Northeast Real Estate Business

JAN-FEB 2016

Northeast Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Northeast United States.

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www.REBusinessOnline.com Northeast Real Estate Business • January/February 2016 • 23 M A R K E T H I G H L I G H T: P H I L A D E L P H I A Recovery is continuing to occur in the Delaware retail market and fore- casts show it will continue in the year to come. The retail sector has been strong in Class A locations, while sec- ondary centers have experienced less demand. Land values on major corri- dors remain high and the limited sup- ply is expected to further this trend. The area around Christiana Mall continues to be a strong draw for na- tional retailers. Recent new retail ac- tivity includes the Christiana Fashion Center, which has been approved for buildings totaling in excess of 500,000 square feet. Current tenants include The Container Store, REI, Nordstrom Rack, DSW, Saks OFF Fifth, Ulta Cos- metics and Jared Jewelers. Allied Prop- erties is developing the center. Also in the Christiana area, Kimco is planning to develop the Christiana Promenade which will encompass more than 400,000 square feet. Demolition of an existing structure is underway. The city of Wilmington will see a new $40 million redevelopment of a popular retail and offce location on the 2000 block of Pennsylvania Av- enue. Mayor Dennis Williams recently announced the project, which will re- develop the existing property into an attractive, high-quality mixed-use and pedestrian-oriented space that incor- porates luxury residences above a frst foor of quality retail and commercial businesses. The city hopes to see an infusion of on-site residents and new commercial spaces to bring new en- ergy to the area, and complement the recent ongoing revitalization of the Union Street Corridor. The developer is Tsionas Properties, which has been active on Newark's Main Street and adjacent areas with mixed-use projects that combine student housing with re- tail space. The current building is best known as the home of Stuart Kings- ton, an 80-year-old jewelry and luxury items store that is also involved in auc- tions. Other tenants include the Santa Fe, Wilmington, Michael Christopher Salon, a ftness center and yoga studio. Another projected hub of activ- ity in New Castle County is the pro- posed Claymont revitalization proj- ect known as First State Crossing, a 420-acre mixed-use development located at Delaware's northern tip. The project will include a signifcant amount of retail space as well as of- fce, manufacturing and a new multi- modal transit center featuring SEPTA commuter train and DART commuter bus service. The property is near the crossroads of several major highways including Interstate 95, Interstate 495 and Route 13; it sits on the Delaware River and can be serviced by Wilming- ton Port traffc; and it is minutes from the Philadelphia airport. Middletown, also in New Castle County, continues to be active with a variety of retailers in the market. In the Westown development, retailers such as Marshalls, Dress Barn, Fa- mous Footwear and Petco are open. On the east side of town, the develop- ers of Willow Grove Mill are in discus- sion with several restaurant chains to go along with the existing tenants of Health South, Wawa and CVS. The beach resorts in Sussex County, Delaware, continue to see increased activity. The Fresh Market, Bed Bath & Beyond and Wawa have all recent- ly signed leases at the new Rehoboth Gateway shopping center. When completed the center will total 60,000 square feet. The center is located along Route 1 at the entrance to Rehoboth Beach. Other new retail opportunities include Rosenfeldt's Jewish Deli on Route 1 near Route 24 and additional new Tanger Outlet shops including Lululemon, Vera Bradley, and Alex and Ani. On Route 24 in Long Neck, Wawa has now opened, joining a new Rite Aid. Throughout the state, demand re- mains high for corner intersections for development of pharmacies and con- venience stores. Jim O'Hara Jr. Principal, Broker, NAI Emory Hill RETAIL GAINS STEAM THROUGHOUT DELAWARE Ann Bailey Broker, NAI Emory Hill California loans will be made pursuant to a Finance Lenders Law License from the Department of Business Oversight. www.walkerdunlop.com Commercial Real Estate Finance POWERING YOUR PROSPERITY Alasdair Cripps Mesirow Financial Avid Football Fan Walker & Dunlop borrower since 2012 Land values on major corridors remain high and the limited supply is expected to further this trend. UPCOMING EVENTS Entertainment Experience Evolution February 24-25, Los Angeles InterFace Net Lease West March 1, Los Angeles InterFace Healthcare Real Estate West March 2, Los Angeles InterFace Seniors Housing West March 3, Los Angeles InterFace Student Housing April 13-15, Austin www.InterFaceConferenceGroup.com

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