Tuesday, October 3, 2023
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Delaware

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Necessity Retail REIT Sells 44 Bob Evans-Leased Properties for $93 Million

by Hayden Spiess

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. 

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DelawareDevelopmentGrocery-anchoredLeasingNews

Weis Markets to Anchor 280,000-Square-Foot Development in Northern Delaware

by Hayden Spiess

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.

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Downtown-Chestertown-Maryland
DelawareFloridaInvestment salesMarylandNews

A&G Conducts $18.4 Million in Sales for 21 Commercial Properties at Bankruptcy Auction

by Hayden Spiess

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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Newark-Shopping-Center
DelawareInvestment salesNews

Neuman Commercial Arranges $33.5 Million Sale of Newark Shopping Center in Metro Philadelphia

by Katie Sloan

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.

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JCPenney
Company newsDelawareInvestment salesMarylandNew HampshireNew JerseyNewsVirginia

Copper Property Trust Sells Seven East Coast JCPenney Stores for $65.2 Million

by Hayden Spiess

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 …

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DelawareDevelopmentLeasingNewsVirginiaWashington DC

Wegmans Opens New 81,300-Square-Foot Grocery Store in Metro D.C., Two More Planned to Open

by Katie Sloan

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 …

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Company newsDelawareNewsRetailers

Lululemon Reopens 60 Percent of Stores, Reports 17 Percent Drop in Revenue in Latest Quarter

by Alex Tostado

Dover, Del. — Lululemon (Nasdaq: LULU), a provider of athletic apparel that is based in Vancouver, British Columbia, but incorporated in Delaware, has now reopened 295 of its 489 stores, or roughly 60 percent of its worldwide locations. The company reported net revenue of $652 million in its fiscal first quarter, which ended May 3, compared with $785 million during the same period a year ago, a 17 percent decline. Lululemon closed all of its stores in mainland China following the outbreak of COVID-19 and subsequently shuttered its Europe and …

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DelawareDevelopmentGrocery-anchoredNewsRetailers

Sprouts to Open 30,000-Square-Foot Grocery Store in Wilmington, Delaware

by Alex Tostado

Wilmington, Del. — Sprouts Farmers Market will open a 30,000-square-foot grocery store in Wilmington, located approximately 30 miles southwest of Philadelphia. The Arizona-based grocery chain offers organic produce, an expansive bulk foods selections and an extensive vitamin department. Located at 4727 Concord Pike, the new store will bring 140 full- and part-time jobs to the area. The opening is scheduled for March 11.

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