Delaware

NEW CASTLE, DEL. — Colliers has brokered the sale of a 100,000-square-foot industrial building in New Castle, located south of Wilmington in Delaware. The building sits on 6.6 acres and offers 80 car parking spaces, 30 trailer parking spaces, one drive-in door and 5,000 square feet of office space. Charles Brown and Carl Neilson of Colliers represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity, in the transaction.

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BRIDGEVILLE, DEL. — New York City-based Dwight Capital has provided a $38.3 million HUD-insured construction loan for Villas at Bridgeville, a 152-unit multifamily project in Delaware. The project will consist of 34 townhome and duplex buildings and one amenity building on a 23-acre site. Units will have private patios/balconies and two-car garages, and amenities will include a pool, fitness center, playground and walking trails. Daniel Malka and Jacob Gauptman of Dwight Capital originated the financing on behalf of the borrower, Allen & Rocks Inc. A construction timeline was not disclosed.

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MIDDLETOWN, DEL. — Regional grocer Weis Markets will open a 64,000-square-foot store and serve as the anchor tenant at Bayberry Town Center, a 280,000-square-foot development in Middletown. The site is located within the 1,500-acre Village of Bayberry master-planned community and will also house 31,000 square feet of office space and multiple open green spaces, as well as 145 townhomes. Construction is slated to begin this fall and to be complete by 2025. Blenheim Group is the master developer of Village of Bayberry.

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SMYRNA, DEL. — Hunt Capital Partners has provided $4.3 million in Low-Income Housing Tax Credit equity for Frazier Apartments, a 54-unit affordable seniors housing complex in Smyrna, a northern suburb of Dover. Units at Frazier Apartments are reserved for residents age 62 and above who earn between 40 and 60 percent of the area median income. The borrower, Severn Development Co., will use part of the financing to fund capital improvements. TD Bank also provided an $8.6 million construction loan for that project. Completion is scheduled for January 2024.

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WILMINGTON, DEL. — Largo Capital, a commercial finance and advisory firm based in upstate New York, has arranged a $10 million loan for the refinancing of a multifamily portfolio in Wilmington. The portfolio consists of 230 units across 49 buildings and was 99 percent occupied at the time of the loan closing. Neal Colligan of Largo Capital originated the financing. The borrower and direct lender were not disclosed.

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CLAYMONT, DEL. — Chicago-based REIT First Industrial Realty Trust has acquired 28 acres in Claymont, about 25 miles south of Philadelphia, for the development of a 358,000-square-foot distribution center. The site is located within the 425-acre First State Crossing mixed-use development. The rear-load facility will offer a clear height of 40 feet, 68 dock positions and 241 trailer parking stalls. St. Louis-based Commercial Development Co. sold the land on which the facility will be built. Completion is slated for October.

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WILMINGTON, DEL. — Delle Donne & Associates has broken ground on Tower at Avenue North, a 150,000-square-foot office building that will be located within the 79-acre Avenue North mixed-use development in Wilmington. A third of the space at the 12-story building will be dedicated to retail and restaurant usage. Office users will also have access to outdoor amenity spaces and electric vehicle charging stations. Construction is slated for a March 2024 completion. JLL will handle leasing of the building.

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NEWARK, DEL. — Atlantic Realty Cos., a Virginia-based development, investment and brokerage firm, has sold a 145,400-square-foot shopping center located at 230 E. Main St. in Newark for $33.5 million. Built in 1955 and renovated in 2017, the center was 93 percent leased at the time of sale to a roster of 31 tenants, with grocer Newark Natural Foods and Main Street Movies 5 serving as the anchors. Other retailers and restaurants include PNC Bank, Wing Stop, Dollar Tree, Goodwill, T-Mobile and Tropical Smoothie Café. Gil Neuman of Neuman Commercial Group represented Atlantic Realty in the transaction. The buyer was not disclosed.

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JERSEY CITY, N.J. — Copper Property CTL Pass Through Trust has sold seven JCPenney retail locations on the East Coast in three transactions totaling $65.2 million. The assets include stores in Delaware, Maryland, New Hampshire and Virginia. The buyers were not disclosed. Copper Property is a New York common law trust that was established to acquire 160 retail properties and six warehouse distribution centers from department store chain JCPenney as part of the retailer’s Chapter 11 reorganization plan. The stores are located at the following malls and shopping centers: Christiana Mall in Newark, Del.; The Mall in Columbia in Columbia, Md.; Westfield Annapolis in Annapolis, Md.; Fair Oaks Mall in Fairfax, Va.; Springfield Town Center in Springfield, Va.; Pheasant Lane Mall in Nashua, N.H.; and Dulles Town Centre in Sterling, Va. The assets traded at a blended implied cap rate of 7.28 percent across three all-cash deals. Hilco JCP LLC, an affiliate of Hilco Real Estate LLC and manager of the trust, and an affiliate of Newmark represented the seller in these transactions. “We believe these sales reflect current market conditions and the market’s recognition of the solid performance of JCPenney post-reorganization,” says Neil Aaronson, principal executive officer of the …

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GLASGOW, DEL. — DuPont Semiconductor Technologies, a division of DuPont Electronics & Industrial, will undertake a $50 million industrial expansion project in the northern Delaware city of Glasgow. The 385,000-square-foot facility will be used for the fabrication, packaging and assembly of materials used in semiconductors that support numerous electronics-based industries. About 70 employees from DuPont’s existing facility in nearby Newark will staff the new plant along with 10 or so new hires. The company expects its new facility to be operational by the first quarter of 2024.

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