Lewes, Del. — Lument has arranged a $14 million mortgage for the refinancing of Mi-Place at Vineyards, a 65,000-square-foot mixed-use development in Lewes. New Jersey-based developer Fernmoor was the borrower. Ben Retter of Lument’s Debt Capital Markets team arranged the CMBS loan, which carries a five-year, fixed interest rate. The loan will replace existing debt from a local bank. Mi-Place at Vineyards is part of a master-planned community that includes retail space, multifamily buildings, residential condominiums, carriage homes, townhouses and a grocery store. Beginning in 2010, construction for the property …
Middletown, Del. — Blenheim Group has broken ground on a 64,000-square-foot Weis Markets location at Bayberry Town Center, a mixed-use development currently underway in Middletown. Marking its fourth store in Delaware and its first ground-up development, the location will include fresh food departments, a grocery department and pharmacy, as well as a Weis Gas N’ Go fuel center. The grocery store and fuel center are scheduled to open in the fourth quarter of 2025. Weis Markets is part of the larger master-planned community of Bayberry Town Center, which will span …
Middletown, Del. — Blenheim Group has broken ground on Bayberry Town Center, a 280,000-square-foot mixed-use project in Middletown. A 64,000-square-foot Weis Markets with a fuel facility will anchor the property. Other tenants at the development will include a bank, pet store, spa and nail salon. Construction on Weis Markets is scheduled to begin this fall, with the opening of Weis and several other tenants planned for 2025. Upon completion, the project will also feature office space, two green spaces, 145 townhomes and internal street and trail connectivity. Jim Tancredi of LMT …
Bear, Del. — Reybold Group is underway on the vertical construction of a new, 16,893-square-foot retail center located adjacent to the St. Andrews residential community in Bear. Upon completion, which is scheduled for later this year, the property will feature eight storefronts. One tenant has signed a lease at the development.
Wilmington, Del. — Aldi has signed a 10-year, 33,262-square-foot lease in Wilmington. The Germany-based grocer will occupy a property situated on 3.1 acres. Jim O’Hara and Neil Killian of NAI Emory Hill Real Estate Services represented the landlord, LBD Wilmington, in the lease negotiations. Jason Block of MCS represented Aldi.
Newark, Del. — Reybold Group is underway on the development of Pencader Corporate Center, a 17.3-acre retail development located in Newark. A 5,500-square-foot Wawa store opened at the property Dec. 15. Upon completion, the development will also feature a 10,000-square-foot childcare center and 12,000-square-foot multi-tenant retail space.
Wilmington, Del. — JLL Capital Markets has arranged the sale of Christina Crossing, a 119,446-square-foot shopping center located in Wilmington. ShopRite anchors the property. Christopher Munley, Jim Galbally, Chris Angelone, Colin Behr, James Graf, Zach Nitsche, Patrick Higgins and Blaise Fletcher of JLL represented the seller, DRA and KPR. First National Realty Partners acquired the center for an undisclosed price.
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Necessity Retail REIT Sells 44 Bob Evans-Leased Properties for $93 Million
New York City — The Necessity Retail REIT Inc. (RTL) has completed the sale of 44 properties leased to Bob Evans restaurants for a total $93 million. The restaurants are located in Kentucky, Indiana, Ohio, Michigan, Delaware, Pennsylvania, Virginia, West Virginia and Maryland. “With this sale, we have intentionally reduced our total portfolio exposure to fast casual dining to less than 2 percent from 4 percent, based on annualized straight-line rent,” says Michael Weil, chief executive officer of RTL.
Middletown, Del. — Weis Markets will anchor Bayberry Town Center, a 280,000-square-foot mixed-use development scheduled to open in 2025 in Middletown. Weis will operate a 64,000-square-foot store at the property, which will be situated within the 1,500-acre master-planned Village of Bayberry community. Construction is scheduled to begin this fall. Upon completion, the center will also feature 31,000 square feet of office space, two green spaces and 145 townhomes.
Melville, N.Y. — A&G Real Estate Partners has secured the sales of 21 properties in Maryland, Delaware and Florida at a real estate bankruptcy auction. All assets were formerly owned by the late Zebulon J. and Beatrice Brodie. In the Aug. 16 bankruptcy auction, 19 properties in Maryland and one each in Delaware and Florida fetched a total of $18.4 million. The transactions included: the $6.7 million sale to different buyers of four contiguous, largely undeveloped properties in a busy commercial district on Legion Road in Denton, Maryland; the $1.5 …
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