Notable Transactions Archives - Page 7 of 7 - Commercial Real Estate Services, Wil, Wilmington, DE, Patterson Woods

Wilmington, Delaware (February 4, 2014) – Patterson-Woods Commercial Properties/CORFAC International President Duncan Patterson, CCIM, announced today that Joe Latina represented Ace Petroleum Inc. in an investment property sale located at 2801 Concord Pike in Wilmington.

The buyer, HP Concord LLC paid $850,000 for .35 of an acre and a 1,296-square-foot garage building that it plans to demolish and make way for a new retail development on the land.

According to Latina, the buyer has entered the property into the DNREC Brownfields Development Program as a first step toward cleaning the site for redevelopment. DNREC is an abbreviation for The Delaware Department of Natural Resources and Environmental Control and the state entity that oversees brownfield-site redevelopment.

“The buyer paid a premium for the land on a per-square-foot basis (the equivalent of slightly over $2.4 million per acre) but given the strong demand for Class A retail along the Concord Pike corridor, and the lack of available opportunities, I am confident that they will be able to redevelop the property and demand a strong enough rent get to a good return on their investment,” said Latina.

It is the second investment property sale on the Concord Pike corridor completed by Patterson-Woods/CORFAC International this year. Last month Tom Ryan (with Patterson-Woods) sold a retail property located at 2702 Concord Pike that is occupied by Delaware Gold Exchange and Casapulla’s Subs.

Patterson-Woods/CORFAC International

Patterson-Woods Commercial Properties / CORFAC International is a leading commercial real estate services firm specializing in the Mid-Atlantic commercial property markets. We have been providing the most complete selection of commercial real estate services to the communities of Delaware, Maryland and Pennsylvania for over 40 years. Patterson-Woods Commercial Properties is a second generation company well known for facilitating solutions to the needs of the business community and developers of real property. For more information on Patterson-Woods/CORFAC International, contact the company’s Wilmington, Delaware headquarters at 302-622-3500 or visit www.pattersonwoods.com.

About CORFAC International

CORFAC International (Corporate Facility Advisors) is comprised of privately held entrepreneurial firms with expertise in office, industrial and retail real estate leasing and investment sales, multifamily property acquisitions and dispositions, property management and corporate services. Founded in 1989, CORFAC International is celebrating its 25^th anniversary in 2014. In association with FIABCI (the International Real Estate Federation) and global affiliates, CORFAC International offers commercial real estate services with market reach in 60 countries worldwide. In recent years, CORFAC firms have averaged over 9600 completed transactions annually totaling more than 513 million square feet worth an excess of $5.95 billion for their customers. For more information on the CORFAC network, contact 703.532.6160 or visit www.corfac.com.

Media Contact: Gary Marsh (415) 453-7045 or gary@marshmarketing.com

Wilmington, Delaware (January 28, 2014) – Patterson-Woods Commercial Properties/CORFAC International President Duncan Patterson, CCIM, announced today Tom Ryan has represented Dafa Investments in the sale of a 2,315-square foot retail property located at 2707 Concord Pike in Wilmington.

The buyer is investor Church Road LLC which paid $740,000.00, or approximately $315 a foot at an initial return (capitalization rate) of 5.3 percent, according to Ryan.

“The location and credit-worthiness of the tenants made this an attractive local investment for this asset,” Ryan said.

The property is located on busy Concord Pike between U.S. 13 in Wilmington and the Pennsylvania border. The two tenants are Delaware Gold Exchange and Casapulla’s Subs, a locally renowned restaurant operator with multiple eateries in Delaware and a loyal base of customers.

About Patterson-Woods/CORFAC International

About CORFAC International

By Joe Latina, Principal, Patterson-Woods Commercial Properties/CORFAC International

The biggest news about Delaware retail is the expansion of Christiana Mall in Newark, DE and an equally ambitious re-development that is adjacent to the aforementioned mall – The Colonnade at Christiana. Everyone in the Mid-Atlantic knows that Delaware does not have retail sales tax, thus the driver of Christiana’s expansion and the new projects is simply shopping demand and a geographically dense population base that draws from more than 20 million people in nearby states including Pennsylvania, Maryland, New Jersey and even New York. It’s one thing to save $4 when you spend $50 but the money gets real when you can save $80 on a $1,000 shopping tab (the example is based on 8 percent sales tax that you’d pay in Philly, which is about 30 minutes from Wilmington and has over 4 million people in its MSA).

Christiana’s expansion (to 1.1 million square feet) and the adjacent, 915,000-square-foot The Colonnade is made possible by construction improvements to the I-95 and Route 1 interchange that will give drivers and shoppers better access to the existing and refurbished retail centers. The Colonnade was previously called the Christiana Fashion Center and is being re-developed by Frank Acierno and his company, Allied Properties.

Christiana Mall is owned by Chicago-based General Growth Properties, which is adding to its existing center and anchored by Macy’s, JC Penney, Costco, Target, Barnes & Noble, Forever 21, The Cheesecake Factory, H&M and a host of smaller shops. Outdoor retailer Cabela’s is new to our market and will be anchoring the expansion of Christiana Mall with a new 109,000- square-foot store.

An estimated 50 percent of Christiana Mall shoppers come from out-of-state to enjoy the retail- tax free status in Delaware. As a result, average sales in the food court run a whopping $1,380- per-square-foot, according to mall’s owner, compared with average sales for other food courts at $823-per-square-foot, according to the International Council of Shopping Centers. General

Growth considers Christiana Mall to be one of its best-performing assets in the country. The expansion includes a new 17-screen Cinemark theater and Nordstrom Rack.

The region’s economy is healthy enough for a variety of new projects. For example, local developer Joseph M. Capano is developing a mixed-use project called Brandywine Pavilion and located on Naamans Road, which connects U.S. Route 202 with I-95. It will have 36,000 square feet of office space, 18,250 square feet of retail and 18,250 square feet of corporate apartments,

Other noteworthy trends with Delaware retail are:

Bifurcated markets – the competition is fierce for available Class-A space, whereas B and C properties can take months and months to find tenants
Rents are up in prime submarkets Concord Pike, Main Street (Newark) and Kirkwoods Highway.
Sussex County, with its beach communities, has matured and evolved into a year-round residential area which has spurred lots of retail development in the last 10 years, primarily on the Highway 1 corridor.

?The overall vacancy rate in New Castle County is approximately 7.5 percent, which combines community centers, neighborhood centers and power centers. Statewide, overall vacancy is nearly 10 percent, but this is a deceiving number.

The Concord Pike corridor starts in Wilmington and goes north all the way to Bangor, ME. The section from Wilmington to Southern Pennsylvania, which includes Market Square and Brandywine Town Center in Wilmington, is one of the hottest submarkets in the state. Both properties are owned by the REIT, Arcadia Realty Trust, and current rents generally start at $25 and go up from there. Shop space garners some of the highest rents in Delaware at $45 or greater per-square-foot.

Demand along the Concord Pike Corridor is so high that a gas station on 0.37 acres recently sold for $850,000, with the buyer assuming responsibility for any environmental issues associated with redeveloping the site.

The next hottest submarket is Main Street in Newark, which is home to the University of Delaware and sports rents north of a $30 a foot. It wasn't long ago that a retailer could have secured a rental rate in the low-$20s and even the high-teens in this college town.

The Class-A markets typically have vacancy of only 5 percent or so, and prime locations are being bid up. In contrast, B and C Space is difficult to market, demand is sluggish and the vacancy rate is closer to 15 percent, on average.

For years Sussex County was called 'slower Delaware' because of its farms and beach resorts. In recent years, the southern section of the state has become a destination for baby-boomers to retire and a plethora of retail space was built up to support the year-round population.

Outside of core shopping centers and malls, retail expansion is mostly from food, especially quick service retailers such as Dunkin Donuts, Starbucks, Subway, Jake's Wayback Burgers, the other burger shops like Five Guys and independent restaurant owners.

Wilmington, Delaware (November 4, 2013) – Patterson-Woods Commercial Properties/CORFAC International President Duncan Patterson, CCIM, announced today that Rich Dudek represented the Mid-Atlantic Vipassana Association (MAVA) in the acquisition of a former children’s home at 2901 Green Street in Claymont, DE, a city in New Castle County.

The property has an office building, three residential cottages and a shop building situated on approximately 13. 8 acres that is close to Interstate 95. It previously was occupied by the seller, Children’s Home Inc.

Terms of the sale were not disclosed.

MAVA was formed in Philadelphia in 1997 as the Delaware Valley Vipassana Association and renamed as MAVA in 2004. The technique of Vipassana Meditation is taught at 10-day residential courses during which participants learn the basics of the method and practice sufficiently to experience its beneficial results. MAVA has more than 5,000 students in the Mid-Atlantic States and there are over 100,000 Vipassana Meditation practitioners in sister organizations at 170 owned and operated retreat centers throughout the world. Vipassana means seeing things as they really are and the meditation techniques originated in ancient India.

“The Mid-Atlantic Vipassana Association (MAVA) conducts and oversees Vipassana meditation activities in the states of New Jersey (South), Pennsylvania, Delaware, Maryland, District of Columbia, and Virginia. Delaware is centrally located to serve this Mid-Atlantic region. Even though the buildings require substantial renovation, the overall layout and functionality will serve our needs and of equal importance, the property has a good buffer zone and many trees to filter noise and potential distractions for participants who visit and expect a high quality, meditation-retreat experience,” said MAVA Trust President Hema Palanivelu.

About Patterson-Woods/CORFAC International

About CORFAC International

CORFAC International (Corporate Facility Advisors) is comprised of privately held entrepreneurial firms with expertise in office, industrial and retail real estate leasing and investment sales, multifamily property acquisitions and dispositions, property management and corporate services. In association with FIABCI (the International Real Estate Federation) and global affiliates, CORFAC International offers commercial real estate services with market reach in 65 countries worldwide. In recent years, CORFAC firms have averaged over 9600 completed transactions annually totaling more than 513 million square feet worth an excess of $5.95 billion for their customers. For more information on the CORFAC network, contact 703.532.6160 or visit www.corfac.com.

Media Contact: Gary Marsh (415) 453-7045 or gary@marshmarketing.com

Wilmington, Delaware (October 3, 2013) – Patterson-Woods Commercial Properties/CORFAC International President Duncan Patterson, CCIM, announced today that his company has sold a 12-story, downtown Wilmington office building for slightly more than $1.7 million that was co-listed nationally with Auction.com.

Patterson-Woods’ J. Gregory Ellis, CCIM and Rich Dudek were the only brokers involved in the sale of 913 North Market Street in Wilmington. The building is approximately 81,828 (gross) feet of which about 72,000 square feet is rentable. Built in 1983, approximately 60 percent of the office space was occupied at the time of sale.

The seller was Delaware Offices, a Wilmington-based property investment and management firm. The buyer was 913 Market LLC, an entity of Sky Management Services, LLC.

The sale was originated through Auction.com, the nation’s leading online marketplace for commercial and residential building sales, with Ellis and Dudek managing regional marketing duties and processing the sale. The property sold in a 24-hour period using the Internet auction process with electronic bids.

“This is a value-add opportunity for the buyer and a fair market-rate transaction for all parties involved,” said Rich Dudek.

About Patterson-Woods/CORFAC International

About CORFAC International

CORFAC International (Corporate Facility Advisors) is comprised of privately held entrepreneurial firms with expertise in office, industrial and retail real estate leasing and investment sales, multifamily property acquisitions and dispositions, property management and corporate services. In association with FIABCI (the International Real Estate Federation) and global affiliates, CORFAC International offers commercial real estate services with market reach in 65 countries worldwide. In recent years, CORFAC firms have averaged over 9600 completed transactions annually totaling more than 513 million square feet worth an excess of $5.95 billion for their customers. For more information on the CORFAC network, contact 703.532.6160 or visit www.corfac.com.

Laurel, Maryland (March 22, 2010) – Patterson-Woods Commercial Properties/CORFAC International recently completed the sale of the 170 room, full service, hotel located at 3400 Laurel Fort Meade Road in Laurel, MD, on behalf of the seller, Laurel Hospitality LLC. Greg Ellis & Michael Woods, Partners at Patterson-Woods Commercial Properties, completed this hotel sales transaction.

"We are pleased to have completed this sale on behalf of Laurel Hospitality LLC," stated Greg Ellis, Partner. "This transaction is a reflection of our firm's expertise in the investment sales arena and an affirmation of the desirability of the local market."

The Laurel Inn is strategically located near 295 (Baltimore Washington Parkway) and I-95 and is within close proximity to the Laurel racetrack and Arundel Mills. This multi-story hotel was a re-branding and repositioning business opportunity.

About Patterson-Woods/CORFAC International

Patterson-Woods is one of Delaware's largest commercial real estate companies and offers a full scope of operations, including the sale and lease of commercial/industrial, retail and investment property as well as buyer & tenant representation, property management and business brokerage.

Decades of real estate experience in the region is supplemented with input from a network of business and government contacts, which guarantees professional service for all ventures large or small.

For more information on Patterson-Woods Commercial Properties/CORFAC International, contact the company's Wilmington, Delaware headquarters at 302-622-3500 or visit their website at www.pattersonwoods.com.

Odessa, Delaware (October 17, 2011) – Patterson-Woods Commercial Properties / CORFAC International, a leading full-service commercial real estate provider serving the Delaware market, today announced that one of its state's top restaurant operators, Robert E. 'Bob' Ashby, has leased and is completing the furnishing plan of the historic Brick Hotel in Odessa, DE with plans to open a restaurant called Cantwell's Tavern in early December this year.

Cantwell's Tavern, LLC (Ashby is managing partner) completed a 10-year lease with options to extend its occupancy. Terms of the lease were not disclosed. The owner of the property, which originally opened in 1822, is the Historic Odessa Foundation. Joseph Latina, a partner with Patterson Woods Commercial Properties/CORFAC International, was the only broker involved in the transaction.

Located just two miles from Delaware Route 1 and near U.S. Route 13, the historic town of Odessa has been left relatively untouched by suburban development in recent years, while new residential neighborhoods have sprouted up in nearby communities. The original town of Odessa has retained much of its 18th century charm and is listed on the National Register of Historic Places and home to a National Historic Landmark and two National Park Service Network-to- Freedom sites.

"When Joe called and we took a look at this classically beautiful hotel, my first thought was that Odessa and Middletown reminded me of the Pike Creek area where I bought my first restaurant; it has a lot of new homes and improved lots ready for additional housing so it is a good market for a restaurant with long-term growth prospects. It really piqued my interest from the very beginning," said Ashby.

Ashby's group is completing the furnishing plan on the Brick Hotel to operate the property as a restaurant. The majority of the structural renovation, which included the construction of a new wing, was managed by the Historic Odessa Foundation. Reproduction lighting fixtures were recently installed that reflect the early period of the hotel when candles offered the only light, according to Ashby. The total cost of the furnishing plan is expected to be in excess of $500,000.

The 8,000-square-foot Cantwell's Tavern was originally called the Cantwell's Bridge Hotel and will only operate as a restaurant and special events venue. The first floor of the three-story building will constitute the restaurant and tavern and the second floor will be designated a multipurpose space with event dining and meeting space.

"The minute I first sat down with the Historic Odessa Foundation and they started to explain to me and what they had and wanted, the first person I thought about was Bob Ashby," said Joe Latina. "I consider Bob to be one of the top restaurant operators in the state. The fact that he had purchased the Deer Park Tavern (on the University of Delaware campus) years ago and had a lot of experience doing major renovations of historical properties with a tavern concept made him the perfect choice," Latina added.

Ashby was recognized in 2005 by the Delaware Restaurant Association as "The Restaurateur of the Year." He started in the restaurant business in 1977 and bought his first restaurant in 1983. Ashby bought the Deer Park Hotel in 2001 and took six months to renovate that property back to its original condition. The famous poet, Edgar Allen Poe, was a frequent guest of the Deer Park Hotel. Ashby is also the principal owner of McGlynns Pub with locations in Bear, Dover and Pike Creek Valley in Delaware.

Ashby said the Cantwell's Tavern menu has not been finalized but will feature a gastro-pub style selection of foods such as a raw bar, brick oven pizza and some period dishes (Snapper Soup). The "farm-to-table" concept will have freshly baked breads made at the restaurant and meals will be moderately priced.

"We are thrilled to be working with Bob Ashby on this project," says Debbie Buckson, executive director of the Historic Odessa Foundation. "We see his vision and operation of Cantwell's Tavern as not only raising the nonprofit foundation's profile and enhancing our historic properties as a destination, but also providing the foundation with long term sustainable support."

The Historic Odessa Foundation owns and operates The Historic Houses of Odessa, a 30-acre enclave of 18th and 19th century structures located in the village of Odessa. The historic buildings and gardens along with a well-documented collection of more than 4000 objects and furnishings offer a unique picture of Delaware's colonial period in a rural village that played a vital part in America's commercial history. For more information, call 302-378-4119, or visit www.historicodessa.org.

The name of the new restaurant was inspired by the colonial era. The town of Odessa was originally called Cantwell's Bridge and named for Sir Richard Cantwell, who built the bridge and toll house on the Appoquinimink River in 1731. Odessa is approximately 16 miles from Greater Newark, Del., while Philadelphia is 55 miles north and Baltimore is approximately 80 miles west.

Patterson-Woods/CORFAC International Sells Brownfield Site for Retail Development