Real Estate Journal — March 11 - 24, 2016 — 5A


M id A tlantic

Stewart Calhoun and Casey Masters of Cushman & Wakefield represent seller CenterPoint Properties acquires 1.1m square foot portfolio on East Coast V

riott Hotels in King of Prus- sia, PA; and the awarding of management rights to BPG’s hotel management affiliate, PM Hotel Group, for the Em- bassy Suites Valley Forge, PA and the DoubleTree by Hilton in Reading PA. BPG is also the developer, owner and operator of the recently constructed, 180-roomWestin Hotel Wilmington, adjacent to the Chase Center on the Riverfront. Both hotels will be con- structed by BPGS Construc- tion and operated by PM Hotel Group, Inc . “We are very proud of the dynamic growth occurring in Wilm- ington,” said PMHotel Group chairman and BPG co-founder Dave Pollin , “and believe that these hotels will be a catalyst for the Riverfront to become one of the premier destination and meeting plac- es on the Eastern Seaboard. Importantly, we will create up to 200 more jobs for the residents of Wilmington and generate millions of tax dol- lars for the community.” BPG is currently working In Savannah, the 32’ clear, high-quality buildings are ideal for port and logistics us- ers as they are just four miles to the Port of Savannah and offer dual rail service, in ad- dition to convenient access to I-16 and I-95. The convenience of the nearby port enables ten- ants to make as many as 5-7 trips daily, greatly reducing drayage costs. The buildings are 100% leased. The 32’ clear, fully-leased, portfolio totals 94.4 acres and 1.1 million s/f of modern, class- A warehouse space in Georgia and Virginia combined. Two of the facilities are in close prox- imity to the Port of Savannah and one facility is near the Port of Virginia and adjacent to CenterPoint Intermodal Center – Suffolk, which is rail served by the Norfolk South- ern.

IRGINIA/GEORGIA — CenterPoint Prop- erties announced the acquisition of a three-building, 1,096,793 s/f, rail-served port- folio in Savannah, Georgia and Suffolk, Virginia. Stewart Calhoun and CaseyMasters of Cushman and Wakefield represented the seller, Mc- Donald Development , in the transaction. “We are very pleased with this acquisition as it accurate- ly aligns with CenterPoint’s mission to acquire industrial property that enhances sup- ply chain efficiency,” said PJ Charlton , senior vice president of investments at CenterPoint. “This portfolio gives the tenants the ability to transport goods throughout the East Coast in a timely and cost-efficient manner.” The logistically advantaged WILMINGTON, DE — The Buccini/Pollin Group (BPG) , a privately-held, full- service real estate acquisi- tion, development and man- agement company co-head- quartered in Wilmington, DE and Washington, DC, has an- nounced the commencement of two new hotel development projects on Wilmington’s booming Riverfront. BPG has received franchise approval this week for a 100-room Homewood Suites by Hilton, and is currently in the review process for a 200-room Mar- riott Hotel. Both hotels will be located on the Riverfront and are expected to serve the increasing visitation expected in coming years from busi- ness travelers, conference attendees, and the multiple entertainment and special events held in the area. The announcement comes on the heels of BPG’s recent acquisition of the former Omni Hotel in City Center Philadelphia – now known as the Franklin Hotel by Marriott; the Crowne Plaza and Fairfield Inn by Mar-

cross-dock facility in Suffolk also includes an adjacent trailer storage lot and conve- nient access to I-58, I-95 and I-13. The building’s proximity to the Port of Virginia, which has the strongest rail integra-

tion in North America, equates to lower transportation costs for tenants. “It is a very attractive oppor- tunity to acquire fully-leased, highly-functional assets in growing East Coast port mar-

kets and we are excited about the future of this portfolio,” said Charlton. This acquisition brings Cen- terPoint’s East Coast portfolio to 9.4 million s/f across 65 buildings. n

The Buccini/Pollin Group announces two newworld class hotels coming to Wilmington, DE’s Riverfront

Wilmington Riverfront

with land planners to identify the optimal site layout and complete the land planning process. They will then move full-speed into the design and approvals process in col- laboration with the City of Wilmington, the Riverfront Development Corporation of Delaware and numerous other public agencies. “The Riverfront is in yet another expansion phase and we want to make sure that hotel capac- ity is part of that growth,” said Robert Buccini , co-

founder of The Buccini/Pollin Group. There are several projects currently in the works in this phase of Wilmington River- front’s growth, including the recently approved $30 million bridge connecting the district to US Route 13, easing con- gestion and improving access for visitors. The seasonal and highly successful Horizon Riverfront Rink and the re- cently added Riverwalk Mini Golf join already established destinations like Frawley Sta-

dium, the 15-screen Penn Cin- ema IMAX Theater, the Dela- ware Children’s Museum, and Stratosphere Trampoline Park in bringing families to the Riverfront for recreation and entertainment. Residential growth on the riverfront also continues with the 2015 opening of The Residences at Harlan Flats, a 116-unit, upscale, apart- ment community. Phase II of Harlan Flats is now under construction, adding another 76 units to the community. n

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