Forman Mills Seeking Buyer

Forman Mills searches for buyer, warns of potential bankruptcy and store closures

South Jersey discount retailer Forman Mills has warned that it will likely file for Chapter 11 bankruptcy protection if it cannot find a buyer, causing the company to close stores and lay off hundreds of employees over the next two months. 

The Pennsauken-based retailer is currently trying to finalize a sale “as a going concern,” according to a letter penned by CFO Kevin Hess and filed with the Pennsylvania Department of Labor and Industry on June 12. If it does not find a buyer, Forman Mills expects to file for Chapter 11 bankruptcy protection and begin closing stores, including seven in Eastern Pennsylvania. 

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia retail space 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 commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other 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 commercial real estate brokerage firm.

Quartermaster Plaza Back on Market After a Year

Quartermaster Plaza on the market again

A year after buying the Quartermaster Plaza shopping center in South Philadelphia, a joint venture of New York firms DRA Advisors and KRP Centers are looking to sell the property in a deal that could fetch more than $100 million.

DRA Advisors and KRP Centers bought the 456,208-square-foot shopping center last year as part of a 33-property portfolio from Massapequa, New York-based Cedar Realty Trust for $879 million. The sale price of Quartermaster Plaza was $100.1 million, property records show. In 2014, Cedar Realty Trust had bought the property from Cleveland-based Forest City Ratner Cos. for $92.3 million.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia retail space 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 commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other 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 commercial real estate brokerage firm.

TD Bank Adding Branch in Philadelphia in 4 Years

TD Bank adding first Philadelphia branch in 4 years, scouts for more

D Bank is opening its first new branch in Philadelphia in four years with at least two more in the planning stage, as the bank is pivoting toward organic growth in the wake of the recent termination of its planned $13.4 billion mergerwith First Horizon Corp.

During the bank’s earnings call last week, executives for the Toronto-based parent company TD Bank Group (NYSE: TD) said the Cherry Hill-based U.S. subsidiary would add 150 branches by 2027, including 18 this year alone. Most of those new branches will be in its growing footprint in Florida and the Carolinas. The bank also said it would add locations in more established markets such as Philadelphia.

*Article courtesy of Smart News

For more information about Philadelphia retail space 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 commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other 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 commercial real estate brokerage firm.

278 David’s Bridal Leases Across U.S. Up For Sale

David's Bridal plans to sell the majority of the leases at a bankruptcy auction in July.

David’s Bridal is moving forward with plans to sell the leases for hundreds of stores across the U.S., including eight in Greater Philadelphia, less than two months after filing for Chapter 11 bankruptcy protection. 

A&G Real Estate Partners, a real estate advisory firm based in Melville, New York, is working with David’s Bridal on the sale of leases for 278 of its stores across the country. The company is accepting private offers for 49 of the leases in June, while the remaining 229 locations will be sold via a bankruptcy auction in July. 

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia retail space 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 commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other 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 commercial real estate brokerage firm.

Copabanana in Philly Files for Chapter 11 Bankruptcy

Copabanana on South Street files for Chapter 11 bankruptcy to stave off eviction

The restaurant and bar filed for Chapter 11 bankruptcy protection on May 26 in order to halt legal action taken by one of its landlords to evict the Copabanana.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia retail space 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 commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other 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 commercial real estate brokerage firm.

Three Rittenhouse Square Buildings Back on the Market

Three adjacent buildings in Rittenhouse Square, including one that was home to the former Irish Pub, are back on the market with an asking price of $7 million. The properties, at 2007-11 Walnut St., include the old restaurant space, 10 residential units and an office.

Situated on the northwest corner of Walnut and S. 20th streets, the combined property offers the chance to add to the lively bar and restaurant scene in the surrounding neighborhood. A new buyer, however, will have to do so under a different name.

*Article courtesy Philadelphia Business Journal

For more information about Philadelphia retail space 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 commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other 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 commercial real estate brokerage firm.

WCRE Completes Retail Storefront Lease in Montgomery Township, PA

PA 309 and Witchwood Drive Montgomery Township PA

WCRE is proud to have exclusively represented The Kibitz Room, in the lease of a 3,750 square-foot retail storefront being constructed at PA-309 and Witchwood Drive, Montgomery Township, Pennsylvania, joining  Wawa, Citadel Credit Union and Salvatore Outdoor.

The Kibitz Room is operated by the renowned Owners of the popular Kibitz Room in Cherry Hill, NJ and Baltimore, MD, making this their 3rd location, and first in PA.

The leasing of this retail space adds to WCRE’s growing number of successful retail transactions in the greater Philadelphia and Southern New Jersey markets, led by Eric Flocco, Vice President, who exclusively represented The Kibitz Room in this transaction.

Demand for Store Space Drives Philly Retail to New Lows

Steady Demand for Store Space Drives Philadelphia’s Retail Availability to New Lows

Despite concerns of a retail apocalypse over the past decade from the threat of online shopping, which was heightened during the pandemic, recent leasing performance on the part of Philadelphia retailers tells another story. Retail space listed on the market in the Philadelphia region is now at 18.7 million square feet — 20% below the pandemic-level peak of 23.5 million square feet and 11% below pre-pandemic levels.

The historic level of individual discretionary savings in recent years catapulted consumer spending and e-commerce sales to new highs. Fueled by the demand surge and 1%-interest loans in the form of government Paycheck Protection Program loans, retail companies accelerated their expansions by opening new locations across the country, including the Philadelphia metropolitan area.

*Article courtesy of Costar

For more information about Philadelphia retail space 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 commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other 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 commercial real estate brokerage firm.

PREIT Selling Both Exton Square Mall and Plymouth Meeting Mall

PREIT explores sale of Plymouth Meeting, Exton Square malls to shore up cash

PREIT said Thursday it’s still looking to sell Exton Square Mall, and now Plymouth Meeting Mall, the next move in its saga to generate cash with a pivotal loan deadline looming.

The Business Journal reported Exton Square Mall was under agreement last spring to sell to Brandywine Realty Trust for $28.8 million, but PREIT revealed the deal fell through in its annual report filed last month to the U.S. Securities and Exchange Commission. Brandywine declined to comment.

Meanwhile, as of the end of March, PREIT’s credit facilities had a balance of $995.8 million set to mature on Dec. 10. Philadelphia-based PREIT (OTCMKTS: PRET) has viewed property sales as a way to come up with money to pay down the debt, but a significant haul would be needed to match the nearly $1 billion owed.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia retail space 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 commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other 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 commercial real estate brokerage firm.

Auto Body Repair Shop Available For Sale

6741 Essington Ave Philadelphia PA

Wolf Commercial Real Estate, the leading commercial real estate and advisory firm in South Jersey has been appointed the exclusive listing agent for 6741 Essington Ave in Philadelphia, Pennsylvania. The Philly property is available for sale, priced at $899,000.

The property is +/- 4,182 square-feet and is zoned I-2.

Features of 6741 Essington Ave in Philadelphia, Pennsylvania

6741 Essington Ave is a fully equipped auto body repair shop that is situated on .37 acres.

The retail/industrial property is ideal for an auto body shop or other light industrial retail users. The building is near notable businesses like Dodge, Chrysler, CarVision, PPA, Chapman Nissan and The Parking Spot.

For more information about the lease price or a tour of the retail space, please contact Eric Flocco, Vice President, at (609) 790-6940 or via email eric.flocco@wolfcre.com. To review the brochure, please click here.

Wolf Commercial Real Estate is a full-service CRE brokerage and advisory firm with a full range of commercial real estate listings and services. The firm handles a variety of properties including medical, office, industrial, retail and investment. WCRE represents buyers, landlords, investors, tenants and sellers and also provides property management services. For a full list of buildings and suites that are available for sale or lease, visit www.wolfcre.com.