Grocers, Fitness Centers Helping Keep Philly Retail Leasing Afloat

Philadelphia is about to enter its 10th straight year of economic expansion involving national and Philadelphia commercial real estate markets, but owners of local retail properties continue to face a challenging and fast-changing market.

At just under 1 percent year-over-year, market-wide rent growth among retail properties in the U.S. commercial real estate market – including Philly retail space – is less than half the pace of rent gains averaged by local apartment, office, and industrial properties. Store closings by Sears and Kmart have resulted in more than 800,000 square feet of retail space being vacated in the Philadelphia metropolitan area so far in 2019.

This CoStar Realty Information Inc. report involving U.S. and Philadelphia commercial properties is being made available through Philadelphia commercial real estate broker Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm.

Department stores catering to middle-income households are struggling to compete as shoppers increasingly gravitate to online shopping platforms like Amazon. However, there remains an impressive array of grocers, fitness centers and deep discount apparel chains among U.S. and Philadelphia commercial real estate listings that have been resilient to the rise in online shopping and are opening new locations in large numbers.

CoStar’s latest Philadelphia retail market video updates takes a deep dive into the trends of national and Philadelphia commercial real estate properties, highlighting tenants that remain in expansion mode, including Edge Fitness, which has opened three new locations in the Philadelphia area since the beginning of 2019. – By Adrian Ponsen, CoStar Realty Information Inc.

For more information about Philly retail space or other Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate broker that specializes in Philly office space, Philly retail space and Philly industrial space.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate brokerage firm 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.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker with expertise in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new Philly retail space with the Philadelphia commercial properties that best meets their needs.

As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for Philly retail space for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need – a strategic partner who is fully invested in your long-term growth and success.

Please visit our websites for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Well-Located Philly Retail Space for Lease in Folsom

Wolf Commercial Real Estate, the leading Philly commercial real estate brokerage firm with expertise in Philly commercial real estate listings and services now has available Philly retail space for lease at 800 West MacDade Boulevard Folsom PA.

This newly constructed Philly retail space for lease is a premier glass storefront with +/- 3,000 square feet of retail space in Philly and more than 80 feet of store frontage on MacDade Boulevard. There is a count of more than 27,000 vehicles per day passing by this retail space in Philly.

The asking lease price for this retail space in Philly at 800 West MacDade Boulevard Folsom PA is $25.00/sf NNN. This Philly retail space for lease is available through Wolf Commercial Real Estate, a Philly commercial real estate broker that specializes in Philly commercial real estate listings and services.

This well-located Philly retail space for lease is at the intersection of MacDade Boulevard and Forrest Avenue and offers great accessibility to I-476 and I-95. This retail space in Philly is located southwest of Philadelphia near the Philadelphia International Airport.

This retail space in Philly at 800 West MacDade Boulevard Folsom PA has exterior building signage and pylon signage along MacDade Boulevard. This Philly retail space for lease is being offered through Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm that specializes in Philly commercial real estate listings and services.

There is ample on-site parking at this retail space in Philly. More than 141,000 residents live within three miles of this Philly retail space for lease.  The average household income in the same three-mile radius of this retail space in Philly is $73,575.

For more information about this Philly retail space for lease at 800 West MacDade Boulevard Folsom PA, or about any other Philly commercial properties for lease, please contact Ty Martin (215-799-6144; ty.martin@wolfcre.com) or Mitch Russell (215-799-6143; mitch.russell@wolfcre.com) at Wolf Commercial Real Estate, a leading Philly commercial real estate broker.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philly commercial real estate broker that provides a full range of Philly commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philly commercial properties for buyers, tenants, investors and sellers. Please visit our websites for a full listing of Philly commercial properties for sale or lease through our Philly commercial real estate brokerage firm.

Philly Retail Space for Lease in Wyncote Apartment Community

Wolf Commercial Real Estate, the leading Philadelphia commercial real estate brokerage firm that specializes in Philly commercial real estate listings and services, now is offering first-floor Philadelphia retail space for lease at 8440 Limekiln Pike Wyncote PA in the award-winning Towers at Wyncote.

Positioned near the heavily traveled intersection of Route 309 and Easton Road, this Philadelphia retail building for lease is a turnkey restaurant with an outdoor seating area. There also is the ability to expand at this Philly retail space for lease.

Please call for information on the asking lease price for this retail space in Philadelphia at 8440 Limekiln Pike Wyncote PA. This retail space in Philly is available through Wolf Commercial Real Estate, a Philadelphia commercial real estate broker that specializes in Philly commercial real estate listings and services.

There is up to 7,700 square feet of Philadelphia retail space for lease at this Philly retail building for lease at 8440 Limekiln Pike Wyncote PA in the Towers at Wyncote.  This retail space in Philadelphia also is ideal for a co-working space, a quick service facility, and for fast casual food users. In addition, there is significant refrigeration space within this retail space in Philly.

This retail space in Philadelphia is available through Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm. This retail space in Philadelphia is within an apartment community with 1,000 units and more than 3,000 high-income residents.

Nearly 528,000 potential customers live within five miles of this Philly retail building for lease at 8440 Limekiln Pike Wyncote PA in the Towers at Wyncote and the average household income within that same radius of this retail space in Philadelphia in $66,831.

For more information about this Philly retail space for lease at 8440 Limekiln Pike Wyncote PA or about any other Philadelphia commercial properties for sale or lease, please contact Tony Banks (215-544-6040; tony.banks@wolfcre.com) at Wolf Commercial Real Estate, a Philly commercial real estate broker.

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 Philly commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, warehouse 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 Philly commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

High-End Philly Retail Space for Lease in the Towers at Wyncote

Wolf Commercial Real Estate, the foremost Philadelphia commercial real estate brokerage firm that specializes in Philly commercial real estate listings and services, now is offering high-end, first-floor Philadelphia retail space for lease at 8440 Limekiln Pike Wyncote PA in the Towers at Wyncote.

Positioned near the heavily traveled intersection of Route 309 and Easton Road, this Philadelphia retail building for lease is a turnkey restaurant with an outdoor seating area. There also is the ability to expand at this Philly retail space for lease.

Please call for information on the asking lease price for this well-positioned retail space in Philadelphia at 8440 Limekiln Pike Wyncote PA. This retail space in Philly is available through Wolf Commercial Real Estate, a Philadelphia commercial real estate broker that specializes in Philly commercial real estate listings and services.

There is up to 7,700 square feet of Philadelphia retail space for lease at this Philly retail building for lease at 8440 Limekiln Pike Wyncote PA in the Towers at Wyncote.  This retail space in Philadelphia also is ideal for a co-working space, a quick service facility, and for fast casual food users. In addition, there is significant refrigeration space within this retail space in Philly.

This retail space in Philadelphia is available through Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm. This retail space in Philadelphia is within an award-winning apartment community with 1,000 units and more than 3,000 high-income residents.

Nearly 528,000 potential customers live within five miles of this Philly retail building for lease at 8440 Limekiln Pike Wyncote PA in the Towers at Wyncote and the average household income within that same radius of this retail space in Philadelphia in $66,831.

For more information about this Philly retail space for lease at 8440 Limekiln Pike Wyncote PA or about any other Philadelphia commercial properties for sale or lease, please contact Tony Banks (215-544-6040; tony.banks@wolfcre.com) at Wolf Commercial Real Estate, a Philly commercial real estate broker.

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 Philly commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, warehouse 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 Philly commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Jako Enterprises Leases 4-Star Warehouse in Philadelphia

Local Apparel Retailer Signs Large Industrial Lease

Jako Enterprises, a local apparel retailer, leased Ricatto Property Management’s 4-Star warehouse in Philadelphia.

The 201,456-square-foot facility at 7601 State Road comprises 16 loading docks, one drive-in bay, 60- by 55-foot column spacing and a 26-foot clear ceiling height. Built in 1968 and renovated in 1977, the building spans 8.3 acres less than a mile from the Holmesburg Junction train station.
ako Enterprises Leases 4-Star Warehouse in Philadelphia

Local Apparel Retailer Signs Large Industrial Lease

Jako Enterprises, a local apparel retailer, leased Ricatto Property Management’s 4-Star warehouse in Philadelphia.

The 201,456-square-foot facility at 7601 State Road comprises 16 loading docks, one drive-in bay, 60- by 55-foot column spacing and a 26-foot clear ceiling height. Built in 1968 and renovated in 1977, the building spans 8.3 acres less than a mile from the Holmesburg Junction train station.

For more information about Philadelphia retail space for sale or lease in Philadelphia or about any other Philadelphia commercial 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.

For more information about Philadelphia office space for sale or lease in Philadelphia or about any other Philadelphia commercial 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.

Premier Philly Retail Space for Sale in Bensalem

Wolf Commercial Real Estate, the foremost Philly commercial real estate brokerage firm that specializes in Philly commercial real estate listings and services, is now offering premier Philly retail space for sale at 2460 Bristol Road Bensalem PA.

A fit-out, free-standing building, this Philly retail space for sale is a former bank branch, meaning this Philly retail building for sale is ideal for any retail, office, or medical use.

The asking price for this well-located retail space in Philly at 2460 Bristol Road Bensalem PA is $850,000.  This retail space in Bensalem is available for immediate occupancy through Wolf Commercial Real Estate, a Philly commercial real estate broker that specializes in Philly commercial real estate listings and services.

There is a total of +/- 3,889 square feet of Philly retail space for sale at this Philly retail building for sale at 2460 Bristol Road Bensalem PA.  This retail space in Bensalem has both building and pylon signage available and purchasers will find 89 feet of frontage along Bristol Road at this retail space in Bensalem.

This retail space in Philly available through Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm, has 150 parking spaces shared with neighboring buildings and there is easy access to the Pennsylvania Turnpike from this retail space in Bensalem.

Nearly 240,000 potential customers live within five miles of this Philly retail building for sale at 2460 Bristol Road Bensalem PA and the average household income within that same radius of this retail space in Philly is $74,642.

For more information about this Philly retail space for sale at 2460 Bristol Road Bensalem PA or about any other Philly commercial properties for sale or lease, please contact Mitchell Russell (215-799-6143; mitch.russell@wolfcre.com) or Ty Martin (215-799-6144; ty.martin@wolfcre.com) at Wolf Commercial Real Estate, a Philly commercial real estate broker.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philly commercial real estate broker that provides a full range of Philly commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, warehouse properties, industrial properties, land properties, retail buildings and other Philly commercial properties for buyers, tenants, investors and sellers. Please visit our websites for a full listing of Philly commercial properties for lease or sale through our Philly commercial real estate brokerage firm.

Topgolf entertainment complex planned at former Nabisco site in Northeast Philly

The owner of the former Nabisco plant in Northeast Philadelphia has a deal with Topgolf International Inc. for the company to build one of its golf-themed entertainment complexes at the Roosevelt Boulevard and Byberry Road site.

Michael Cooley, vice president of site owner Provco Group’s real estate division, told members of the Somerton Civic Association Tuesday that Topgolf plans to spend up to $40 million on the 60,000- to 70,000-square-foot facility, according to Skip Montell, the community association’s treasurer.

Cooley appeared before the group to seek support for land-use variances needed for the project, Montell said Friday. Most residents supported the proposal, he said.

Provco, which is based in Villanova, hopes to begin construction in September once the former factory site’s remaining buildings are cleared, so that the golf facility can open in 2020, residents were told.

The project is also to include strip-retail structures that will accommodate a branch of the Chipotle restaurant chain, and other tenants, Montell said.

Provco and MCB Real Estate of Baltimore paid $10.2 million in 2016 for the 27.5-acre property at 12000 Roosevelt Blvd. The facility had been owned by Mondelez International Inc., which operated the site as a baking and distribution center for Nabisco, Oreo, Cadbury, and other brands.

A Wawa convenience store has since been built on part of the site.

Currently, Topgolf’s closest location to Philadelphia is in Mount Laurel.

Topgolf venues feature partially indoor driving ranges and sports-bar-style dining.

Topgolf spokesperson Morgan Schaaf said in response to an emailed request for more details Friday that the company is “working to bring another venue to greater Philadelphia” but has no further information to share.

Cooley was not immediately available to discuss the plans.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate brokerage firm 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.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker with expertise in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new Philly retail space with the Philadelphia commercial properties that best meets their needs.

As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for Philly retail space for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

Please visit our websites for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm

2601 Orthodox Street, Philadelphia, Pennsylvania

January 10, 2019

WCRE is proud to have exclusively represented THIRD FEDERAL S L ASSOCIATIONd/b/a BB&T Bank in the sale of 2601 Orthodox Street, Philadelphia, Pennsylvania to a private investor, James Mayberry.

2601 Orthodox Street is a +/- 3,456 square foot free standing property situated on +/- 0.05 acres.  This well located building is a corner property in the Bridesburg neighborhood of Northeast Philadelphia with easy access to I-95 and Route 90.

Mitch Russell, Sales Associate, of WCRE exclusively represented BB&T Bank in this transaction and was the sole broker involved.

New Fast-Food Lanes Lead to Fast Restaurant Sales Growth Nationally

Leonard Comma, Chief Executive of Jack in the Box, is investing as much as $45 million over the next three years on digital menu boards and canopies to make the fast-food chain’s drive-thru lane experience faster and more personal.

Quick-service purveyors across the nation, such as Starbucks Corp. and Dunkin’ Brands Group Inc. are also changing how they view their real estate by collectively spending tens of millions of dollars to let people eat in their cars as customers increasingly demand speed and convenience.

This Co-Star Research report involving national and Philly retail space is being made through Philadelphia commercial real estate broker Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm.

Comma said drive-thru lanes produce more than 70 percent of sales for the San Diego-based Jack in the Box’s sales, emphasizing “they represent a sizable sales opportunity.”

Modern drive-thru technology has been around since the 1940s and has never been more popular. The movement hit its stride in California in the 1950s, according to the National Museum of American History, which noted that by the 1970s “major fast-food franchises nationwide began to install drive-thru windows.”

Most fast-food chains, according to trade publication QSR Magazine, report about 70 percent of their sales happen at a drive-thru window, saying “the outdoor lane is just as important today to quick-service business as ever before – if not more so.”

Starbucks, which said in its Nov. 1 earnings call that it plans to build 600 new locations across North America in 2019, adding to its roster U.S. and Philly retail space listings, is expanding a push it began last summer to equip about 80 percent of all new stores with a drive-thru lane. Many of those won’t have interior seating, resulting in a much smaller store footprint.

Drive-thru, out-the-window and mobile-order-and-pay combined accounted for more than 50 percent of all orders in the U.S. commercial real estate market, including Philly retail space, in the past three months, up more than 10 percentage points in two years, Starbucks Chief Financial Officer Rosalind Brewer said.

“Last quarter, our stores with drive-thru well outperformed our café comp,” Brewer said. “This format will be a continued focus into 2019.”

Last summer, Seattle-based Starbucks said sales were 25 percent to 30 percent higher at stores with drive-thru lanes. Competitor Dunkin’ Brands Group, based in Canton, Massachusetts, said the drive-thru restaurants among its national and Philly retail space listings boast 40 percent higher sales volume.

For more information about Philly retail space or other Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate broker that specializes in Philly office space, Philly retail space and Philly industrial space.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate brokerage firm 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.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker with expertise in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new Philly retail space with the Philadelphia commercial properties that best meets their needs.

As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for Philly retail space for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

Please visit our websites for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Philadelphia’s Proposed One Percent Tax on New Construction

One-Percent-Tax-on-New-Construction-500x364Is Philadelphia’s proposed one percent tax on new construction a good compromise or a fools bargain? The Philadelphia City Council announced new legislation on April 11, 2018, that includes a new one percent tax on new construction that would raise revenue for the Housing Trust Fund, the city’s dedicated source for developing new affordable housing, preserving existing housing and preventing homelessness.

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WHAT IS THE TAX/IMPACT FEE?

Proposed Bill No. 180351 would impose a new Construction Impact Tax/Impact Fee on all projects that are eligible for the city’s 10-year tax abatement. The funds raised from the tax are intended to help the Housing Trust Fund provide funding for more affordable and workforce housing development, which would be available to both nonprofit and for profit developers.

HOW MUCH IS THE TAX?

The tax/impact fee is 1 percent of the stated cost of construction, including repairs, construction, additions and alterations of the building and is paid when the applying for a building permit. (Note that there is some discussion to change the time when payment would be due from the building permit application to the time a zoning permit is filed.) While a one percent tax on new construction may not sound like a lot, consider the tax on a $1 billion new technology center, a $300 million new multifamily high rise or a new $800 million stadium. In each instance, the tax for these projects would be $10 million, $3
million and $8 million, respectively.

ARE CERTAIN TYPES OF BUILDING EXEMPT?

As currently drafted, all buildings that are “for human occupancy” and that are eligible for the 10-year tax abatement would be subject to the tax/impact fee. These buildings would include not only residential structures, but commercial and industrial structures as well. Rather than single out one particular kind of developer (i.e., multifamily developers), the proposed tax would apply to any project that qualifies for a 10-year tax abatement in Philadelphia.

COALITION BUILDING

There appears to have been more compromise than usual between the trades, the Building Industry Association, City Council members, members of the development community and other civic-minded individuals as the merits and concerns over the 10-year tax abatement were debated, as was the Mixed Income Housing Bill, both being offered as potential solutions for addressing Philadelphia’s affordable and workforce housing needs.

NOVEL APPROACH

Drexel University’s Lindy Institute for Urban Innovation Senior Research Fellow Kevin Gillen told the Philadelphia Business Journal, “The impact fee being considered here is a truly unique hybrid. It is tied to the abatement rather than to inclusionary zoning. And it is the type of program that is traditionally used by low-cost, low-tax Sun Belt suburbs that have experienced decades of rapid population growth, but the bill’s sponsors want to apply it to a relatively high-cost, high-tax Northeastern city that until recently has experienced decades of depopulation.”

Impact on the Mixed-Income Housing Bill

If the new bill is passed, the Mixed-Income Housing Bill will become completely optional and will be amended to include numerous beneficial bonuses such as extra height (7 feet) and density (25 to 50 percent bonus) in RM-1, CMZ-1/2/2.5, amongst other potentially attractive zoning bonuses. These bonuses will continue to have a mixed-income housing requirement or payments in lieu of an additional 1 to 2 percent of construction costs depending on the amount of the
bonus.

EFFECTIVE DATE

As proposed, the effective date would be July 1, 2018, although some are already pushing for a later effective date of January 1, 2019. Duane Morris attorneys will continue to monitor and report on any development in this issue.

FOR MORE INFORMATION

If you have any questions about this Alert, please contact Brad A. Molotsky, any of the attorneys in the Real Estate Practice Group, attorneys in the Project Development/Infrastructure/P3 Practice Group or the attorney in the firm with whom you are regularly in contact.

Disclaimer: This Alert has been prepared and published for informational purposes only and is not offered, nor should be construed, as legal advice. For more information, please see the firm’s full disclaimer.