Wegmans at Montgomery Mall Sells for $22.6M

Wegmans Philly Gets Bought

The site of a Wegmans at the Montgomery Mall has been purchased by an out-of-state real estate investor for $22.6 million, becoming the Philadelphia region’s latest grocery store property to trade hands in the last several years. 

ExchangeRight of Pasadena, California, acquired the 128,000-square-foot Wegmans in North Wales from Kohan Retail Investment Group. Great Neck, New York-based Kohan Retail listed the site a month after buying the Montgomery Mall in a foreclosure sale for $55 million.

Selling off individuals parcels, especially spaces occupied by grocers or other highly regarded tenants, is not uncommon for real estate investors. Buffalo, New York-based Wegmans Food Markets Inc. started its lease on the space at 500 Montgomery Mall North in November 2013. The lease expires in November 2033 and there are five 10-year options to extend the lease.

ExchangeRight specializes in buying net-leased properties — a lease where the tenant pays at least some of the property taxes, maintenance fees and insurance costs. The company’s website also says it looks for deals involving long-team leases and “grocery-anchored shopping centers with investment-grade or equivalent-credit grocery anchors, strong operations/store sales, and strong retail 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.

Bagels and Co. Expanding 6 New Philly Locations

Bagel and Co. opens new Philly locations

Glu Hospitality plans to open six new Bagels and Co. locations across Philadelphia in the next few months after launching the fast-casual dining concept last summer as part of a shift in focus amid the pandemic. 

Led by co-founders Derek Gibbons and Tim Lu, the hospitality company was forced to scale back normal operations at restaurants like Añejo and nightlife venue like Vesper Center City due to Covid-19 restrictions.

The first Bagels and Co. opened in June 2021 at the Piazza in Northern Liberties with bagels, coffee, lunch and deli. 

*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.

Dave’s Hot Chicken Plans to Open 8 Locations in Philly

Dave's Hot Chicken opening in Philly

Amazon Fresh is Now Open in Montgomery County Shopping Center

Amazon Fresh Montgomery County Now Open

A new Amazon Fresh grocery store is being planned for the Willow Grove Shopping Center, state filings show, as part of a multimillion-dollar overhaul taking place at the nearly 70-year-old Montgomery County retail complex. 

Filings show Amazon Retail LLC has applied for a Pennsylvania liquor license to be used at 102 Park Ave., the address of a shuttered Barnes & Noble bookstore. In marketing material posted to its website, Federal Realty Investment Trust says an ongoing renovation of the 183,000-square-foot shopping center will include an unnamed “new-to-market grocery concept.”

City Fitness is Opening a Seventh Philly Location

City Fitness opening 7th location in Philly

City Fitness plans to open its seventh Philadelphia gym, marking the latest expansion for the homegrown chain. 

The company is taking over a space previously occupied by Sweat Fitness at 45 N. 3rd St. in Old City. The three-floor, 15,000-square-foot gym is undergoing renovations and scheduled to open in November. y 

City Fitness opened its first location 15 years ago at 2nd and Spring Garden streets in Northern Liberties. 

Led by owner and CEO Ken Davies, the company now operates additional locations in East Market, Fishtown, Graduate Hospital, Logan Square and a recently opened space in East Passyunk. The company says it has over 16,000 members.

*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.

Bucks County franchisee looks to add 30 Philadelphia-area Qdobas

A Bucks County franchisee is eyeing the Philadelphia region for its ambitious growth plans, with intentions to open 30 new Qdoba locations in the area. 

The Integritty Group is opening its 31st Qdoba location in Bensalem off of Route 1 on July 25. That will kick off plans to open a total of 60 more over the next 10 years across five states, including the 30 in Greater Philadelphia. The group currently has at least four active letters of intent under negotiation in the Philadelphia area as well as four active leases in the tri-state area for new Qdoba openings.

The fast-casual Mexican restaurant operates 760 locations in the U.S. across 45 states, including 21 in the Philadelphia area. The Integritty Group owns Qdoba locations in Pennsylvania, New Jersey, Delaware, New York and Florida. 

“Right now our main focus is where we kind of started; in this Bucks, Montgomery county area and there’s a lot of growth coming,” said Shane Lenahan, who is the group’s director of operations. 

*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.

Former Cheltenham Square Mall trades for $69.5M

A retail property that was known for six decades as the Cheltenham Square Mall and later redeveloped into Greenleaf at Cheltenham has sold for $69.5 million. 

Paramount Realty of Lakewood, New Jersey, bought the 400,851-square-foot center at 2385 Cheltenham Ave., adding to the real estate company’s growing portfolio of retail properties in the Philadelphia area. Paramount owns Home Depot Plaza and Marketplace at Neshaminy in Bensalem, Festival at Exton, and Quarry Crossings in Downingtown among others centers. It targets grocery-anchored properties. 

*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.

Federal Realty Trust Makes Advancements on the Redevelopment of 3 Shopping Centers

Industrial Turned Shopping Center in South Philly

Federal Realty Investment Trust continues to work on securing approvals for its plans to redevelop Bala Cynwyd Shopping Center into a more walkable, mixed-use community and is making progress to undertake a similar strategy at Willow Grove Shopping Center and Lawrence Park Shopping Center. 

Plans for adding residential components and more dining that expands outdoor seating, enhancing the pedestrian experience with areas to gather, and incorporating other placemaking devices were set in motion at Federal’s three Philadelphia-area shopping centers before the Covid-19 pandemic. The effort, which aims to create more of a community rather than just a shopping destination, has successfully been rolled out at some of its other centers. 

*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.

$100M redevelopment, expansion of Drexeline Shopping Center gets underway

MCB Real Estate has started work on a roughly $100 million redevelopment of what had been known for decades as the Drexeline Shopping Center in Drexel Hill. 

Renamed the Drexeline Town Center, MCB of Baltimore plans to transform the property at 5100 State Road from a dated — portions were built in the 1950s — retail and office complex into a 348,185-square-foot mixed-use development with retail, apartments and self-storage.

*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.

Owner of the Melrose Diner and Broad Street Diner has obtained demolition permits

Melrose Broad Street Diners