Top 10 commercial real estate transactions from the last quarter, sourced by CBRE Research
By Peter Osborne
- East Pointe Apartments: The new owners did not respond to repeated calls for comment, but they have changed the name of the complex to Hillside Pointe Apartment Homes.
- Pencader Corporate Center/Southgate Industrial Park: The four buildings were purchased by an investment fund whose managing partners are principals of Emory Hill. Between the four buildings, they are 100 percent occupied.
- Hockessin Crossing Shopping Center: The property, located at the corner of Lancaster Pike and Valley Road, is owned by Kir Associates, a family-owned investment group that includes retired OB-GYN Lazarus Kirifides, who formerly worked out of the Medical Arts Pavilion. The family anticipates “redoing the roof and sprucing it up a bit,” with an eye on a facelift later this year or in 2020. The center is nearly full, and Six Paupers restaurant recently signed a five-year extension, said Basil Kirifides, one of three sons of Dr. Lazarus Kirifides. The property is being managed by Amy Kegley at DSM Commercial Real Estate Services.
- Residence Inn Wilmington Downtown: The 96-room suite hotel that opened in March 2018 was purchased in October by Washington, D.C.-based Excel Group, which said at the time that it had completed four major transactions in 2018 for more than $100 million.
- 136 N. Du Pont Highway: The development site was purchased by grocery store chain Lidl, which owns 10,500 stores in 29 countries, with 68 in the United States, including one in Middletown. Lidl spokesman Chandler Ebeier said, “It is too early to offer a specific timeline for this site. Regarding site selection, our main criteria is selecting sites that will be most convenient for customers.” The new store will be located about 100 yards from a close-to-completion Aldi, which targets a similar customer base.
- Pleasant Valley Crossing: New shopping center that is 100% occupied with tenants that include Planet Smoothie, Dickey’s BBQ Pit, Concord Pet and Royal Farms.
- 141 E. Main St. in Newark: The transaction actually included two parcels and three addresses – 141-145 Main St. and 19 Haines St., with tenants in the three spaces including Starbucks, Del-One Federal Credit Union and Dunkin Donuts. Simon Eye Associates is moving to the Newark Shopping Center soon, while an adjacent chiropractor is moving to a different location. Leasing agent McLane Hendriks of PattersonWoods says he has 3,500 square feet on Main Street with the departure of Performance Bike and 6,500 from the other two on Haines Street.
- Best Western Smyrna Inn: The 70-room hotel is now a Quality Inn because Choice Hotels offers a “lower operating cost,” according to the hotel’s manager. Management stayed in place and no major renovations are planned. The new owner is Praful Patel, and this is his first hotel.