Mid Atlantic Real Estate Journal — September 12 - 25, 2014 — 5A
www.marejournal.com
Real Estate Journal — September 12 - 25, 2014 — 5A
www.marejournal.com
M id A tlantic
W LancasterCourtApartments insuburbanWilmington,DE Rittenhouse Realty Advisors sells 320 units for $13.8million ILMINGTON, DE — Ri t tenhouse Realty Advisors
Latina negotiates $1.35 million sale Patterson-Woods/CORFAC Int’l. inkdeals inNewark,DE
(RRA) announced the sale of the Lancaster Court Apart- ments in suburban Wilming- ton. The property, which is located on Lancaster Pike, includes 320 units which were owned in an HOA with 24 different selling entities. The buyer, Berger Rental Com- munities out of Wayne PA, plans major renovations to both the interior and exterior of the property. “Getting twenty-four differ- ent selling entities to agree on pricing and all show up for closing on the same day was a challenge,” said Corey Lonberger of RRA. This is the second fractured condo/HOA deal that Rittenhouse Realty has completed in the last 12 months. “The sale of Lancaster Court is a perfect example of RRA’s capabilities in working through complex transactions. Deals like this are very difficult given the different ownership entities and various associa- tions that have to be addressed during the due diligence time ANNAPOLIS, MD — Col- liers International in Bal- timore sale of a 42,214 s/f industrial-flex bui l d ing at 1805 Marga- ret Ave. for $4.3 million. Colliers rep- resented the private seller and identified t h e b u y e r , Shoregate Partners . “We’ve worked in this mar- Colin Penoyar
space at 127 E Main St. The company, publically known as El Diablo Burritos, is Wilm- ington based and currently operates at locations in Wilm- ington’s Trolley Square and North Wilmington’s Branmar Plaza. The decision to expand in the appropriately related market stems from the com- pany’s current success and the growing popularity of Mexican fast-casual restaurants. A block away at 115 East Main St., Latina represented both the buyer and the seller in the $1.35 million sale of a 3,400 +/- s/f commercial con- dominium unit. The buyer, Mainline Enterprises, LLC purchased the property from LGLB, Inc. in a sale-leaseback investment opportunity, which settled inMay 2014. The condo unit houses a restaurant cur- rently doing business as 16 Mile Taphouse. The restaurant is a partner to Georgetown’s 16 Mile Brewing Company and boasts an impressive ensemble of craft beers and award-win- ning wines. Most recently, Latina rep- resented tenant, Colorful Yun Nan, Inc., in the ten-year lease of a 2,911 +/- s/f space at 59 East Main St. The space will be used as an Asian style restaurant. Patterson-Woods currently lists several other properties on and around Main St. – in- cluding retail, industrial, and office space at Market East Plaza, offices at 77 & 273 E Main St., and retail space at the community at Rittenhouse Station. n
NEWARK, DE — In recent months, Patterson-Woods Commercial Properties/ CORFAC International has secured several sale and lease transactions in Newark, Dela- ware’s Main St. area – the hot- test submarket in Delaware. Main St. has always been a hot spot for retailers, as it is set in the heart of the 21,000-stu- dent University of Delaware campus. The food industry is the common factor in these deals. Costar demographics in the Main St. area show that food and alcohol consumer spending totals are upwards of $25 million per year in a one- mile radius, and close to $160 million per year in a three-mile radius. Recent Main St. Transac- tions Completed by Patterson- Woods include: In a deal facilitated by Rich Dudek , who represented the landlord, Bachu Patel, In- somnia Cookies leased 1,200 +/- s/f space at 74 E Main St. The tenant is a Pennsylvania based, round-the-clock dessert company. Dudek also took part in a 4,100 +/- s/f lease transaction at 76 E Main St., represent- ing both the tenant, Hakuna Hospitality Group, and the landlord, Fratelli Enterprises, Inc. The tenant, doing business as Del Pez Sea Mex, brings a seafood flare to Main St. as it focuses on coastal-inspired Mexican cuisine. Patterson-Woods’ Joe La- tina represented the tenant, Main St. Burritos LLC, in the ten-year lease of a 2100 +/- s/f
Lancaster Court Apartments
percentage of its tenants from these local employers. “We are excited to see the renova- tions and revitalization of the property come together as we have seen this buyer succeed in similar projects in different markets,” said Mark Duszak of RRA. n gorsky , partners with Shore- Gate Partners, a private firm established to invest and man- age a real estate portfolio. The firm holds property primarily in the Mid-Atlantic Region and targets a wide range of stabi- lized real estate asset types with strong cash flow yields. The seller built the one- story building in 1983 and has leased and managed the property since. The building is 88.2% leased with multiple tenants. n
periods,” said Ken Wellar , also of RRA. The new owner plans signifi- cant upgrades to the property, which is just a few miles from the area’s major employers such as DuPont and Astra- Zeneca as well as I-95. The buyer is planning to pull a good ket for many years,” said Colliers vice president Colin Penoyar , who brokered the transaction. “As a result, we’ve had tremendous success iden- tifying opportunities for sale as well as matching them up through our longstanding re- lationships with buyers. This is not the first time in the last few months that Colliers has identified a sale opportunity as well as brought the buyer.” Penoyar worked with Justin Nonemaker and Eric Za-
Penoyar of Colliers completes sale of flex building totalling $4.3 million in Maryland
Cushman & Wakefield of MD arranges 151,189 s/f lease at 6610 Cabot Dr., Baltimore, Maryland
and I-695, the W.R. Grace warehouse space features a 30-foot clear ceiling height, T5 energy efficient lighting, 21 loading docks, one drive-in door, and substantial excess trailer storage.
Cushman & Wakef i e ld leasing agents David Baird and Tim Jackson repre- sented Grace while Benjamin Meisels, McLane Fisher and Jon Casella represented the landlord, 6610 Cabot, LLC. n
BALTIMORE, MD — Cushman & Wakefield of Maryland, Inc. has arranged a new 151,189 s/f lease for W. R. Grace & Coat at 6610 Cabot Dr. Including access to I-95
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