Montgomery Mall sells for $55M in a foreclosure sale

Kohan Retail Investment Group of Great Neck, New York, has purchased Montgomery Mall in a foreclosure sale for $55 million. 

The sale price is 95% of the property’s appraised value as of August of $57.5 million. In 2014, the mall had been appraised at $195 million, or $176 a square foot.

A Montgomery County Court of Common Pleas judge signed an order approving the sale to Montgomery Mall Realty Holdings, which is the entity Kohan used to to purchase the 1.1-million-square-foot property located in North Wales.

The property fits into Kohan’s retail focus. In addition to two hotels in New York City, Kohan owns a portfolio of 50 similar second-tier malls across the country including several in Pennsylvania such as Wyoming Valley Mall, Washington Crown Center and Lycoming Mall. 

The sale brings to a close a saga overshadowing the regional mall that began in August 2020 when a $100 million loan backed by the property was nearing default. By last November, an entity affiliated with Simon Property Group, which owned the mall, notified the special servicer overseeing that loan that it was “unwilling to inject additional funds into [the] loan, but is willing to manage [the] property,” according to a monthly report that tracks CMBS loans.

*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 scheduled to open three stores — two in Philadelphia — in December

A new 32,000-square-foot Heirloom Market at 801 Market St. in Philadelphia is one of three stores Giant Co. is scheduled to open in the region in December. 

It will join a new store at 1403 S. Christopher Columbus Blvd. in Philadelphia, and a new location in Doylestown, and combined, the three will employ nearly 500 people. Last week, Giant held a grand opening for a store on Cottman Avenue in Northeast Philadelphia where the company said it employs 150 people. 

These new stores are part of an effort by Giant, an Ahold Delhaize USA brand, to gain market share in the region and bolster sales. Part of the strategy is to increase online sales and, to that end, Giant opened earlier this month a 124,000-square-foot automated fulfillment center on Island Avenue in Philadelphia to fill online orders. 

Giant has five stores in Philadelphia between its Giant and Heirloom brands. It has announced two more stores that will eventually open in the city — 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. It remains committed to opening at Abbotts Square.

*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.

Red Lion Plaza in Northeast Philadelphia sells for $56M to New York investor

Red Lion Plaza, a roughly 240,000-square-foot shopping center at Red Lion Road and Roosevelt Boulevard in Northeast Philadelphia, has been sold for $56.45 million. 

Finmarc Management Inc. and KPR sold the center. The buyer was affiliated with the Propp family from New York. The center at 9950 Roosevelt Blvd. was 97% occupied at the time of the sale. 

The Finmarc-KPR venture bought Red Lion Plaza in 2013 for roughly $32 million. At the time, it was smaller at 229,204 square feet and 95% occupied with such retailers as Best Buy, Staples and Planet Fitness, which remain tenants. 

The center, built in 1962, underwent several upgrades during the Finmarc ownership and new tenants were brought in. Burlington and Ross Dress for Less were added in late 2019 and early 2020, and a national grocery believed to be Amazon Fresh has signed on to lease a 43,825-square-foot store once occupied by Raymour & Flanigan. It is expected to open next year. 

Two new pad sites were also developed that created nearly 20,000 square feet of additional space now leased to Aspen Dental, Mattress Firm, Panera Bread and Tropical Smoothie Café. 

*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 Fresh appears headed to Northeast Philadelphia, documents show

Amazon Fresh Bucks County

An application by Amazon Retail LLC for a Pennsylvania liquor license to be used at a space at Red Lion Plaza in Northeast Philadelphia points to a new Amazon Fresh grocery store opening in the retail center.

In addition, a leasing brochure marketing vacant spaces in the center shows that a 43,825-square-foot store once occupied by Raymour & Flannigan has been leased to a “national grocer” at the 9950 Roosevelt Blvd. property. The brochure shows the space as under construction and slated to open this year. 

An Amazon (NASDAQ: AMZN) spokeswoman declined to comment about the Roosevelt Boulevard location. 

Red Lion Plaza sits at the intersection of Red Lion Road and Roosevelt Boulevard and is in an area that has more than a dozen nearby grocery stores including Acme, Giant, Aldi, ShopRite and Lidl. Giant is opening on Nov. 12 a new 67,000-square-foot store at 2201 Cottman Ave., which is a tad less than five miles away from Red Lion Plaza. 

*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.

Sugar Factory chain to open Philadelphia restaurant with ‘insane milkshakes,’ celebrity-designed cocktails

Las Vegas restaurant chain Sugar Factory American Brasserie is taking over the former Porta space in Center City. 

Sugar Factory is known for over-the-top offerings like sliders with rainbow buns; “insane milkshakes” served in chocolate-covered mugs and decked out with sweets like candy necklaces, candy bars and cookies; and a 24-scoop King Kong Sundae topped with marshmallows, a glazed donut, a red velvet cupcake and more for $99. 

The 1216 Chestnut St. restaurant will open on Dec. 1 and is currently accepting reservations, according to the brand’s website. Sugar Factory did not respond to a request for comment. 

The 1216 Chestnut St. lot spans 6,110 square feet, according to Philadelphia property records. When the location was home to Porta, a pizza concept by Smith restaurant group, it connected with sister concept Brickwall Tavern to occupy more than 20,000 square feet at 1214-16 Chestnut St. Both concepts shuttered last year during the depths of the Covid-19 pandemic.

*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.

Family Entertainment Center to Replace Former J.C. Penney Space in Willow Grove Park

Paying homage to Willow Grove Park’s roots as an amusement park, indoor family entertainment center Tilted 10 and Tilt Studio will be opening in the former J.C. Penney space at the Montgomery County, Pennsylvania, mall in 2022.

The entertainment center, operated by Texas-based Nickels and Dimes Inc., will span two floors and occupy the entire 104,000-square-foot J.C. Penney space. Tilted 10’s first location in the Philadelphia region is set to feature over 200 games and attractions, including a bowling alley, multi-level laser tag arena, black light mini golf course, bumper cars, virtual reality games, a pinball arcade, a prize redemption center and a restaurant.

The addition of Tilted 10 is part of a strategy by the mall’s landlord, Pennsylvania Real Estate Investment Trust, to expand offerings at Willow Grove Park to meet the changing needs of today’s consumer.

*Article courtesy of Costar

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.

Chase sees opportunity in Philadelphia market, will exceed its 50-branch target

JPMorgan Chase & Co. said it will exceed the promised 50 retail branches coming to the region.

The nation’s largest bank entered the Philadelphia retail banking world in September 2018 when CEO Jamie Dimon visited Philadelphia to announce plans to open to 50 locations within five years. Three years later, Chase (NYSE: JPM) has already opened 41 locations in the area with plans to open three more this year and an additional 12 between 2022 and 2024. While plans can always change due to unforeseen external forces, Chase is scheduled to open its 50th local branch a year from now and will add six more after that.

Here is the tentative schedule for opening its remaining Philadelphia-area branches:

  • Nov. 9, 2022: N. Main & Spruce streets, Doylestown
  • Nov. 20, 2022: E. Street & Newtown roads, Warminster
  • Dec. 7, 2022: W. Butler Pike & S. Maple Street, Ambler
  • Feb. 23, 2022: 140 Easton Road, Warrington
  • April 26, 2022: 600 Mantua Pike, Woodbury
  • June 7, 2022: 1400 Bethlehem Pike, Flourtown
  • Aug. 2, 2022: 1729 Street Road, Bensalem
  • Sept. 20, 2022: 677 Dekalb Pike, King of Prussia
  • Sept. 27, 2022: 15 S. 52nd St., Philadelphia
  • August 2, 2022: 317 W. Ridge Pike, Conshohocken
  • April 11, 2023: Yardley Newtown & Stony Hill roads, Morrisville
  • Sept. 26, 2023: 837 Dupont Hwy., Dover
  • Nov. 7, 2023: 773 Bethlehem Pike, Montgomeryville
  • March 26, 2024: 1101 Walnut St., Philadelphia
  • Aug. 6, 2024: 889 Dekalb Pike, Blue Bell

*Article courtesy of Philadephia 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.

Fast-growing Philadelphia car wash membership startup snags $5M investment to fuel expansion

Philadelphia-based car wash membership startup EverWash raised $5 million to continue its explosive growth and hire more staffers.

The debt deal is with Flow Capital, a Toronto investor that specializes in “emerging growth” companies. EverWash can take an additional $2 million over the next two years.

The funding will be used to hire new employees and bring on new car washes, EverWash President Scott Caplan said. EverWash has about 40 employees, mostly located in its Philadelphia headquarters, but also spread throughout California, Arizona, Florida, Utah and Illinois. Caplan anticipates hiring 20 additional workers. The funds will also cover marketing and corporate expenses, as well as some potential future acquisitions, he said.

EverWash offers flat-rate monthly memberships for car washes at participating locations within its system. The startup sets up a membership platform for free at each participating car wash, training staff, building a membership website and handling customer service calls. EverWash then takes a percentage of every membership sold. Caplan described the platform as “gold” for small car wash owners, who may struggle to get recurring revenue with a business that is often dependent on weather conditions.

“We only win at the company if the car wash owner and the car wash wins,” Caplan said. 

*Article courtesy of Philadephia 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 is hiring 4,800 people across the Philadelphia region

Amazon plans to hire thousands of workers in the Philadelphia region as the retail giant accelerates its rapid expansion across the area.

The company announced Tuesday that it was seeking nearly 4,800 employees in the city and surrounding counties, part of a nationwide plan of hiring 125,000 people. The warehouse jobs come with an average starting pay of $18 an hour plus health, retirement, and other benefits. Positions include package sorters and staffers who unload trailers.

With the pandemic pushing consumers to shop online, Amazon has snatched up facilities and last year posted more job openings here than any other employer. Amazon had more than 50 warehouses in operation or being built in the region as of April. The company currently employs about 25,000 people in Pennsylvania.

Amazon officials announced the latest hiring spree during a news conference outside City Hall, where elected officials praised the company for hiring residents at a time when unemployment remains high. There are now nearly 670,000 jobs in Philadelphia, still below the 750,000 the city had in February of 2020, Mayor Jim Kenney said.

*Article courtesy of Philadephia Inquirer

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.

Bankroll Club, a sports and entertainment venue, plans to take over the landmark Boyd Theater in Philadelphia

Bankroll Club — a novel, tech-based sports and entertainment center with a Stephen Starr restaurant — is planning to occupy the Chestnut Street building that once housed the landmark Boyd Theater.

A liquor-license application was recently posted on the building at 1910 Chestnut St., as noted on the Philadelphia Industrial HeritageFacebook group. A sign application with the city Planning Commission also says the project will occupy the GAP outlet store next door, now currently occupied.

Representatives of Bankroll were not immediately available for comment. Marc Rayfield, a former CBS Radio executive who is an investor, told The Inquirer in early 2021 that it will be a restaurant where customers can view games and other entertainment events — like a sports bar.

Bankroll customers can use a proprietary app to make it a more immersive experience.

*Article courtesy of Philadephia 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.