Mid Atlantic Real Estate Journal — Spring Preview — April 27 - May 10, 2012 — 21A
www.marejournal.com
By Jim O’Hara, Jr., NAI Emory Hill Delaware Retail Market Rebounds D elaware /R etail
T
he commercial real es- tate retail market in Delaware, particularly
stores still remains a problem in some areas but demand has picked up recently. In Northern New Castle County, Panera Bread and Kitchen and Com- pany have recently added ad- ditional locations. Retail expansion continues to gradually increase through- out the New Castle County market. Both Wilmington Sav- ings Fund Society (WSFS) and Bank of America are open- ing new locations around the county. WSFS recently opened new branches in Newark and Northern Wilmington and have two under construction - one on
Kirkwood Highway and another on Limestone Road. Bank of America will be opening a new branch in the Fox Run Shopping Center on Route 40 in the near future. In addition, Emory Hill was the general contractor for a new Royal Farms store which recently opened in Glasgow and was just awarded the contract to manage construction of two more Royal Farms stores in the near future – one in George- town, DE which will break ground soon and another in Bear. The stores in Glasgow and Bear are due to become LEED®
certified – and this unprec- edented push for “green” retail buildings is helping improve the upward turn in the market. After a long, painful reces- sion, the retail market – in keeping with the overall real es- tate market - actually started to show signs of life in 2011 when Delaware’s unemployment rate started to slowly decrease. Nordstrom’s became an anchor in the Christiana Mall, which saw several new stores open, and several redevelopment proj- ects were announced that are now coming to fruition which will attract further retail busi-
ness - including the University of Delaware’s new technology campus/business park. The recent trends in slowly rising lease prices suggest the worst may be behind us – and for businesses looking to lease or buy, it’s time to take a look at these trends and, as the old adage goes, strike while the iron is hot. Jim O’Hara has been a licensed commercial real estate broker in DE and PA since 1972. His company, Jim O’Hara Realty Associ- ates, LLC, joined NAI Emory Hill in 2008. n
in New Cas- tle County, has thank- fully begun to rebound f r o m t h e downtown in the economy over the past several years.
Jim O’Hara, Jr.
The signs are slowly springing up as several major retailers have opened or are about to open new or additional locations throughout the county. Included in the list of recently opened new retail businesses are The Guitar Center, located in the Brandywine TownCenter, and Golfsmith, a golf store out- let selling golf clubs, equipment, shoes and apparel, scheduled to open near the Christiana Mall next month. Vacancy in small planning methods which can also ultimately benefit the charity. Although philanthropic intent should be an overriding factor in any charitable donation, several benefits can accrue to a donor such as relief from capital gains taxes, reduction of federal and state taxes and transfer taxes, elimination of management responsibility and potential for an income stream. From a real estate brokers standpoint there are also many potential benefits, as we certainly have the respon- sibility to advise one’s client of all alternatives regarding the disposition of real estate, and in certain cases the gifting of real estate may be an attractive al- ternative. It is important for the real estate broker to understand that fees can still can be earned through the normal commission process or on an hourly basis. There can also be increased marketing opportunities and referrals by working with chari- ties, not to mention the positive public relations exposure from helping charities. Charitable gifting through the donation of real estate can be the classic “win win” for all involved. William D. Patterson is president of the Commer- cial Real Estate firm of Pat- terson-Woods & Associates, headquartered in Green- ville, DE. n Charitable gifting through the donation of real . . . continued from page 19A
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