 648-apartment property features an outdoor swimming pool, tennis courts, whirlpool, sauna, fitness center and a clubhouse with a kitchen, wet bar and social center. Individual units feature all electric appliances, including microwaves, full-size washer/dryers; private balconies or patios; spacious floor plans and large closets. Brian Sykes of Capital One originated the 10-year, fixed-rate loan for the borrower, Commonwealth/Emory Hill Management.

July 29, 2015

Delaware Loans Multifamily Northeast

HFF Arranges $45M Loan for 648-Unit Multifamily Property in Delaware

by Amy Works June 26, 2015

BEAR, DEL. — HFF has arranged $45 million in financing for Christiana Meadows, a multifamily property located in Bear. The 10-year loan, which features a 3.62 percent fixed rate, was secured for the borrower, a joint venture between The Commonwealth Group and The Emory Hill Companies. Proceeds of the loan will be used to refinance existing debt on the property. Located at 265 Bear Christiana Road, the 54-building property features 648 one- and two-bedroom apartment units. On-site community amenities include an Olympic-sized swimming pool, sauna, hot tub, playground, tennis court and clubhouse with fitness center and large conference room. At the time of financing, the property was 92 percent occupied. James Conley and Mike Pagniucci of HFF arranged the financing.

June 26, 2015

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