Philly Retail Space

Philly Retail SpaceWolf Commercial Real Estate is a premier Philadelphia commercial real estate broker that represents Philly retail space for lease and sale.

We are experts in the Philadelphia retail space market, with a team of seasoned and knowledgeable real estate advisors ready to help you achieve your real estate goals. At Wolf Commercial Real Estate, we go well beyond simply handling property transactions. As an unparalleled Philadelphia commercial real estate broker, we are a strategic partner whose number-one priority is our client’s long-term growth and success in the Philadelphia retail space market.

Retail businesses looking to buy or lease retail space in Philly can be assured that the professionals at our Philadelphia commercial real estate brokerage firm have the expertise to help you find the Philly retail space that best suits your needs. At Wolf Commercial Real Estate, we make certain that the sale or lease terms for your new Philadelphia retail space work to advance your commercial real estate goals. We’re the Philadelphia commercial real estate broker that is with you from the beginning of the transaction to the end, making the transition to your new retail space in Philly smooth and seamless.

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Retail property owners looking to sell or lease retail space in Philadelphia will appreciate the defined marketing strategy that the team at our Philadelphia commercial real estate brokerage firm creates and customizes for each property and sub-market. This process works to effectively and efficiently match buyers and tenants with retail space in Philly.

Retail space in Philadelphia is aggressively priced, and market trends show that the retail business in the region is poised for a massive rebound. For more information, please contact the team at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate brokerage firm.

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Wells Fargo Closing 21 More Branches, Including Two in the Philadelphia Area

Wells Fargo & Co. will close 21 more branches, including locations in Philadelphia and Gloucester counties, as part of its broader plan to cut billions of dollars in costs to keep pace with its rivals.

The impacted branches include locations at 5119 Frankford Ave. in the Frankford section of Philadelphia and 101 Vera King Ferris Drive in Galloway, New Jersey.

They are among a batch of locations San Francisco-based Wells Fargo (NYSE: WFC) filed to close on May 11 with the Office of the Comptroller of the Currency. Other sites are in Maryland, Arizona, Virginia, Georgia, New York, Connecticut, Utah, Illinois, Colorado and South Carolina.

This is the latest batch of closings and brings the current total to 160 applications received from Wells by the OCC so far in 2021. Earlier this year, the bank announced plans to close locations in front of the King of Prussia Mall at 694 W. Dekalb Pike, on the campus of Villanova University at 800 E. Lancaster Ave., at 5458 Germantown Ave. in Germantown and 2300 Snyder Ave. in South Philadelphia, as well as one in Lancaster County and two in Berks County.

Wells Fargo closed 329 of its 5,200 branches last year and has plans to close about 250 this year — shuttering 117 already. CEO Charles Scharf told investors in July that the bank needs to shave $10 billion, or about 20%, off its annual cost base to rival efficiency at other banks.

Locally, the region’s largest deposit taker closed 12 locations in the Philadelphia area last year and one this year, as well as another seven combined in the Lehigh Valley, Berks and Lancaster counties and the Jersey Shore. All but two came after Scharf’s announcement. It has also parted way with several local executives, as Wells Fargo cut 6,400 jobs bank-wide in the fourth quarter alone.

Since the FDIC’s annual deposit data was recorded last June 30, Wells Fargo has reduced its branch count in the immediate Philadelphia region from 172 to 160. When factoring in the broader region that includes Delaware, the Jersey Shore, the Lehigh Valley and Berks County, the bank has gone from 281 locations to 262.

The pace of bank branch closings has picked up significantly during the pandemic, as more customers have become comfortable with online and mobile banking platforms. Several banks with major Philadelphia-area operations are the most avid consolidators.

TD Bank recently filed to close 81 of its 1,223 branches, including 11 in this region. PNC closed 160 branches last year and plans to close another 120 this year. Citizens eliminated 50 branches last year and 56 so far this year, including four in this region. When the parent company of WSFS Financial Corp. announced plans to acquire Bryn Mawr Bank Corp., it said it would shutter 40 of the combined bank’s 130 locations.

Here is the full list of Philadelphia-area branches Wells Fargo has closed since June 30, 2020:

    • 43 E. Main St., Norristown
    • 1131 N. 5th St., Perkasie
    • 8001 Frankford Ave., Philadelphia
    • 399 Bristol Pike, Croydon
    • 599 E. Lancaster Ave., St. David’s
    • 75 St. James Place, Ardmore
    • 500 Chesterbrook Blvd., Chesterbrook
    • 25 W. Skippack Pike, Ambler
    • 951 Trenton Road, Fairless Hills
    • 2701 West Chester Pike, Broomall
    • 500 Hurffville-Cross Keys Road, Sewell
    • 451 White Horse Pike, Atco
    • 201 Philadelphia Ave., Egg Harbor City
    • 2002 W. Liberty St., Allentown
    • 335 Main St., Emmaus
    • 1 N. Broadway, Wind Gap
    • 301 W. Main St., Kutztown
    • 1 W. Main St., Mt. Joy
    • 2300 Snyder Ave., Philadelphia

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia retail space for sale or lease in Philadelphia or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage, and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors, and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Giant to Open Four New Stores in Philadelphia

A little more than a month after Giant opened a flagship store at Riverwalk in Center City, the company is accelerating its growth in Philadelphia and plans four additional stores in the city.

The company plans to open one of its Heirloom stores in 32,000 square feet at Fashion District Philadelphia and three Giant stores. Fashion District is owned by Macerich Cos. (NYSE: MAC) and is representative of how mall owners are incorporating a variety of uses in their retail properties.

The location of the new Giant stores had previously been confirmed by the company though their sizes now disclosed as 46,000 square feet on Columbus Boulevard at the corner of Reed Street; a 50,000-square-foot store on North Broad Street at the corner of Spring Garden Street; and a 40,000 square foot store at Tower Investment’s project at South Broad Street at the corner of Washington Avenue. When the stores will be opened weren’t disclosed by the Carlisle company.

Giant employs 600 people in Philadelphia and expects to hire another 700 employees for the four new locations.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia retail space for sale or lease in Philadelphia or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Amazon on Hiring Spree to Open First Amazon Fresh Grocery Store in Bucks County

Amazon Fresh Bucks County

Amazon.com Inc. is preparing to open its first Amazon Fresh grocery store in the region at Creekview Center off Easton Road in Warrington.

The store will be housed in roughly 35,000 square feet of 49,000 square feet of a former Giant. The Seattle company is hiring “hundreds of employees” in full and part-time positions at the store and hasn’t set an opening date, according to an Amazon spokeswoman. “We’re working hard to get our store ready for customers,” the spokeswoman said.

In a reflection of how challenging it has become to attract employees in grocery, fast food, restaurant, hospitality and other industries, Amazon said it has set starting wages for the Warrington store at a minimum of $15 an hour, will offer benefits and a $1,500 signing bonus.

Amazon (NASDAQ:AMZN) owns and operates Whole Foods Market and Amazon Fresh is billed as a new low-price concept. It introduced the Amazon Fresh store in August 2020 in Woodland Hills, California. The stores incorporate several new technologies including its Amazon Dash Cart, which gives a customer the option to avoid a check-out line, as well as help from its digital assistant, Alexa, which will provide a customer information about where to find a product in a store.

Amazon has been eyeing various locations across the region to expand its grocery concept. In addition to Warrington, it is planning to open another store in Bucks County in 41,000 square feet of a former Kmart at the Brookwood Shopping Center on Street Road in Bensalem as well as in about 40,000 square feet at a mixed-use project at 5th and Spring Garden in Philadelphia. 

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia retail space for sale or lease in Philadelphia or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

WSFS identifies 34 Philadelphia-area branches it will close as part of Bryn Mawr Trust deal

More than half of all Bryn Mawr Bank Corp. branches will close after it merges into WSFS Financial Corp.

Wilmington-based WSFS (NASDAQ: WSFS) identified the 34 locations in a recent regulatory filing, including 22 of 41 branches from Bryn Mawr subsidiary Bryn Mawr Tust and 12 of the 89 WSFS Bank locations. The shuttered branches include nine each in Delaware and Montgomery counties, five each in Philadelphia and Chester counties, one in Bucks County, four in the state of Delaware and one in South Jersey. The combined bank would move from 130 branches to 96.

When the $976 million deal was announced last month, WSFS said it would close 40 branches, most likely after the deal closes in the fourth quarter and when the two banks merge computer systems and brands in the first quarter of 2022. WSFS Chief Financial Officer Dominic Canuso said the bank expects to close another six locations within the next two years, which would give the combined entity 90 retail locations.

Bryn Mawr helped that process a bit by closing two locations on its own that were not included in the WSFS SEC filing — one in Roxborough and another in Hershey that it inherited from its $18.3 million acquisition of the private wealth management group at the Hershey Trust Co. in 2011. That would bring the branch total down to 94 and would leave WSFS with only four more cuts to reach its goal.

Neither Bryn Mawr executives nor Canuso would explain why the Hershey location was closing. Hershey is sort of on an island, as Bryn Mawr’s other 40 locations are situated in southeast Pennsylvania, South Jersey and Delaware. The branch itself also only has a little less than $20 million in deposits, about a fifth of the $100 million that most banks would consider to be a desirable number.

Canuso said 70% of the closures were because of their close proximity to another location. For example, there are 14 ZIP codes in southeastern Pennsylvania where both banks have branches. The remainder will be part of WSFS’s focus on digitalization at a time when the pace of branch consolidation has accelerated industrywide due to the pandemic.

Of the 34 branches being shuttered, 22 are within two miles or less of another location operated by the combined bank — 10 of those being less than a mile. Only four are more than three miles from another branch.

“Most are within two miles or a seven-minute drive from another branch,” Canuso said. “The other ones are part of a holistic review. It used to be that you needed a branch where customers lived, worked and played. Now you only need to have one in one of those three because they use the phone to bank like people use Amazon to shop or GrubHub to eat.”

WSFS decided to close Bryn Mawr’s branch in the city of Chester, as well as another one nearby in Chester Heights. Long-struggling Chester now only has two bank branches within the city limits — one each from Wells Fargo Bank and TD Bank. But the Bryn Mawr Trust location only had about $18 million in deposits and Canuso said customers from Chester will only have to travel less than two miles to the nearest branch in Eddystone.

“It’s located in a large shopping center with a drive thru and easy access to public transportation,” Canuso said.

WSFS also closed all nine Bryn Mawr Trust limited-service branches situated in retirement communities. Only one of those locations, the Shannondell retirement community in Oaks, has more than $10 million in deposits. Canuso said each of those sites are within two miles of another branch.

Those locations have limited hours and only require the equivalent of one and a half employees to staff, as opposed to five in a normal branch. That means there will be fewer displaced workers for which WSFS will need to find jobs at other locations. Canuso said the goal is still to find jobs for every employee that wants one.

As it stands now, WSFS would have 54 branches in southeastern Pennsylvania after the consolidation, including 13 in Philadelphia, 16 in Montgomery County, 14 in Delaware County, nine in Chester County and three in Bucks County.

WSFS has not offered specifics on cost savings from the branch consolidation. It will endure $127 million in pre-tax, one-time merger-related expenses but says it will recoup that via about $73 million of annual cost savings, which represent 45% of Bryn Mawr’s operating expenses based on consensus street estimates.

Below is a list of all affected branches with the bank operating the location in parentheses. Information on the nearest branches to those closing can be found here.

* = limited service branch

    • 20 Woodside Road, Ardmore (WSFS)
    • 599 Skippack Pike, Blue Bell (WSFS)
    • 12 E Ridge Pike, Conshohocken (WSFS)
    • 110 Town Square Place, King Of Prussia (WSFS)
    • 901 Montgomery Ave., Narberth (WSFS)
    • 10000 Shannondell Drive, Audubon (Bryn Mawr*)
    • 601 North Ithan Ave., Bryn Mawr (Bryn Mawr*)
    • 1400 Waverly Road, Gladwyne (Bryn Mawr*)
    • 33 W Ridge Pike, Limerick (Bryn Mawr)
    • 1201 E Lancaster Ave., Downingtown (WSFS)
    • 106 E Street Road, Kennett Square (Bryn Mawr*)
    • 1 West Lancaster Ave., Paoli (WSFS)
    • 849 Paoli Pike, West Chester (Bryn Mawr)
    • 1615 East Boot Road, West Chester (Bryn Mawr*)
    • 23 East Fifth St., Chester (Bryn Mawr)
    • Route 1 And Stoney Bank Road, Chester Heights (Bryn Mawr)
    • 18 W Eagle Road, Havertown (Bryn Mawr)
    • 22 West State St., Media (Bryn Mawr)
    • 330 Dartmouth Ave., Swarthmore (Bryn Mawr)
    • 404 Cheswick Place, Bryn Mawr (Bryn Mawr*)
    • 3300 Darby Road, Haverford (Bryn Mawr*)
    • 11 Martins Run, Media (Bryn Mawr*)
    • 535 Gradyville Road, Newtown Square (Bryn Mawr*)
    • 1903 Street Road, Bensalem (WSFS)
    • 1230 Walnut St., Philadelphia (Bryn Mawr)
    • 1650 Grant Ave., Philadelphia (Bryn Mawr)
    • 6331 Castor Ave., Philadelphia (Bryn Mawr)
    • 7622 City Line Ave., Philadelphia (WSFS)
    • 10th & Catharine streets, Philadelphia (WSFS)
    • 2 Greenville Crossing, Greenville, Delaware (Bryn Mawr)
    • 2400 Peoples Plaza, Newark, Delaware (Bryn Mawr)
    • 22820 Sussex Highway, Sussex Common Shop, Seaford, Delaware (WSFS)
    • 38394 Dupont Boulevard-Strawberry Ctr #2, Selbyville, Delaware (WSFS)
    • 1651 Blackwood Clementon Road, Blackwood, New Jersey (Bryn Mawr)

*Article courtesy of Philadelphia Business Journal

 

For more information about Philadelphia retail space for sale or lease in Philadelphia or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

 

Wells Fargo closing 24 more branches, including two in Philadelphia area

Wells Fargo & Co. will close 24 more branches, including locations in Montgomery and Delaware counties, as part of its broader plan to cut billions of dollars in costs to keep pace with its rivals.

The impacted branches include its location in front of the King of Prussia Mall at 694 W. Dekalb Pike and another on the campus of Villanova University at 800 E. Lancaster Ave. Two Berks County sites in Shillington and Wyomissing will also close.

They are among a batch of locations San Francisco-based Wells Fargo (NYSE: WFC) filed to close this month with the Office of the Comptroller of the Currency. Other sites are in Texas, Florida, California, Washington, D.C., Idaho, Oregon, South Dakota, Illinois, Montana, Iowa, North Carolina, Virginia, Minnesota and Washington state.

This is the latest batch of closings and brings the current total to 138 applications received from Wells by the OCC so far in 2021. Earlier this year, the bank announced plans to close locations at 5458 Germantown Ave. in Germantown and 2300 Snyder Ave. in South Philadelphia as well as another in Lancaster County.

Wells Fargo closed 329 of its 5,200 branches last year and has plans to shutter about 250 this year. CEO Charles Scharf told investors in July that the bank needs to shave off at least $10 billion in annual expenses, which amounts to 20% of its annual cost base, to rival efficiency at other banks.

Locally, the region’s largest deposit taker closed 12 locations in the Philadelphia area last year as well as another six combined in the Lehigh Valley, Berks County and the Jersey Shore. All but two came after Scharf’s announcement.

Since the FDIC’s annual deposit data was recorded last June 30, Wells Fargo has reduced its branch count in the immediate Philadelphia region from 172 to 161. When factoring in the broader region that includes Delaware, the Jersey Shore, the Lehigh Valley and Berks County, the bank has gone from 281 locations to 265.

The pace of bank branch closings has picked up significantly during the pandemic, as more customers have become comfortable with online and mobile banking platforms. Several banks with major Philadelphia-area operations are the most avid consolidators.

TD Bank recently filed to close 81 of its 1,223 branches, including 11 in this region. PNC closed 160 branches last year and plans to close at least another 120 this year. Citizens eliminated 50 branches in 2020 and 47 already in the first quarter of this year.

Since annual FDIC deposit data was released on June 30, Wells Fargo & Co. closed 367 of its 5,410 locations (almost 7%), Citizens Bank shuttered 62 of its 892 locations (7%), and PNC Bank closed 149 of its 2,324 branches (6%).

Here is the full list of local branches Wells Fargo has closed since the start of June 30, 2020:

    • 43 E. Main St., Norristown
    • 1131 N. 5th St., Perkasie
    • 8001 Frankford Ave., Philadelphia
    • 399 Bristol Pike, Croydon
    • 599 E. Lancaster Ave., St. David’s
    • 75 St. James Place, Ardmore
    • 500 Chesterbrook Blvd., Chesterbrook
    • 25 W. Skippack Pike, Ambler
    • 951 Trenton Road, Fairless Hills
    • 2701 West Chester Pike, Broomall
    • 500 Hurffville-Cross Keys Road, Sewell
    • 451 White Horse Pike, Atco
    • 201 Philadelphia Ave., Egg Harbor City
    • 2002 W. Liberty St., Allentown
    • 335 Main St., Emmaus
    • 1 N. Broadway, Wind Gap
    • 301 W. Main St., Kutztown
    • 1 W. Main Street, Mt. Joy

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia retail space for sale or lease in Philadelphia or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Post Brothers Underway on 1,144-Unit Multifamily Project in Philadelphia

PHILADELPHIA — Locally based multifamily developer Post Brothers is underway on construction of Piazza Terminal, a three-building, 1,144-unit multifamily project in the Northern Liberties neighborhood of Philadelphia.

The transit-oriented development, which is slated for completion in December 2022, will also include retail and open green space. Piazza Terminal will offer amenities such as a fitness center and a dog park. BKV Group is the project architect, and Bohler is the civil engineer.

*Article courtesy of REBusinessOnline

For more information about Philadelphia retail space for sale or lease in Philadelphia or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Amazon Confirms Plans for Bucks County Grocery Store as other East Coast Locations Prepare to Open

Amazon Fresh

Amazon’s plans to open grocery stores in the Philadelphia region have been rumored for nearly a year, and the tech giant has now confirmed at least one of those locations will be in Warrington Township, Bucks County.

The company revealed this week that it will open its first grocery stores on the East Coast in the near future, beginning with a pair of locations in Washington, D.C.’s Logan Circle and Northern Virginia’s Franconia area. Amazon already has begun hiring for those locations.

Amazon also confirmed two other stores, the one in Warrington and another in Chevy Chase, Maryland, CNBC reported.

The Warrington location is expected to open in the Creekview Center at 425 Easton Road, replacing a former Giant supermarket. The shopping center also has a Target and a Lowe’s.

Warrington Township Board of Supervisors chair Fred Gaines told the Doylestown Patch the Amazon grocery store has been “one of the worst kept secrets in town,” but certain details remain to be figured out.

Amazon has not yet publicly said whether any of the four upcoming stores will be Amazon Fresh stores. The Fresh brand debuted last September in Los Angeles and has since expanded to 11 total locations in Southern California and the Chicago suburbs.

According to WTOP News in Washington, D.C., the Logan Circle location will be an Amazon Fresh and the Franconia location will be an Amazon Go, the smaller-format convenience store that has locations in Seattle and Redmond, Washington.

Amazon Fresh locations are known for their tech-enabled features, including smart Dash Carts that enable customers to bypass the checkout line. The company is currently testing a “Just Walk Out” option at one of its Illinois stores. The technology uses a combination of computer vision algorithms and sensor fusion to identify items shoppers put in their carts. Sensors in the Amazon Dash Cart lane process payments using the credit card on a shopper’s Amazon account.

In contrast to Amazon’s Whole Foods brand, Amazon Fresh appeals more to middle class customers and will emphasize speedier fulfillment of online orders, according to Morgan Stanley analysts. A section of the store also is dedicated for pick-up and return of Prime packages.

Last month, Bloomberg reported that Amazon had plans for at least 28 more Fresh locations in addition to the 11 that currently exist. The company reportedly hopes to challenge established supermarket chains.

Two other Amazon grocery stores have been rumored in the Philadelphia area over the past year, including a location at a project planned in Northern Liberties and in Bensalem, Bucks County, where the company signed a lease last summer for a warehouse fulfillment center.

A timeline for the opening of the Warrington location remains to be determined.

*Article courtesy of Philly Voice

For more information about Philadelphia retail space for sale or lease in Philadelphia or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Topgolf Project to Get Underway in Northeast Philadelphia, With King of Prussia to Follow

The development of a new Topgolf in Northeast Philadelphia is expected to begin April 19 and another facility in King of Prussia is anticipated to get underway this summer.

The Topgolf in Northeast Philadelphia will be constructed on 27 acres at the former Nabisco and Mondelēz International factory at 12000 Roosevelt Blvd. The King of Prussia facility will rise at the former American Baptist Churches USA headquarters at 588 N. Gulph Road. That property totals 48.5 acres.

Topgolf as an entertainment concept for families and corporate gatherings was popular before the pandemic and excelled during the coronavirus. The popularity of golf has grown since it provided an outdoor, socially distanced activity.

Each Topgolf has three stories, totals 68,000 square feet and costs about $35 million to build out. The facilities involve extensive technology and electronic systems for ball collection systems.

Provco Group, a Villanova real estate company, sold the Northeast Philadelphia property to Topgolf right before the pandemic in March 2020 with the intention of starting the project soon thereafter. “Covid set us back 12 months,” said Michael Cooley, vice president at Provco. “This time last year we were getting ready to deliver the pad at the Nabisco property and they put everything on hold.”

Provco completed about $2 million of road improvements in preparation for the project including widening roads, adding signalization and putting in a new turn lane.

As part of the redevelopment of the former Nabisco site, Provco also developed a Wawa and an additional 40,000 square feet of retail space. The Wawa was completed two years ago and leasing is underway for the remainder of the space. A Chick-fil-A is also part of the development.

In King of Prussia, Provco purchased the former American Baptist property early March 2020 for $24 million, according to the Montgomery Country property records. Again, the pandemic set that project back by 12 months, Cooley said.

“We’re going to pick up where we left off,” he said. “We have finalized the agreement with Topgolf, have all of the approvals and hope to get that project started this summer.”

Callaway Golf Co. (NYSE: ELY) entered into a deal in October to acquire Dallas-based Topgolf Entertainment Group, Callaway. The transaction closed March 12.

Callaway of Carlsbad, California, is a leader in the global golf equipment market that already had a 14% ownership stake in Topgolf beginning in 2006. Under terms of the final deal, Callaway issued approximately 90 million shares of its common stock to the shareholders of Topgolf.

The deal also has Callaway assuming Topgolf’s net debt, which is estimated to be $555 million at closing, resulting in an estimated value for Topgolf of approximately $2.5 billion. Topgolf generated roughly $1.1 billion in revenue in 2019.

The combination of TopGolf with Callaway will create a company with pro forma 2019 revenue of nearly $2.8 billion.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia retail space for sale or lease in Philadelphia or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Giant CEO on New Flagship Center City Store: ‘The Culmination of Everything We Dreamed’

Giant Co. opened its new $27 million, 65,000-square-foot flagship store at Riverwalk, a newly developed apartment complex fronting the Schuylkill River on North 23rd Street in Center City to a crowd of eager and curious shoppers.

For Giant Co., a Carlisle-based company, the two-story location is the culmination of exploring other respected grocers to gather ideas and extensive research into new approaches to operations, layout and design. For Philadelphia, it underscores how far the city has come particularly over the last two decades.

“When I started in the real estate business 40 years ago, this site was available for development,” said Ron Caplan, CEO of PMC Property Group, which developed Riverwalk. “They said it would never get developed and the challenge was how to bring life to a part of the city that has never seen development? This site hasn’t seen a ratable in 150 years.”

Development ideas, some grandiose, have come and gone for the stretch of land totaling roughly four acres that had served surface parking for decades. None came to fruition.

But, the changes that have taken place in the city — its population growth, addition of new apartment buildings, pre-pandemic vibrancy and shift westward — along with historically low interest rates and the 10-year tax abatement all conspired to finally make the location where Riverwalk is being developed viable.

“If you don’t have all of the pieces, it’s hard to make it work,” Caplan said. “It’s all timing.”

Caplan emphasized that without the 10-year tax abatement, Riverwalk wouldn’t have happened. “People are quick to criticize the tax abatement as a subsidy,” he said. “It’s not a subsidy. It’s an economic driver.”

As currently written, the abatement gives developers of new construction a break on property taxes for 10 years. That is scheduled to change beginning in 2022 and only provide for the full abatement for the first year of a development and then would be reduced by 10% each subsequent year until the end of the tenth year when it would sunset.

All of the elements Caplan cited also made Giant “a very important piece of the economic model” that made the two-building apartment complex financially work. “All of the pieces came together,” he said.

Riverwalk’s first building, which has 291 apartments at 60 N. 23rd St., is completed and where Giant is located. A second tower with 321 apartments is under construction next door at 2301 John F. Kennedy Blvd.

“This is the culmination of everything we dreamed,” Giant Co. CEO Nicholas Bertram said as he looked across the second floor of the store, which is its main grocery space.

The company had been on an “innovation journey” over the last couple of years, Bertram said. Teams traveled to other grocery stores across the country such as H-E-B, Mariano’s and Publix and the Netherlands, where Giant’s parent company, Ahold Delhaize, is located to gather ideas to incorporate into the new Philadelphia store. A gelato station was borrowed from Mariano’s. An outdoor dining area was taken from H-E-B.

The deck has views of Comcast Technology Center at one end and Cira Centre at the other, a fire pit and outfitted with speakers to accommodate bands and live entertainment.

“I see young couples, kids with their families,” Bertram said. “It’s so beautiful. I can see someone being proposed here.”

Industrial engineers were brought in to determine how some of those ideas could be implemented in the shopping space while keeping merchandise at the forefront and the store efficiently operational. An example of that is the placement of a food hall along one side of the store.

This is the fourth store Giant has opened in Philadelphia. It has three of its smaller Heirloom urban-focused concepts in Center City. This Giant is expected to be a bigger draw than Heirloom and be a shopping destination. “It will be a high-volume store,” Bertram said.

While there’s an idea how much in sales the store will do those figures aren’t exact because of the pandemic, he said.

It also serves as an amenity to those renting an apartment at Riverwalk. A dedicated elevator provides residents direct access to the store.

For the company, its opening is significant in that it does incorporate so many new ideas that will be used in future stores. “It means our growth strategy is working and giving us the freedom to keep on growing,” Bertram said. He anticipates opening additional stores in Philadelphia but how many has yet to be determined.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia retail space for sale or lease in Philadelphia or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Suburban Philadelphia Shopping Center Portfolio Set to Trade for Roughly $115M

An international real estate investment firm that’s based in Cyprus and trades on the Tel Aviv Stock Exchange, is ramping up its Philadelphia-area presence and is poised to buy six grocery-anchored shopping centers for an estimated $115 million, according to sources familiar with the transaction.

The company has under agreement properties put up for sale last November.

Before the onset of the pandemic, the company was snapping up Philadelphia-area retail properties that had grocery stores as anchor tenants. In February 2020, it paid $25 million for Cross Roads Plaza, a nearly 100,000-square-foot center that has ShopRite as a tenant at 1520 Route 38 on the border of Hainesport and Lumberton townships in Burlington County, New Jersey.

A month earlier in January 2020,the firm bought Centre Square Commons, an 88,598-square-foot Aldi-anchored shopping center at routes 202 and 73 in Blue Bell, for $40 million. The company also owns the North End Center, anchored by Redners, in Pottstown and three similar retail properties in Pennsylvania, including two in Reading and one in Lebanon.

The company will now expand its presence with the Brandolini purchase, which includes the Lionville Shopping Center, Hamilton Square, Spring Towne Shopping Center, Dreshertown Plaza, Marketplace at Westtown and Limerick Crossing. The grocers are Giant, Acme, Aldi and George’s, which is a well-known, family-owned store in Dresher.

The centers combined total 741,902 square feet and the average sale per square foot for the grocers total $589. The portfolio is 90% leased.

Grocery-anchored shopping centers were a popular investment prior to the pandemic. Investors sought out retail properties somewhat immune to the threat of e-commerce, which has hollowed out malls and Main Streets and prompted dozens of companies to file bankruptcy. The antidote appeared to be centers with grocery stores and other retailers that provide services not as easily obtained over the internet.

These retail properties ended up becoming even more desirable during the coronavirus because the stores remained open during mandatory shutdowns and were considered essential.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia retail space for sale or lease in Philadelphia or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.