Reading Terminal Market Offers Shorter Leases for New Vendors

Reading Terminal Market Offers Shorter Leases for New Vendors

To revitalize its offerings, Reading Terminal Market is launching shorter leasing options for new merchants. The historic market, one of the largest and oldest in America, is reinstating its day cart program and plans to pilot a short-term lease option within the next year, according to CEO Annie Allman. These initiatives are part of Reading Terminal’s new five-year strategic plan.

The day cart program aims to introduce new businesses with the potential to become full-time merchants, while the short-term leases will regularly refresh the market’s offerings for returning customers.

“All stakeholders emphasized the importance of keeping the market both familiar and fresh,” Allman noted.

*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.

Retail Construction Hits New Lows in Philly

Retail Construction Dwindles in Philadelphia

Despite a steady construction pipeline in recent years, retail development in the Philadelphia area has reached a new low in 2024. With just one quarter remaining, the year is on pace to have the fewest retail construction starts in decades, mirroring a nationwide trend.

Only 200,000 square feet of retail space has broken ground in the Philadelphia region this year, a sharp decline compared to the more than one million square feet seen in previous years. This drop signals a record-low level of new retail inventory in the near future, further limiting the supply of modern retail spaces in high demand.

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

Temple University Acquires North Broad Street Shopping Center

Temple University Acquires North Broad Street Shopping Center

Temple University has purchased a shopping center on North Broad Street near its health system campus, with potential plans to add medical offices. The university paid $8.2 million to Overbrook Investment Properties LLC for the 45,290-square-foot retail property, according to property records. The site is fully occupied, except for an 11,447-square-foot former Rite Aid.

Located at 3216-60 N. Broad St., on the southwest corner of Broad and Westmoreland streets, the center sits south of Temple University Hospital and across from the Maurice H. Kornberg School of Dentistry.

Temple Health CEO Michael A. Young stated that the health system is considering offering primary care physician services at the location. If implemented, these services would occupy the former Rite Aid space, while the remaining retail tenants would continue to operate, according to Temple spokesperson Steve Orbanek.

*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.

Developer Plans $70M Shopping Center in Concord Township

Developer Plans $70M Shopping Center in Concord Township

A long-vacant 25.5-acre site in Delaware County, approved for 165,000 square feet of retail space, is changing hands. Moorestown, New Jersey-based Retail Sites is set to acquire the parcel at Route 202 and Ridge Road near Glen Mills and Chadds Ford from Newport, Delaware-based developer Pettinaro Co. Retail Sites plans to invest between $50 million and $70 million to develop the property into the Shoppes at Concord, according to President Robert Hill.

*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.

Haverford Retail Partners Acquires Springfield Center

Haverford Retail Partners Expands Portfolio with Springfield Center Acquisition

Haverford Retail Partners (haverfordretail.com), a Bryn Mawr, PA-based owner and operator of retail real estate investments, has expanded its portfolio with the acquisition of Springfield Center, a prominent 176,698-square-foot retail property. The fully leased center is home to eight national and regional tenants, including Barnes & Noble, DSW, Marshall’s, and Bob’s Discount Furniture.

“We’re excited to acquire our third property in the Washington D.C. market. Springfield Center is a prime location with a strong, stable tenant base. This acquisition pushes our total for the quarter to over $75 million, marking significant growth for our investors,” said Joseph Staugaard, Principal of Haverford Retail Partners.

Haverford Retail Partners remains focused on expanding its portfolio of essential retail properties and continues to target similar acquisitions in key markets. We are open to discussing this acquisition and our broader investment strategy.

*Article courtesy of CityBiz

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.

Bank of America Plans to Open Five New Branches

Bank of America Plans to Open Five New Branches

Bank of America plans to open 165 new U.S. branches by the end of 2026, including five in the Philadelphia region. Nearly 40 of these locations are expected to open by the end of this year. According to spokesman Andy Aldridge, the bank will open branches at 3843 West Chester Pike in Newtown Square and 5692 Rising Sun Ave. in Northeast Philadelphia’s Lawncrest neighborhood by the end of 2024.

Aldridge also shared that Bank of America has three additional sites planned for the Philadelphia area: in Springfield, Wyncote, and Mount Laurel. The two Pennsylvania branches are expected to open in late 2025, with the South Jersey location slated for mid-2026.

*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.

Mexican restaurant opening in Center City

D.C. restaurant group opening Mexican restaurant in Center City

A Washington D.C.-based restaurant group is expanding into Philadelphia. Knead Hospitality + Design plans to open a location of its Mexican restaurant, Mi Vida, in a ground-floor space at 1100 Ludlow St. in Center City, the group confirmed to the Business Journal. The building is part of National Real Estate Development’s $1 billion East Market project, which spans 11th to 12th streets between Chestnut and Market streets. The development also includes Jefferson Health’s recently opened $762 million Honickman Center.

While Knead did not provide additional details about the Philadelphia Mi Vida location, a retail leasing brochure for East Market shows 6,686 square feet of retail space on the ground floor of 1100 Ludlow St. currently under lease negotiation. The remaining ground-floor space is occupied by MOM’s Organic 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.

Brandywine Realty Trust Shifts Focus to Retail at Schuylkill Yards

Brandywine Realty shifting focus on retail

As construction on the next buildings at Schuylkill Yards awaits optimal timing, Brandywine Realty Trust is ramping up its focus on expanding retail at the University City master-planned development.

“Retail is really where we’re focused,” said Jeff DeVuono, Managing Director for Brandywine Realty Trust’s Pennsylvania region. “That’s the area where we’re currently lacking. We’re not yet where we want to be.”

Brandywine (NYSE: BDN) recently completed 3025 John F. Kennedy Blvd., a $300 million, 28-story tower featuring 200,000 square feet of commercial space for office or lab use, along with 326 apartments.

*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.

3rd Five Iron Location Coming to Philly

3rd Five Iron Location Coming to Philly

An urban indoor golf experience is opening its second Center City location and third overall in Philadelphia. New York-based Five Iron Golf will debut its new venue on the ground floor of Three Logan Square early next year. Located at 1717 Arch St., the office tower is owned by Brandywine Realty Trust. The 4,800-square-foot space at the corner of 18th and Arch streets will feature five Trackman simulators, Callaway golf club fitting, an 8-seat bar, high-top tables, and two outdoor patios with around 12 tables.

*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.

Bucks County Shopping Center Sells for $18.5M

Bucks County Shopping Center Sells for $18.5M

A grocery-anchored shopping center in Bucks County, Feasterville Plaza, has sold for $18.5 million, 8% less than its 2011 sale price, according to property records. The 110,000-square-foot center at 1045 Bustleton Pike in Feasterville was purchased by an entity owned by Nandish Patel, founder of Phoenix Nexus Enterprises. The previous owner, FTP Feasterville Plaza LP, acquired it from Federal Realty Trust for $20 million. Feasterville Plaza spans over 12 acres at the intersection of Street Road and Bustleton Pike, just 2 miles from the Pennsylvania Turnpike and Route 1, and is fully occupied. Tenants include Bell’s Market, Altitude Trampoline Park, Hollywood Tans, Wings to Go, and an Abington Jefferson Health OB/GYN office.

*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.