Category: Commercial Real Estate

Incyte to buy Friends school campus for $50M

WILMINGTON – The pharmaceutical research company Incyte Corp. is seeking to expand its Alapocas campus after reportedly entering into a $50 million sale agreement for the lower school campus of the nearby Wilmington Friends School. School board chairwoman Susan Kelley and head of school Ken Aldridge detailed the agreement reached in October for the 20-acre…

Redevelopment plan for former Claymont steel mill detailed

CLAYMONT – The public got its first up-close look at the updated redevelopment plans for the 425-acre former Evraz steel mill on Dec. 3. More than 100 residents came out to the meeting hosted by the Claymont Renaissance Development Corp., a public-private nonprofit tasked with fostering the revitalization of the north Wilmington unincorporated community, and…

Developer: Boxwood project expects 1K+ jobs

WILMINGTON – Neighbors of the former GM Boxwood plant got a sneak peek at the huge, five-story e-commerce distribution center planned for the site in an unusual meeting Thursday, Nov. 21. A team of a lawyer, developer, engineers, architects and an environmental remediation expert representing the project’s developer, Nevada-based Dermody Properties, testified before the New…

Despite high vacancy rate, brokers bullish on Wilmington

WILMINGTON – Although about a quarter of the city of Wilmington’s office space is currently sitting vacant, brokers believe there are reasons to be optimistic about the city’s commercial real estate future. Panelists at the fourth annual Delaware Commercial Real Estate Forecast Conference, hosted by the Mid-Atlantic Real Estate Journal on Nov. 6 at the…

‘Next gen’ 5-story distribution center planned for Boxwood

NEWPORT – When Dermody Properties breaks ground on its LogistiCenter at I-95 Wilmington distribution center, it will be a first-of-its-kind multistory facility for Delaware. Planning documents submitted to New Castle County show that the proposed 3.8 million-square-foot structure is a five-story facility, featuring 69 loading docks, nearly 2,000 parking spaces for employees and nearly 1,000 spaces…

Newark Shopping Center hits the market

NEWARK – The Newark Shopping Center, a downtown retail and restaurant mainstay, has been put on the market, just a few years after it underwent a dramatic transformation. Built in 1955, the 145,000-square-foot center was acquired by Atlantic Realty Company in 2012. The Virginia-based company sold off the Blue Hen Lanes bowling alley, which was…

Mega-developer buys into Boxwood project

NEWPORT – A large national developer announced plans Friday, Nov. 8, to buy about 88 acres of the former General Motors Boxwood site, invigorating the property’s redevelopment plan. The fate of the 142-acre site at 801 Boxwood Road has been on the minds of many Wilmingtonians for the past two years after Harvey Hanna &…

DC firm acquires PNC Bank Center in Wilmington

CBRE has announced that Washington, DC-based Douglas Development Corporation has acquired the PNC Bank Center in Wilmington.  The 289,303-square-feet Class A office space is located at 222 Delaware Avenue. “CBRE is thrilled to have brought Douglass Development to Wilmington for their first investment in Delaware,” said Kranzel, senior vice president, CBRE. “They were attracted to…

Seasonal Halloween shops learn the real estate shuffle

Dale Howe knows better than most that the business of Halloween is tricky. As the owner of The Haunted Experience in Bear — the last independent seasonal costume shop in Delaware — he’s learned to navigate a constantly changing retail landscape, in which rents rise and fall, shopping strips change major tenants, and landlords shift…