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.
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 …
Newark, Del. — Atlantic Realty Cos., represented by Gil Neuman of Neuman Commercial Group, has sold Newark Shopping Center for $33.5 million. The 145,400-square-foot retail center is located in Newark, Delaware, roughly 45 miles southwest of Philadelphia. The property was 93 percent leased at the time of sale to tenants including Newark Natural Foods, Main Street Movies 5, PNC Bank, Wingstop, Capriotti’s, Dollar Tree, Orangetheory Fitness, Goodwill, Fresenius Medical Care, Enterprise Rent-A-Car, T-Mobile, Rita’s Italian Ice, Tropical Smoothie Cafe and Chase Bank.
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 …
Washington, D.C. — Wegmans is expanding in metropolitan Washington, D.C. In early May, the grocer opened an 81,300-square-foot store at 150 Stovall St. in Alexandria, Virginia, a store that anchors Stonebridge’s Carlyle Crossing mixed-use development. The Alexandria store opened earlier this month and is the 14th Wegmans in Virginia and 107th nationwide. The grocer also plans to open an 85,000-square-foot store within the Halley Rise development in Reston, Virginia, and an 84,000-square-foot store at the $640 million City Ridge development in northwest Washington, D.C. The City Ridge store will open in …