Delaware

MRA Group Acquires Life Sciences Campus in Wilmington, Delaware, Begins $500M Redevelopment

by Katie Sloan December 2, 2021

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 …

December 2, 2021

Delaware Development Industrial Northeast

Logistics Property Co. to Develop 1 MSF Industrial Project in Newark, Delaware

by Taylor Williams October 29, 2021

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.

October 29, 2021

Delaware Development Hospitality Northeast

EOS Investors Opens 101-Room Hotel Bethany Beach in Coastal Delaware

by Taylor Williams October 7, 2021

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.

October 7, 2021

Delaware Development Hospitality Northeast Office

Driftwood Capital Begins Conversion of Delaware Office Building to 134-Room Hotel

by Taylor Williams May 28, 2021

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.

May 28, 2021

Acquisitions Delaware Hospitality Northeast

Savills Brokers Sale of 100-Room Holiday Inn Express in Bethany Beach, Delaware

by Taylor Williams May 25, 2021

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.

May 25, 2021

Acquisitions Delaware Hospitality Northeast

Savills Brokers Sale of 112-Room Marriott-Branded Hotel in Bethany Beach, Delaware

by Taylor Williams May 24, 2021

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.

May 24, 2021

Delaware Loans Multifamily Northeast

Dwight Capital Provides $50.7M HUD-Insured Loan for Refinancing of Delaware Multifamily Asset

by Taylor Williams May 13, 2021

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.

May 13, 2021

Acquisitions Delaware Multifamily Northeast

Rittenhouse Brokers Sale of 204-Unit Multifamily Portfolio in Wilmington, Delaware

by Taylor Williams April 30, 2021

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.

April 30, 2021

Delaware Loans Multifamily Northeast

Greystone Provides $25M Agency Acquisition Loan for Multifamily Asset in New Castle, Delaware

by Taylor Williams February 5, 2021

NEW CASTLE, DEL. — Greystone has provided a $25 million Fannie Mae acquisition loan for The Garrison, a 120-unit multifamily property in New Castle, located south of Wilmington. The property was built in 2019. Dan Sacks of Greystone originated the nonrecourse loan, which was structured with a fixed interest rate, 12-year term and a 30-year amortization schedule. Jack Miller of Platinum Capital Group arranged the debt on behalf of the borrower, Goldcrest Management.

February 5, 2021

Acquisitions Delaware Hospitality Northeast

Hersha Hospitality Sells 192-Room Sheraton Hotel in New Castle, Delaware

by Taylor Williams January 4, 2021

NEW CASTLE, DEL. — Pennsylvania-based Hersha Hospitality Trust (NYSE: HT) has sold the 192-room Sheraton Wilmington South hotel in New Castle, located south of Philadelphia. The six-story building was constructed in 2011 and renovated in 2020. Amenities include a pool, fitness center, business center and 9,167 square feet of meeting and event space. Jeffrey Davis, Blaise Fletcher, Stephen VanLeer, K.C. Patel, Nikhil Chuchra and Desmund Delaney of JLL represented Hersha Hospitality Trust in the sale of the property to New Castle County. Hersha Hospitality’s stock price closed at $7.49 per share on Monday, Jan. 4, down from $13.74 per share a year ago.

January 4, 2021

Newer Posts

Older Posts