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

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

At Home takes space at Promenade at Granite Run as development leases up

At Home store located in Philly

At Home, a Plano, Texas, retail chain that sells furniture and home décor, has signed an 85,985-square-foot lease at the Promenade at Granite Run. 

With the addition of At Home and some smaller pending deals, the 877,294 square feet of retail space at the property is 92% occupied, according to BET Investments Inc., which owns the mixed-use development off Baltimore Pike at Route 352 in Media. 

Barcade opening second Philadelphia outpost in historic Center City building

Barcade Center City Philly

Barcade is taking to Center City to open its second Philadelphia outpost, which the New York-based company aims to debut by early 2023. 

The hybrid bar-and-arcade concept is headed to the historic three-story Hale Building at 1326 Chestnut St., which dates back to the late 19th century and was built by esteemed architect W.G. Hale, who also designed the Divine Lorraine. Owned by developer Brickstone Realty, the space spans roughly 8,000 square feet, encompassing more than 3,300 square feet on the ground floor, a more than 2,300-square-foot mezzanine and a 2,600-square foot basement. 

This will be the 10th location for Barcade, which operates additional outposts in New York; Detroit; Los Angeles; New Haven, Connecticut; and Newark and Jersey City in New Jersey. 

*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.

Two grocery-anchored centers in South Jersey, Pottstown sell for a combined $115M

Eagle Plaza and Upland Square, two shopping centers at opposite ends of the Philadelphia region, have sold for a combined $114.7 million, continuing a trend of investors gravitating toward grocery-anchored retail properties.

A Singaporean real estate firm invests in grocery-anchored retail, paid $85.7 million for Upland Square, a 400,674-square-foot center at 180 Upland Square Drive in Pottstown.

The center is fully occupied with 35 tenants including Giant, TJ Maxx, Ross, Burlington, Ulta and Ashley Furniture as anchors. Paramount Realty is the seller and the purchase expanded United Hampshire’s Philadelphia footprint. 

Upland Square had some other nuances. Cedar Shopping Centers Inc. was involved in a partnership that developed Upland Square, a $106.4 million, 686,000-square-foot power center. It opened in 2009 with Giant, TJ Maxx and AMC Theatres. When Paramount put the center up for sale at the end of last year, it deliberately didn’t include the AMC and some of the other out parcels such as Starbucks, Aspen Dental and Chili’s, cutting the size of what was for sale to 400,674 square feet. 

*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 Supermarket to Open in Philly

Giant’s expansion in Philadelphia will continue in June with the opening of a new grocery store at the busy corner of Broad and Spring Garden streets.

The 50,700-square-foot market will open its doors on June 24 at 501 N. Broad St., the Carlisle-based company announced on Friday. The supermarket is an anchor tenant for developer Alterra Property Group’s residential development at the North Philly corner, a nine-story tower will bring 410 units to the growing corridor.

Giant’s footprint in Philadelphia has grown rapidly in recent years, including the opening of four stores in 2021.

*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.

Reading Terminal Market starts work on ‘transformation’ adding outdoor dining, event space

Reading Terminal Market is eyeing a fall 2022 completion for a long-awaited “festival street” that will leverage outdoor space in front of one of Philadelphia’s most popular attractions.

Dubbed by Reading Terminal and city officials as a “transformation project,” the overhaul of the 1100 Filbert Street will add outdoor dining space, pop-up retail kiosks and have the capacity to hold events. Annie Allman, the general manager of the 130-year-old market, said at the project’s groundbreaking Tuesday that it will allow the street to be shut down for events like the Reading Terminal Market Harvest Festival or the Philly Ice Cream Scoop. 

*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.

Blatstein buys back Riverview Plaza, a retail center in Philadelphia the developer built and then sold

Bart Blatstein’s Tower Investments has paid $34 million to repurchase Riverview Plaza, a 236,217-square-foot retail center along the Delaware River in Philadelphia that the company developed in the late 1980s and later sold to Cedar Realty Trust Inc. in 2003. The property is 50% occupied. 

“I bought it back for less than I sold it for,” Blatstein said. 

Tower Investments sold Columbus Crossing, which totals 142,200 square feet, and Riverview Plaza at 1100-1400 Christopher Columbus Blvd. to Cedar for a combined $75 million. 

Across from Riverview Plaza, Blatstein has developed a grocer-anchored center that has a 46,000-square-foot Giant grocery store and room for an additional 42,000 square feet of retail space. With Riverview Plaza back in the fold, Blatstein controls nearly 350,000 square feet of retail space along the waterfront.

*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.