Rite Aid in Philadelphia Files for Bankruptcy

Philadelphia Rite Aid Claims Bankruptcy

Several weeks following the initial presentation of a bankruptcy plan by Rite Aid, which included the closure of numerous stores, the Philadelphia-based pharmacy chain officially filed for Chapter 11 bankruptcy protection on Sunday. This development was largely anticipated.

Rite Aid, along with its counterparts such as CVS and Walgreens, has confronted shared challenges in recent years. These challenges encompass shifting customer preferences towards e-commerce giants like Amazon and large retail chains, posing stiff competition to traditional pharmacy chains.

Adding to these difficulties, Rite Aid is entangled in over 1,000 lawsuits that accuse it of having dispensed illicit prescriptions, including opioids.

*Article courtesy of Inquirer

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.

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New York Investor Acquires Delco Shopping Center in a $26 Million All-Cash Transaction

New York Investor Acquires Delco Shopping Center in a $26 Million All-Cash Transaction

A Boothwyn Shopping Center Anchored by Walmart and Acme Sells for $26 Million.

Larkin’s Corner, a prominent shopping center in Boothwyn featuring anchor stores like Walmart and Acme, has been successfully sold for $26 million, as reported by an industry insider. U & Me Enterprises, a private investor hailing from Long Island, New York, completed the acquisition from Site Centers (NYSE: SITC) in an all-cash transaction through a 1031 exchange, according to the same source. A 1031 exchange is a tax-deferral mechanism that allows real estate investors to sell one property and reinvest the proceeds into another without incurring capital gains taxes.

The shopping center, spanning an impressive 225,214 square feet, is home to various well-known tenants, including Dollar Tree, McDonald’s, and TD Bank. Notably, the property in Delaware County enjoys a high occupancy rate of 99% and is conveniently situated at 601-659 Conchester Highway.

*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.

Sprouts Farmers Market to Open 6 Locations in Philadelphia Area

Sprouts Farmers Market opening 6 new locations across the Philadelphia area

Five years after Sprouts Farmers Market entered the Philadelphia region, the Phoenix-based grocery chain is expanding its commitment to the area with plans to open at least six more stores in the next two years.

Sprouts opened its first local store in 2018 at South Broad and Washington streets in South Philadelphia. Since then, it has opened four other area locations in Upper Dublin; Haddon Township and Marlton, New Jersey; and Wilmington, Delaware.

*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.

Topgolf in Philadelphia up for Sale

Topgolf up for sale at Northeast Philly location

The Topgolf off Roosevelt Boulevard in Northeast Philadelphia has been listed for sale nearly 18 months after opening.

Located at 2140 Byberry Road off Roosevelt Boulevard, the 16.4-acre property and the 68,000-square-foot building are listed on online real estate platform Crexi as “unpriced.”

Topgolf’s operations will not be impacted by any potential sale of the property.

*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 Marshalls Space in Center City Filled with Ross Dress for Less

Former Marshalls space in Center City to get new retail tenant

The shuttered Marshalls store at 10th and Market streets will be filled by Ross Dress for Less, another discount retailer currently with space on Market Street.

The Marshalls at 1044 Market St. closed in mid-January, leaving yet another vacancy on Market East across from the Fashion District. Now, Ross will relocate to the 26,000-square-foot space, according to Michael Hirschhorn, president of Jenel Real Estate, which owns the building. Ross currently has a store in the Lits building at 701 Market St., just a few blocks away.

The property at 10th and Market streets, which has been owned by New York-based Jenel Real Estate since 2000, also includes a CVS and the Freire Charter School. The entire building is 103,000 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.

Estia Group Targets Space for New Rittenhouse Square Hotel

Estia Group targets space next to Hyatt Centric hotel for new Rittenhouse Square restaurant

A local hospitality group is eyeing the ground-floor space attached to the Hyatt Centric Center City Philadelphia hotel in Rittenhouse Square for its next restaurant, city zoning documents show.

A zoning permit issued on Aug. 25 allows for two signs to be erected on the building’s exterior at the corner of Chancellor and 17th streets bearing the name Anthos. The 6,396-square-foot space is retrofitted to support a restaurant, and zoning documents show it is approved for use as an eating and drinking establishment and take-out restaurant.

According to Pennsylvania Liquor Control Board records, there is a liquor license in safekeeping for a concept with the same name and location obtained by a licensee registered to 1405 Locust St., the address for Estia Restaurant and Estia Group’s owners, the Pashalis family. The hospitality group also operates Pietro’s Pizzeria at 1714 Walnut St., near the Chancellor Street spot, along with another Pietro’s Pizzeria outpost in Radnor and two Estia Taverna locations in Radnor and Marlton, 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.

Philadelphia Suburbs Retail Rents Flourish but Not for Center City

As Retail Rents Flourish in Philadelphia’s Suburbs, Center City Stalls

As Philadelphia’s premier suburban retail districts continue to see strong interest from retailers and corresponding rent growth, retail locations in Center City’s downtown districts have seen average rents decline in the past year.

The Market West, Market East and Independence Hall retail districts—all located in Center City—have decreased between -1.5% and -0.9%, falling behind the region’s average 1.9% annual rent growth performance for retail space. The trio of downtown districts were the only areas in the region to see retail rents turn negative across the region’s top retail districts, those with the highest average market rents.

*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.

United by Blue Founders to Reopen Society Hill Hotel

United By Blue founders to reopen Society Hill Hotel with 15 rooms, new restaurant and bar

The founders of a sustainable apparel and coffee company plan to redevelop the 191-year-old Society Hill Hotel building into a “five-star” boutique property with a whiskey bar-themed dining concept.

Mike Cangi and Brian Linton are aiming for a January or February opening of the new Society Hill Hotel at 301 Chestnut St. in Old City. When it opens, the four-story property will feature an all-day cafe, restaurant and bar on the first floor and 15 rooms across the second, third and fourth levels.

*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 Expanding in Greater Philadelphia

P.J. Whelihan's to open outposts in Conshohocken, on Main Line as part of aggressive local expansion plans

The opening of PJW Restaurant Group’s 23rd P.J. Whelihan’s Pub and Restaurant this fall in Conshohocken will mark the fourth location that the group has opened in just over a year, the most it’s ever brought online within a 13-month time span.

The P.J. Whelihan’s brand is now the sole focus for expansion for Westmont, New Jersey-based PJW Restaurant Group, CEO Jim Fris said. In addition to Conshohocken, the restaurant group, which was founded in 1983 by Bob and Donna Platzer and also consists of The Pour House, The ChopHouse, ChopHouse Grille, Central Taco and Tequila, and Treno Pizza Bar, is also planning a forthcoming location on the Main Line for next year. Its ultimate goal is to continue opening three P.J. Whelihan’s each year in Greater Philadelphia until it has maximized its presence in the region.

*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.

Redevelopment of Roosevelt Mall Bringing New Retailers

$50M Roosevelt Mall redevelopment bringing Sprouts, Raising Cane’s to Northeast Philadelphia

As part of Brixmor Property Group’s $50 million redevelopment of the Roosevelt Mall in Northeast Philadelphia, grocery store Sprouts Farmers Market and quick-service restaurants Panda Express and Raising Cane’s Chicken Fingers are planned to open.

The 24,000-square-foot Sprouts store is scheduled to open in the first quarter of 2024 while the 2,000-square-foot Panda Express and 3,000-square-foot Raising Cane’s are expected to open later in 2024 or 2025.

*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.