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 borrower.
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 space.
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 space. Redevelopment plans for the campus include the addition of a hotel, fitness center, conference space, an outdoor amphitheater and restaurant space. The first renovated building is set to be delivered in late summer 2022. DuPont will continue to lease 190,000 square feet located across two buildings at the property. “We are excited to be back in Delaware with such an incredible opportunity,” says Lawrence Stuardi, founder and CEO of MRA Group. “Our vision for CRISP will set a new standard for innovative campus redevelopment in the region, as we believe it will become Delaware’s leading biotechnology and science hub.” Delaware has the fourth-highest concentration of science, engineering and health employees with doctor of philosophy (Ph.D.) degrees in the nation, according to MRA. The CRISP campus marks …
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 parking. Phase I will comprise two buildings totaling 702,600 square feet that will be developed on a speculative basis. Phase II will encompass one 385,000-square-foot building. CBRE is leasing the project. A construction timeline was not disclosed.
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 service.
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 permanent financing for the project. Other partners include Whiting-Turner Contractor Co. and Dever Architects. Driftwood’s in-house hospitality management team will oversee operations of the property.
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 Beach Ocean Inn LLC, in the transaction. The buyer was EOS Acquisitions LLC.
BETHANY BEACH, DEL. — Savills Inc. has arranged the sale of the 112-room Bethany Beach Ocean Suites Residence Inn, part of the Marriott family of brands, in coastal Delaware. The oceanfront hotel offers resort-like suites, a full-service spa and five meeting rooms. Marc Magazine and Tom Baker of Savills represented the seller, a partnership by entities doing business as Bethany Boardwalk Group LLC and Bethany Beach Ocean Inn LLC, in the transaction. The buyer was EOS Acquisitions LLC.
WILMINGTON, DEL. — New York City-based Dwight Capital has provided a $50.7 million HUD-insured loan for the refinancing of Residences at Justison Landing, a 214-unit multifamily asset in Wilmington. Built on 2.6 acres in 2008, the waterfront property consists of two seven-story apartment buildings, ground-floor retail space leased to eight tenants and a three-story parking garage. Amenities include a community lounge, fitness center and concierge services. Josh Sasouness of Dwight Capital originated the financing through HUD’s 223(f) program on behalf of the undisclosed borrower.
WILMINGTON, DEL. — Philadelphia-based Rittenhouse Realty Partners has brokered the sale of a 204-unit multifamily portfolio in Wilmington, about 30 miles south of Philadelphia. The portfolio offers one-, two-, three- and four-bedroom units and had an occupancy rate above 90 percent at the time of sale. Corey Lonberger, Robert DiPasquale, Mark Duszak, Ken Wellar and Domenick Peronti of Rittenhouse brokered the deal. The buyer and seller were not disclosed.