Tag Archives: Southern New Jersey CRE


WCRE Instrumental in Bringing Kingsway Learning Center & Services to Voorhees, New Jersey Via Multi-Phase Project

Kingsway Lerning CenterMay 17, 2018 – Marlton, NJ – WCRE is proud to have played a key role in helping the Kingsway Learning Center & Services consolidate its Moorestown and Haddonfield campuses into a new site in Voorhees. The school leased the 73,000 square foot building at 1000 Voorhees Drive with plans to relocate its pre-school, elementary, and secondary programs for its 175 students to a single site starting with the 2018-2019 school year.

Previously WCRE exclusively represented the buyer of 1000 Voorhees Drive during its acquisition of the property. Then the firm’s educational and institutional client services group secured Kingsway as the tenant. Both phases of this transaction add to WCRE’s growing number of assignments of educational and institutional properties in the Philadelphia and Southern New Jersey region. This highly specialized sector is an area of strength and growth for WCRE.

“The Kingsway team is very pleased with the way WCRE handled this project, and we’re grateful for their help in establishing our new home, “said Phil Rodriguez, Chief Operating Officer at Kingsway.

WCRE’s Vice President & Principal, Chris Henderson noted the complexity involved in matching the parties according to their needs. “This showcases our ability to work with multiple parties to structure a long-term investment and development transaction that will provide excellent outcomes for everyone involved,” Henderson said.

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About WCRE

WCRE is a full-service commercial real estate brokerage and advisory firm specializing in office, retail, medical, industrial and investment properties in Southern New Jersey and the Philadelphia region. We provide a complete range of real estate services to commercial property owners, companies, banks, commercial loan servicers, and investors seeking the highest quality of service, proven expertise, and a total commitment to client-focused relationships. Through our intensive focus on our clients’ business goals, our commitment to the community, and our highly personal approach to client service, WCRE is creating a new culture and a higher standard. We go well beyond helping with property transactions and serve as a strategic partner invested in your long-term growth and success.

Learn more about WCRE online at www.wolfcre.com, on Twitter & Instagram @WCRE1, and on Facebook at Wolf Commercial Real Estate, LLC. Visit our blog pages at www.southjerseyofficespace.com, www.southjerseyindustrialspace.com, www.southjerseymedicalspace.com, www.southjerseyretailspace.com, www.phillyofficespace.com, www.phillyindustrialspace.com , www.phillymedicalspace.com and www.phillyretailspace.com.

 

WCRE ADDS RYAN BARIKIAN TO NEW JERSEY TEAM

WCRE ADDS SENIOR ASSOCIATE

Ryan Barikian to serve expanding roster of clients at regional commercial real estate firm

Ryan Image

Ryan Barikian Release PDF

August 10, 2016 – Marlton, NJ – Wolf Commercial Real Estate (WCRE) is pleased to announce the hiring of Ryan Barikian, who will serve as Senior Associate.  Barikian brings eight years of sales and leadership experience in the commercial and residential title insurance industry to complement the skilled team at WCRE.

As Senior Associate, Ryan will work closely with the WCRE sales team to generate new business relationships with banks, developers, loan servicers, investors and other service professionals in the real estate industry.

A consummate business connector, Ryan has developed an extensive network of trusted relationships throughout the Southern New Jersey and Greater Philadelphia markets. He has an extensive understanding of the roles which attorneys, underwriters, accountants, and other service professionals play in commercial real estate transactions. His extensive knowledge of the title and settlement process gives him unique insights that will aid and inform clients.

“Each new member of our team strengthens our ability to meet specific needs and build even more successful relationships with our clients and community,” said Jason Wolf, founder and managing principal of WCRE. “Ryan brings a valuable background as a leader and real estate professional that will allow WCRE to serve clients in new ways.”

About WCRE

WCRE is a full-service commercial real estate brokerage and advisory firm specializing in office, retail, medical, industrial and investment properties in Southern New Jersey and the Philadelphia region. We provide a complete range of real estate services to commercial property owners, companies, banks, commercial loan servicers, and investors seeking the highest quality of service, proven expertise, and a total commitment to client-focused relationships. Through our intensive focus on our clients’ business goals, our commitment to the community, and our highly personal approach to client service, WCRE is creating a new culture and a higher standard. We go well beyond helping with property transactions and serve as a strategic partner invested in your long term growth and success.

Learn more about WCRE online at www.wolfcre.com, on Twitter & Instagram @WCRE1, and on Facebook at Wolf Commercial Real Estate, LLC. Visit our blog pages at ww.southjerseyofficespace.com, www.southjerseyindustrialspace.com, www.southjerseymedicalspace.com, www.southjerseyretailspace.com, www.phillyofficespace.com, www.phillyindustrialspace.com , www.phillymedicalspace.com and www.phillyretailspace.com.

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WCRE SECOND QUARTER REPORT: SOUTHERN NEW JERSEY OFFICE LEASING TAKES A NOTICEABLE DIP, BUT INVESTMENT AND SALES REMAIN STRONG

Retailers Lose Ground to Online Stores while the Industrial market has stayed strong

DOWNLOAD Q2 2016 COMMENTARY PRESS RELEASE AS PDF

July 11, 2016 – Marlton, NJ –  Commercial real estate brokerage WCRE reported in its latest quarterly analysis that the slow-down in commercial leasing activity in Southern New Jersey that began late last year may have been the beginning of a trend. Office leasing totals were down significantly compared to the same period last year, and were lower than the already slower first quarter. Mixed with this bad news were positive signs in the continued high level of activity in the investment and sales market, and an uptick in leasing in Cherry Hill and Voorhees. Overall, caution and uncertainty seem to be guiding factors.

“Several unknowns began influencing the markets during the second quarter – from the possible impact of the Brexit vote to the coming U.S. presidential election,” said Jason Wolf, founder and managing principal of WCRE. “Businesses are trying to figure out how their plans may be impacted by the uncertainties, but we still believe the overall outlook is still strong.”

There were approximately 252,121 square feet of new leases and renewals executed in the three counties surveyed (Burlington, Camden and Gloucester), which represents a drop of +/- 23 percent compared with the first quarter of the year. The quarter saw an increase in prospecting, with about 250,000 SF of lease deals in the pipeline and expected to close in the near term. Still, the trend of positive absorption continued – and improved over the previous quarter – making up approximately 206,000 square feet of total activity. Vacancy rates posted slight increases, but several large assets changed hands as owners repositioned and new investors entered our market.

Other office market highlights from the report:

  • Overall vacancy in the market is now approximately 11.85%.
  • Average rents for Class A & B product continue to show strong support in the range of $10.00-$14.00/sf NNN or $20.00-$24.00/sf gross for the deals completed during the quarter. This is essentially unchanged from the previous two quarters.
  • All of the major private owners and REITS showed moderate leasing and prospect activity for the quarter – with Burlington County vacancies tightening up, many larger vacancy opportunities are also shifting towards Camden County, which is not controlled by these ownership entities.
  • New Jersey’s unemployment rate moved higher for the first time in more than a year, coming in at 4.9 percent. Like the national economic recovery, the New Jersey recovery appears to be experiencing a slight pause.

WCRE has expanded into southeastern Pennsylvania, and the firm’s quarterly reports now include a section on transactions, rates, and news from Philadelphia and the suburbs.  Highlights from the second quarter in Pennsylvania include:

  • Although not as pronounced as other “gateway markets”, the Philadelphia CBD office market is attracting attention from international institutional investors. Notable investments include the Korean Investment Fund’s acquisition of Cira Square at 2970 Market Street for $354 million from Brandywine Realty Trust  and 1700 Market Street from Shorenstein Properties for $195 million. Other transactions in progress are commanding all-time-low capitalization rates from some Middle East equity investors.
  • Beyond the CBD, the suburban market has been extremely active, including Saint Gobain’s Headquarters facility, which sold for $123 million at a sub-6% capitalization rate. Additionally, Liberty Property Trust announced a plan to redevelop in the City of Camden, which includes a master plan involving 1.75 million SF of office, parking garages, hotel, and apartments.
  • There has been a flurry of favorable retail activity in the regional market in 2016. Some major projects include PREIT’s sale of three core CBD retail properties to Post Brothers for $45 million at a sub-4% capitalization rate, RIOCan REIT’s announcement to sell 49 retail properties located throughout the Northeast, with many in the Philadelphia region, for $1.9 billion. In addition to these core assets, there is significant development of net leased properties, including Wawa/Sheetz/Royal Farms convenience stores, as well as a variety of other retailers. Finally, retail is filling in many of the ground floor spaces of multi-use properties and commanding some of the all-time highest rental rates seen thus far.
  • The industrial market is still experiencing strong activity, with increases in pricing and rental rates. One of the most significant transactions of the second quarter was the Target E-Commerce Distribution Center in York, PA, which fetched $60 million or $76/SF. While the appetite for core Class A assets continues to be strong, pricing for multi-tenanted flex assets is demonstrating great appeal and marketability.

WCRE also reported on the Southern New Jersey retail market, noting mixed results there, as well. Highlights from the retail section of the report include:

  • Overall retail sales and spending dropped during the second quarter, after an already underwhelming performance in the first quarter.
  • Retail vacancy in Camden County stood at 10.5 percent, with average rents in the range of $11.89/sf NNN.
  • Retail vacancy in Burlington County stood at 14.8 percent, with average rents in the range of $12.21/sf NNN.
  • Retail vacancy in Gloucester County stood at 6.4 percent, with average rents in the range of $12.00/sf NNN.

The full report is available upon request. 

About WCRE

WCRE is a full-service commercial real estate brokerage and advisory firm specializing in office, retail, medical, industrial and investment properties in Southern New Jersey and the Philadelphia region. We provide a complete range of real estate services to commercial property owners, companies, banks, commercial loan servicers, and investors seeking the highest quality of service, proven expertise, and a total commitment to client-focused relationships. Through our intensive focus on our clients’ business goals, our commitment to the community, and our highly personal approach to client service, WCRE is creating a new culture and a higher standard. We go well beyond helping with property transactions and serve as a strategic partner invested in your long term growth and success.

Learn more about WCRE online at www.wolfcre.com, on Twitter & Instagram @WCRE1, and on Facebook at Wolf Commercial Real Estate, LLC. Visit our blog pages at ww.southjerseyofficespace.com, www.southjerseyindustrialspace.com, www.southjerseymedicalspace.com, www.southjerseyretailspace.com, www.phillyofficespace.com,  www.phillyindustrialspace.com, www.phillymedicalspace.com and www.phillyretailspace.com.

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WCRE THIRD QUARTER REPORT: LOCAL MARKET REMAINS STEADY DESPITE NATIONAL ECONOMIC VOLATILITY

Strong Employment Figures, Healthcare and Insurance Expansions Keep the Southern New Jersey CRE Market Moving

LOCAL MARKET REMAINS STEADY DESPITE  NATIONAL ECONOMIC VOLATILITY (PDF)

October 6, 2015 – Marlton, NJ – While the national economy was affected by turmoil in the global markets, the Southern New Jersey commercial real estate market continued its progress for another quarter, according to the latest quarterly analysis from commercial real estate brokerage WCRE. An expected summer slow-down did slow the pace of transactions, but overall growth, expansion, and positive absorption stayed on track. Healthcare, insurance, financial services, defense contracting, and technology companies led the way.

“As in the past several quarters, we saw a healthy volume of transactions due to business expansion and improving job growth during the third quarter,” said Jason Wolf, founder and managing principal of WCRE. “We also saw an uptick in deal activity among small and mid-size businesses, which is welcome good news that the market had been waiting for.”

The report details many factors contributing to continued strength in the market, including large and small lease deals, the beginning of new construction activity, several investment acquisitions of office properties, and continued repositioning among the area’s REITs. It also covers the latest coup for the GROW NJ program, a recently announced 1.7 million square-foot mixed use development along the waterfront in Camden, NJ.

According to WCRE, the third quarter posted approximately 477,983 of new leases and renewals executed. This is a nearly 20 percent improvement over the third quarter a year ago. New tenant leases consisted of approximately 280,360 square feet, and renewals and expansions made up approximately 197,623 square feet. New leasing activity represented approximately 58.7% of all deals for the quarter. Overall, gross absorption for Q3 is in the range of approximately 233,610 square feet. In addition to the consummated deals, there is a pipeline of approximately 350,000 square feet of significant pending lease deals expected to close in the near term.

Other office market highlights from the report:

Overall vacancy in the market continues to drop, and is now down to approximately 12.15 percent, an improvement of three quarters of a point over the previous quarter. Vacancy in Burlington County is now down to 8 percent, while in Camden County it stands at 16.3 percent.
The majority of leasing activity for the third quarter was comprised of deals ranging in size from 3,000-80,000 square feet.

Average rents for Class A & B product continue to show strong support in the range of $10.00-$13.00/sf NNN or $21.00-$23.00/sf gross, with an overall market average showing strong support in the $10.00-$13.00/sf NNN or $20.00-$23.00/sf gross for the deals completed during the quarter. Rents have remained stable.

All of the major private owners and REITS showed moderate leasing and prospect activity for the quarter – with Burlington County vacancies tightening up, many larger vacancy opportunities are also shifting towards Camden County, which is not controlled by these ownership entities.

WCRE also reported on the local retail market, finding moderate growth amid repositioning by major retailers and a few big events in our region. The biggest news was the opening of the Gloucester Premium Outlets in Blackwood, NJ in August, which features 90 retailers. The report also covers major moves involving PNC, Cheesecake Factory, Walgreens, and A&P Supermarkets.

“Even with major retailers like Macy’s and Walgreens shuttering under-performing locations nationwide, malls and outlets report steady consumer traffic and moderate growth, which is likely fueled by the rebound in the labor market,” said Leor Hemo, executive vice president of WCRE.

Highlights from the retail section of the report include:

Overall retail vacancy in the tri-county area is hovering around 10.4%, which is virtually unchanged from the previous two quarters, but is still encouraging compared to recent years.

Class A retail product rental rates continue to show strong support in the range of $30.00-$40.00/sf NNN, as rents have remained stable throughout the year to date.

The full report is available upon request.

About WCRE

WCRE is a full-service commercial real estate brokerage and advisory firm specializing in office, retail, medical, industrial and investment properties in Southern New Jersey and the Philadelphia region. We provide a complete range of real estate services to commercial property owners, companies, banks, commercial loan servicers, and investors seeking the highest quality of service, proven expertise, and a total commitment to client-focused relationships. Through our intensive focus on our clients’ business goals, our commitment to the community, and our highly personal approach to client service, WCRE is creating a new culture and a higher standard. We go well beyond helping with property transactions and serve as a strategic partner invested in your long term growth and success.

Learn more about WCRE online at www.wolfcre.com, on Twitter & Instagram @WCRE1, and on Facebook at Wolf Commercial Real Estate, LLC. Visit our blog pages at www.southjerseyofficespace.com, www.southjerseyindustrialspace.com, www.southjerseymedicalspace.com, www.southjerseyretailspace.com, www.phillyofficespace.com, www.phillyindustrialspace.com , www.phillymedicalspace.com and www.phillyretailspace.com.

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