Tim Hortons Inks Multi-Unit Deal for Debut Stores in Delaware, Eyes Expansion in Greater Philadelphia

Tim Hortons Inks Multi-Unit Deal for Debut Stores in Delaware, Eyes Expansion in Greater Philadelphia

The renowned Canadian coffee chain, Tim Hortons, has initiated its expansion into Greater Philadelphia, debuting a new location in South Jersey and securing a multi-unit development deal for Delaware as part of its quest for additional franchisees to drive regional growth.

Their fifth New Jersey outlet, situated off Route 130 in Cinnaminson, opened on Nov. 30. This store is managed by one of the brand’s leading franchisees in New Jersey, who also owns Tim Hortons’ other South Jersey establishment at 57 N. White Horse Pike in Stratford, as revealed by Ryan Ferranti, head of business development for Tim Hortons’ U.S. operations.

Additionally, Tim Hortons has recently finalized a multi-unit development agreement with a franchisee to launch its inaugural stores in Kent and New Castle counties in Delaware. While specifics regarding the exact number of locations remain undisclosed, Ferranti mentioned that the agreement encompasses multiple stores slated for rollout within the next five years. The earliest of these new locations could potentially open by late 2024.

*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 website for a full listing of Philadelphia commercial properties for lease or sale through our commercial real estate brokerage firm.

P.J. Whelihan’s Opening New Restaurants in Delco

P.J. Whelihan's opening new restaurants in Delco, South Jersey in 2024

PJW Restaurant Group has ambitious plans to expand its presence in Greater Philadelphia with the launch of at least two new P.J. Whelihan’s Pub and Restaurants in 2024, aligning with its annual growth targets. Jim Fris, CEO of the Westmont, New Jersey-based restaurant group, announced the forthcoming openings of P.J. Whelihan’s locations in Delaware County and South Jersey for 2024. While specific locations are yet to be disclosed due to pending lease finalizations, P.J. Whelihan’s presently operates in two Delaware County spots—Newtown Square and Broomall—and has a footprint in South Jersey with restaurants in Cherry Hill, Haddon Township, Washington Township, Medford Lakes, and Maple Shade.

These new establishments will complement the upcoming launch of another P.J. Whelihan’s set to open in the Wynnewood Shopping Center on the Main Line next year. Fris anticipates the 7,673-square-foot restaurant to open on April 1, pending the smooth progress of the build-out process.

*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 website for a full listing of Philadelphia commercial properties for lease or sale through our commercial real estate brokerage firm.

PREIT Files for Chapter 11 Bankruptcy

PREIT files for Chapter 11 bankruptcy protection, agrees to relinquish stake in Fashion District

Facing a significant debt load of over $1 billion, PREIT has made the decision to file for Chapter 11 bankruptcy protection for the second time in just a little over three years. The regional mall owner took this voluntary step by filing in the U.S. Bankruptcy Court for the District of Delaware, having already established a restructuring agreement with its lenders. Pending court approval, the company aims to transition to private ownership and secure additional funding through an investor consortium.

Simultaneously with the bankruptcy filing, Philadelphia-based PREIT (OTCMKTS: PRET) has consented to relinquish its 50% ownership stake in the Fashion District, previously co-owned with Macerich. Despite retaining joint-ownership, Macerich has functioned as the primary owner and decision-maker for the Center City retail property since late 2020.

*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 website for a full listing of Philadelphia commercial properties for lease or sale through our commercial real estate brokerage firm.

Rite Aid Adds Seven More Philly Stores to Bankruptcy Sale

Rite Aid adds 7 more Philadelphia-area stores to bankruptcy sale; 8 other locations no longer available

Philadelphia-headquartered Rite Aid persists in its endeavor to sell off store leases and properties amid Chapter 11 bankruptcy proceedings, expanding its offerings to include seven additional locations in the Philadelphia area, encompassing two stores situated on Broad Street.

As of the latest update released on Tuesday, Rite Aid currently lists seven retail leases and six properties in the Philadelphia area. Among the newly added Philadelphia leases are stores located at 810 S. Broad St. and 3260 N. Broad St.

Nationwide, the retail pharmacy chain has put up 84 retail leases and 21 fee-owned properties for sale across 14 states. This updated count shows a decrease of eight available leases from the previous listing on Nov. 5, which listed a total of 92 properties, indicating an ongoing fluctuation as stores are both added and removed from the market.

*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 website for a full listing of Philadelphia commercial properties for lease or sale through our commercial real estate brokerage firm.

East Coast Wings & Grill Plans to Open Five Locations

East Coast Wings + Grill aims to open five more Greater Philadelphia locations within the next four years

A chicken wing-focused restaurant chain from North Carolina has selected Philadelphia as a key market for its expansion efforts, marking its return to growth plans after nearly four years of pandemic-induced delays in the region.

East Coast Wings + Grill is targeting the opening of at least five new locations in and around Philadelphia within the next three to four years. Currently, the brand operates a single restaurant in Northeast Philadelphia, situated at 2539 Castor Ave.

Originating from Winston-Salem, East Coast Wings + Grill boasts over 50 locations spread across Tennessee, South Carolina, North Carolina, Virginia, and now, Philadelphia. The chain offers an extensive selection of more than 55 wing sauce flavors available across seven different heat indexes, complemented by a menu featuring burgers, sandwiches, salads, and tacos.

*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 website for a full listing of Philadelphia commercial properties for lease or sale through our commercial real estate brokerage firm.

Wegmans to Open in 2024 for Yardley Store

Wegmans sets early 2024 opening date, plans new features for Yardley store

Wegmans Food Markets has announced an anticipated early 2024 launch for its second store in Bucks County, introducing enhancements to its standard offerings alongside the introduction of a “sushi pod.”

Scheduled for a March 20 opening, the grocery chain will unveil its Yardley store situated within the Prickett Preserve shopping center, currently under development at Stony Hill Road and Township Line Road. Construction is in progress and slated for completion in January, paving the way for the local team to oversee stocking and staff training.

Upon its inauguration, the 88,000-square-foot grocery store plans to showcase around 25,000 diverse items for sale. While smaller than Wegmans’ usual 100,000-square-foot-plus footprint, the Yardley location won’t be the chain’s smallest in the area. The store that debuted in Wilmington last autumn spans 81,000 square feet.

*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 website for a full listing of Philadelphia commercial properties for lease or sale through our commercial real estate brokerage firm.

Former Bankroll Space Has Potential for Multiple Parties

Multiple parties in talks to lease former Bankroll space

The former Bankroll space in Rittenhouse Square, previously a $25 million sports and entertainment venue and restaurant that closed within a few months earlier this year, is now available for lease. Located along Chestnut Street, the property has been listed by Philadelphia-based MSC in an effort to fill this vacant area.

Jacob Cooper, partner and managing director at MSC, has been spearheading the property’s marketing since the beginning of October. They’ve garnered interest from various local, regional, and national operators considering leasing either a portion or the entire space at 1910-1918 Chestnut St. MSC aims to finalize a deal by the first quarter of 2024.

*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 website for a full listing of Philadelphia commercial properties for lease or sale through our commercial real estate brokerage firm.

CEO of Chase Consumer Banking Announces Plan to Double Branch Count in the Region

Chase consumer banking CEO says it will double its branch count in the region

In less than five years since inaugurating its initial retail branch in the Philadelphia region, Chase Bank has achieved its target of establishing 50 locations here by 2024. At the recent “Banking on Philadelphia” event at City Winery, Jennifer Roberts, CEO of Chase Consumer Banking, announced the anticipation of doubling this number within the next seven years. Roberts envisions that within this timeframe, the bank could pose a significant challenge to the region’s top five deposit-taking institutions for market supremacy.

Working out of Wilmington and residing in Chester County, Roberts oversees the consumer banking endeavors of the nation’s largest bank, encompassing 4,800 branches, 16,000 ATMs, and 42,000 employees spanning 48 states.

*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 website for a full listing of Philadelphia commercial properties for lease or sale through our commercial real estate brokerage firm.

Wing Zone Targets Philadelphia Market for Expansion

Wing Zone seeking expansion in Philadelphia

Fast-Casual Chicken Wing Chain Plans Expansion with 20 New Locations in Greater Philadelphia.

Wing Zone Hot Chicken and Wings, is a Las Vegas-based eatery, that has set ambitious growth goals for Greater Philadelphia. They are actively seeking franchisees interested in multi-unit development agreements to open a minimum of 20 new locations in and around the Philadelphia region. Although the chain doesn’t currently have any operational or planned stores in the area, some eager franchisees are actively scouting for suitable real estate opportunities.

It’s worth noting that while Wing Zone may be new to Greater Philadelphia, its parent company, Capriotti’s Sandwich Shop, has a well-established presence.

*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 website for a full listing of Philadelphia commercial properties for lease or sale through our commercial real estate brokerage firm.

13 Rite Aid Locations in the Philadelphia Area Listed for Sale as Part of Bankruptcy Process

13 Rite Aid Locations in the Philadelphia Area Listed for Sale as Part of Bankruptcy Process

Rite Aid Initiates Sale of Nearly 100 Store Leases and Properties, Including 13 in the Philadelphia Area, Following Its Chapter 11 Bankruptcy Filing.

Rite Aid is in the process of selling approximately 100 store leases and properties, including 13 in the Philadelphia region, as a part of its Chapter 11 bankruptcy proceedings. The Rite Aid locations earmarked for sale have either already closed or are slated for imminent closure. This inventory consists of 78 Rite Aid leases and 21 fee-owned properties.

Each of the Rite Aid (NYSE: RAD) leases available for purchase has a lease term of more than 10 years, inclusive of extension options. Given that Philadelphia-based Rite Aid does not own the properties at these sites, prospective lease buyers would take on the role of tenants and may modify the site’s use, provided such changes adhere to the lease terms. Pennsylvania hosts 12 leases available for sale, while six are situated in New Jersey.

*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 website for a full listing of Philadelphia commercial properties for lease or sale through our commercial real estate brokerage firm.