Plymouth Meeting and Willow Grove Malls Owner PREIT Has ‘Substantial Doubt’ Over Its Ability to Stay in Business Over Next Year

Pennsylvania Real Estate Investment Trust (PREIT), the owner of Plymouth Meeting Mall and Willow Grove Park Mall, has “substantial doubt” about being able to remain in business over the next year, according to the annual report the company filed with the Securities and Exchange Commission, writes Natalie Kostelni for the Philadelphia Business Journal.

PREIT made this conclusion after evaluating its current financial condition and the funds it has available, along with future cash flows and debt payments coming due.

*Article courtesy of Montco.Today

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.

Fuel restaurant chain to open new Philadelphia locations as owner plans Miami concept

The owner of Philadelphia healthy food chain Fuel is diversifying his revenue streams by opening new locations, launching a virtual kitchen, and taking to Florida to debut a new concept as it looks to emerge from Covid-19. 

Fuel, which launched in 2008 and specializes in salads, sandwiches and smoothies, will open an outpost in Northeast Philadelphia on March 22. The roughly 750-square-foot eatery at 10090 Roosevelt Blvd. will embrace a “post-pandemic mindset” by operating under a takeout-and-delivery model where customers can order via in-store kiosks or on the Fuel app to pick up contactless orders at in-store cubby lockers, Owner Rocco Cima said. 

That location has been in the works for about two years. It was derailed by Covid-19 delays including backlogged permitting with the city and supply chain shortages for both kitchen and front-of-house equipment, said Cima, a Philadelphia native. The store went through many design changes as a result of equipment delays. 

*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.

Grocery Outlet opens Northeast Philadelphia

Grocery Outlet Bargain Market is continuing its expansion throughout the region and has opened a store in Northeast Philadelphia. 

The Emeryville, California, chain, which is part of Grocery Outlet Holding Corp. (NASDAQ: GO), entered the region last March when it opened a store in East Norriton. It has since opened a total of eight stores including in Coatesville, Quakertown and Delran, 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.

Sears to close Willow Grove Mall store, the retailer’s last full-service location in PA

The Sears department store at Willow Grove Park Mall in Montgomery County will end a run of more than three decades when it closes for good in the coming months.

The closure also will erase the once-dominant department store’s last full-service presence in Pennsylvania, a notable checkpoint in the long-term decline that has seen the Sears name and workforce fade in the United States in recent years.

A spokesperson for the mall, confirmed on Tuesday the impending Sears closure.

*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.

AFC Fitness to open location in former Philadelphia Sports Club space in Radnor

AFC Fitness has leased 42,000 square feet at 555 Lancaster Ave. in Radnor and will backfill space vacated by Philadelphia Sports Club. 

The local owner and operator of fitness facilities in Bala Cynwyd and Feasterville expects to open the new location in June after a more than $4 million renovation that revamps the space to meet the needs of a new work out environment brought on by Covid-19 as well as update the space that had been occupied by the same tenant for 15 years. AFC retained Fabiano Designs, a New Jersey architectural firm that focuses on fitness facilities. 

*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 drops controversial plan for a Wawa along Delaware River waterfront in Philadelphia

Developer Bart Blatstein has decided to shelve a controversial plan for a Super Wawa that would have fronted the Delaware River along South Columbus Boulevard in Philadelphia and will instead build an expanded retail center without the convenience store.

“I’m not going to pursue Wawa and the litigation on Delaware Avenue,” Blatstein said in an interview. 

His change of heart was driven by opportunity. “The market needs more retail and I’m going to scrap the Wawa plan and do more retail,” he said. “The economics are better.”

The Philadelphia developer had been met by a series of setbacks for the proposed Wawa at 1401 S. Columbus Blvd. that had been consistently rejected by neighborhood groups, governing authorities, City Council members, and an organization overseeing development of the waterfront. Most concerns revolved around having a convenience store with gas pumps in the area that has a growing residential population and is trying to become more pedestrian-friendly. A gas station is also prohibited use. 

*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.

New York investor buys prime Walnut Street building, lands new retail tenant

A New York investor has paid $5.34 million for 1617 Walnut St., a two-story building in the center of Philadelphia’s High Street retail corridor.

The nearly 7,000-square-foot building was put up for sale in late 2019 by a local family who had it in a trust and listed for $7.5 million. The price that it ended up selling for is a reflection of how the pandemic has affected real estate and the building, which has been vacant for the last roughly five years but the new owner did secure a tenant, Free People, to lease the space. 

Bucks County shopping center, Wawa-anchored property in South Jersey sell in separate deals

Two area shopping centers, one anchored by a Wawa and the other shadow anchored by a Home Depot, have traded. 

Valley Forge Investment Corp. sold Warrington Plaza, an 87,581-square-foot retail center at Easton and Street roads in Warrington, for $22.5 million. Realty Resource Capital bought the center that counts Avalon Floor & Tile as a lead tenant and is anchored by a separate 116,340-square-foot Home Depot. 

*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.

New York Investment Firm Snags Bucks County Shopping Center for $22.5 Million

Realty Resource Capital Corp. has purchased Warrington Plaza, a fully occupied shopping center in Warrington, Pennsylvania, for $22.5 million.

The Woodbury, New York-based real estate investment and commercial financing firm acquired the shopping center from Valley Forge Investment Corp.

Located at the intersection of Street and Easton roads, two of the busiest commercial arteries in Bucks County, Warrington Plaza totals 87,581 square feet and is anchored by a 35,000-square-foot regional specialty home improvement retailer Avalon Floor & Tile, according to Brad Nathanson, senior managing director at Marcus & Millichap’s Institutional Property Advisors.

*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.

2021 in Review: Center City retail struggles while grocery-anchored centers continue to thrive

Philadelphia, wistful for pre-pandemic life, began to embrace its current state of affairs last December by adapting with streeteries for outdoor dining and repairing and reopening shops that had been vandalized during civil unrest sparked by the murder of George Floyd.

In the year since the residential population and the return of college students helped buoy retail and restaurant activity but has been unable to compensate for the continued absence of office workers that populated Center City before the pandemic. Philadelphia, like other cities, is finding it still needs office workers for its retail corridors to recover and thrive. It remains unknown when that will happen as Covid-19 and its variants remain circulating and companies push off having employees return to offices.

In October 2021, the city saw an average of 309,600 pedestrians a day, which is 75% of January 2020 levels and the highest volume in 20 months, according to Center City District’s most recent retail report. In contrast, on West Market Street and John F. Kennedy Boulevard, the main corridors comprising the Central Business District, pedestrian activity languished at 26% of pre-pandemic levels with 84,000 office workers still absent from the city each day, CCD data show. 

*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.