Category: Commercial Real Estate

By Ken Mammarella Clayton, Delaware City, Middletown and New Castle on Monday were designated Downtown Development Districts, joining Dover, Georgetown, Harrington, Laurel, Milford, Seaford, Smyrna and Wilmington. Private construction projects within these districts can receive rebates of up to 20 percent of their capital construction costs,from this year’s $8.5 million pool of state funding. “The…

The Wilmington Department of Licenses and Inspections has recommended that the City adopt the revised I.C.C. (International Code Council) 2018 code series, the latest version of a set of building code standards affecting residential and commercial properties. The International Code Council, an association with 64,000 members, updates the I.C.C. building codes every three years to…

A handful of high-profile vacancies have caused a dip in Wilmington’s office market, according to a quarterly report from Newmark Knight Frank. The vacancy rate rose from 14.3 to 16.6 percent, largely due to the long-anticipated withdrawal of Bank of America from Bracebridge I and III. One major occupancy in the suburban market helped to…

Newark sees uptick in commercial real-estate sales

The Newark commercial real estate market has heated up in recent months with five properties – three of them University of Delaware student housing complexes – and $105.7 million changing hands. Jenkintown, PA-based Galman Group bought the Park Place and Studio Green apartment complexes for nearly $41 million in May and will sink $30 million…

Three commercial properties just changed hands in the southwest corner of 4th and Market streets in downtown Wilmington. The third generation owners, Francis and Margaret Abessinio, sold 317 N. Market Street, 2 W. Fourth Street and 4 W. Fourth Street to the Buccini Pollin Group. Nearby neighbors include the New Castle County Courthouse, Delaware Technical Community…

Wilmington City Council on July 11 unanimously passed an amendment to the City Code that will allow Second Chances farm, LLC to open a vertical farm in Northeast Wilmington. The indoor farm will employ former state and federal inmates from Delaware and produce healthy vegetables for purchase within the community. Mayor Mike Purzycki’s Office has…

The Delaware State Housing Authority has selected 12 downtown revitalization projects in Milford, Smyrna and Wilmington to receive $5.5 million in rebates aimed at leveraging $103 million in total investment. The Downtown Development Districts (DDD) program was launched in 2014 to help draw investment to under served commercial business districts. Over the past four years,…

FMC Corporation, an agricultural sciences company, plans to invest more than $50 million over the next three years in capital improvement projects, including a new greenhouse and research facility at the company’s Global Research and Development headquarters in Newark, Delaware. The Philadelphia-based company purchased the Stine Research Center campus as part of its acquisition of…

Dutch manufacturer AkzoNobel has sold a 190-acre industrial site in New Castle to Northpoint Development. The property is largely farmland with a small industrial parcel formerly occupied by Stauffer Chemical. The Kansas City-based Northpoint Development will redevelop the property at 1386 Schoolhouse Road into the “Delaware City Logistics Park,” a complex of four industrial buildings…