Federal Donuts lands equity investment from NewSpring to fuel major Mid-Atlantic expansion

Federal Donuts, South Philly

Local favorite Federal Donuts is looking to add dozens of new locations throughout the Mid-Atlantic region and beyond after receiving a growth equity investment from Radnor-based NewSpring. 

The capital infusion comes from the Main Line private equity firm’s NewSpring Franchise arm, which focuses on growing what it identifies as innovative, multi-unit concepts. 

As part of the transaction, NewSpring has acquired an equity stake in the donut and fried chicken concept, which was launched in South Philadelphia in 2011 by the team of CEO Tom Henneman, CookNSolo restaurant group co-owners Steve Cook and Michael SolomonovFelicia D’Ambrosio, and Bob Logue

Both companies declined to disclose terms of the deal. 

*Article courtesy of Philadelphia Business Journal

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New ALDI Coming to The Quartermaster at 21stand Oregon

Aldi, Philadelphia

Aldi, a German-based grocery chain will develop a brand new 22,000 square foot prototype store on a pad site within The Quartermaster campus at 21st and Oregon Avenues. Expected to break ground this quarter and open by the end of 2022, the new Girard Estates Aldi Supermarket will become the chain’s 12th location in the City of Philadelphia.

In addition to the leasing activity within the redeveloped Quartermaster campus, the overall neighborhood is bustling with new energy. Adjacent retail centers Quartermaster Plaza and South Philadelphia Shopping Center are currently undergoing substantial redevelopment and rebranding as South Quarter Crossing which will create up to 800,000 square feet of retail and 280 new residential units.

*Article courtesy of CityBiz

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.

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Five Below Looks To Triple Its Store Count to 3,500

Five Below Philadelphia

Discount retailer Five Below is aggressively ratcheting up its growth plans, looking to triple its store count to 3,500 by the end of 2030 and double its sales by 2025 as it creates a shopping experience that caters to younger customers.

The Philadelphia-based chain, which now has 1,190 stores in 40 states, unveiled its “Triple-Double” strategy Wednesday at the company’s first investor day event. The retailer said it aims to open about 1,000 more stores by the end of fiscal 2025 alone. In addition, the company reported its fiscal fourth-quarter earnings and gave Wall Street analysts a tour of its newest store prototype, the latest iteration of what has typically involved increasing the square footage at a typical brick-and-mortar site.

Five Below targets tweens, generally considered those 9 to 12 years old, and teens with an array of toys, candy, tech accessories and gadgets, bedroom decor, sports items and other merchandise that they can play with or “experience,” priced from $1 to $5. The idea is to offer young shoppers a venue where they can “treasure hunt” and spend their allowances, CEO Joel Anderson said. That’s something online shopping can’t provide. 

*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.

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Wells Fargo shuttering 2 more suburban Philadelphia branches

Wells Fargo has announced plans to close 11 more branches, including two in the Philadelphia region and another in the Lehigh Valley.

The affected locations cited in a March 15 filing with the Office of the Comptroller of the Currency are:

  • 120 N. Pine St., Langhorne
  • 1110 Chester Pike, Sharon Hill
  • 29 Trembley Drive, on the campus of Lehigh University in Bethlehem

The latest filing brings Wells Fargo to 49 announced closings this year and 66 locations actually shuttered almost a quarter of the way through 2022. The bank closed 311 last year after consolidating 329 of its 5,200 locations in 2020. CEO Charles Scharf told investors in July 2020 that the bank needed to shave $10 billion, or about 20%, off its annual cost base to rival efficiency at other banks.

*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.

Barstool Sports bar opens in Philadelphia

Barstool Sports officially opened its new bar in Center City on Friday morning, launching in the midst of March Madness. 

The 1213 Sansom St. concept was brought to life alongside Wyomissing casino operator Penn National Gaming (NASDAQ: PENN), which holds a 36% stake in the digital media company. 

The Philadelphia sports bar takes up the space that was formerly home to Brickwall Tavern, which shuttered during the Covid-19 pandemic. The space used to be connected to Porta, which also closed during the public health crisis and has since been replaced by an outpost of Las Vegas restaurant chain Sugar Factory American Brasserie.

*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.

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.

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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.