The fully leased Bensalem Shopping Center has been sold to a local private investor for $20.5 million, or $188 per square foot, according to industry sources. An entity affiliated with the Popli family acquired the 109,057-square-foot property from Philadelphia-based Empire Realty Investments Inc. The grocery-anchored center, located at 1903 Street Road, sits on a 9-acre… Read more »
TD Bank plans to close 38 branches across its footprint, including four in the Philadelphia region, amid massive penalties tied to U.S. anti-money laundering issues. The bank did not confirm whether the closures are part of recent cost-cutting efforts but stated it regularly evaluates its branch network to optimize service through a mix of physical… Read more »
Wolf Commercial Real Estate, the leading commercial real estate and advisory firm in South Jersey has been appointed the exclusive listing agent for 1717 South Broad Street, Philadelphia, Pennsylvania 19148. The Philadelphia property is available for lease. The property contains +/- 1,580 square feet, which could be utilized by retail and office users. Features of… Read more »
Two prime Fishtown commercial properties with redevelopment potential have sold for a total of $17.2 million, according to property records. The site of Other Half Brewing Co. at 33-51 Laurel St. was sold for $10 million, while an industrial property at 53-67 Laurel St. fetched $7.2 million. The adjacent properties, located between I-95 and Delaware… Read more »
Fulton Financial Corp. has sold 11 local branches to South Philadelphia’s Hightop Development as part of its ongoing real estate review following last year’s acquisition of Republic First Bancorp. Most of the sold locations were acquired through Fulton’s 2022 purchase of Prudential Bancorp. According to bank spokesman Steve Trapnell, the branches will continue operating as… Read more »
Abrams Realty & Development plans to transform Exton Square Mall by demolishing most of the property and introducing over 600 residential units alongside retail, office, fitness, and entertainment spaces. According to plans submitted to West Whiteland Township, the 178,000-square-foot Boscov’s will remain, while the rest of the mall will be replaced with a 376-unit apartment… Read more »
A prime Rittenhouse Square property on Walnut Street’s shopping corridor is up for sale as a potential conversion opportunity. Located at 1619 Walnut St., the nearly 35,000-square-foot building recently welcomed New Balance as a ground-floor tenant. However, 59% of the space remains vacant, per marketing materials. Owner Nuveen Real Estate is asking about $10 million,… Read more »
A Rhode Island-based discount retailer, Ocean State Job Lot, has purchased the Fairless Hills Shopping Center in Bucks County for $23.6 million, even as one of its major tenants undergoes bankruptcy proceedings. The 190,000-square-foot shopping center at 500 Lincoln Highway was sold by The Klein Group, based in Florham Park, New Jersey, according to Bucks… Read more »
The Philadelphia metro area continues to outpace the national average in inflation, with October 2024 figures showing a 3.4% annual increase compared to the 2.6% national rate. This persistent gap reflects ongoing regional economic pressures. While inflation has eased from early 2024 peaks, when Philadelphia exceeded 4%, the local rate has consistently averaged 0.8 percentage… Read more »
A U.S. bankruptcy judge has approved TGI Fridays’ plan to exit 78 restaurant leases and its Dallas headquarters office lease, saving the chain about $1.4 million per month. This move follows the closure of several locations and TGI Fridays’ Chapter 11 filing due to financial struggles linked to the pandemic and its capital structure. The… Read more »
