Tag Archives: wolfcre


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.

 

The Future of Solar in New Jersey

The Future of Solar in New JerseyThe future of solar in New Jersey is looking very bright. The state solar program has been generating investments. We’re taking a look at the future of solar in New Jersey.

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By: Keith Peltzman, President of Independence Solar

The New Jersey state solar program stimulates approximately $1 billion of investment annually. This level of investment is supported by the trading of SRECs (Solar Renewable Energy Certificates) mandated by the state RPS (Renewable Portfolio Standard). Although this mechanism has driven a stable level of investment over the last 10 years, there is always an underpinning of a potential crash in SREC prices due to oversupply – as occurred briefly in 2012.

In order to protect against future volatility in the SREC market, the solar industry in NJ is working on two new state programs to ensure the stability of the solar markets for the next 15 years:

1. Transition Program (2018-2021)
2. Long-Term Successor Program (2021-2033)

The Future of Solar in New Jersey

1. TRANSITION PROGRAM (2018-2021)

The transition program is structured to ensure that the SREC remains stable over the next three years while a longer-term successor program is enacted. This transitional program (Senate Bill S-592) has not yet passed, but key provisions include:

  • Increasing the solar requirement from 3.5% to 5.3% (2021) to ensure stable SREC values
  • Reducing the lifetime of an SREC from 15 years to 10 years
  • Phasing-out SRECs for projects after June 2021
  • Reducing the maximum ceiling price of SRECs
  • Requiring a deposit of $40/kW upon SREC application to help the state maintain market balance

2. LONG-TERM SUCCESSOR PROGRAM (2021-2033)

Solar stakeholders in NJ are exploring options for a long-term successor program to replace the existing RPS/SREC mechanism. The goal would be to continue to stimulate long-term investment in solar energy with a stable incentive, while minimizing the impact to NJ residents and businesses. Most of these options are already being implemented by other states – such as MA, NY, CA, CT. Over the next two years, NJ can observe how these state programs perform and can adopt successful aspects of each program. Some options that are currently being considered include:

  • SREC II (5-year SREC with segment factoring/adders)
  • Tariff (fixed payment by segments for 20 years)
  • Block Grant (capacity based payments)
  • Reverse-Auctions (project bids on their incentive)

The long-term successor program will have a significant impact on the viability of a solar energy economy in the state of NJ. The niches for solar energy development may differ significantly from today. For example, there may be greater opportunity for larger utility-scale projects on farmland and landfills, for shared community solar projects on ancillary land or for pairing solar with battery storage. If you are considering solar in New Jersey, please connect with an experienced solar partner like Independence Solar who can help navigate the future of solar energy in New Jersey.

Keith Peltzman

Keith Peltzman
President & Founder
1008 Astoria Boulevard
Suite E
Cherry Hill, NJ 08003
856.393.1250

 

About Us

Independence SolarKeith Peltzman is president and founder of Independence Solar with offices in Cherry Hill, NJ and Boston, MA.

Independence Solar is a turnkey installer of commercial solar energy. Since 2007, the team has developed and built over $200 million of solar projects, including the largest rooftop solar array (9 MW) in North America at the Gloucester Marine Terminal in NJ. Independence Solar forges long-term partnerships to maximize returns on our customers’ solar energy investments.

WCRE Rapidly Expands Exclusive Agency Relationships In PA & NJ

New Assignments Bring Additional 113,000 Square Feet Under Firm’s Control

March 1, 2018 – Marlton, NJ – Wolf Commercial Real Estate (WCRE) is pleased to announce that it has been appointed exclusive agent for 13 new projects in the Southern New Jersey and Philadelphia region.

WCRE continues to raise the bar with an aggressive marketing and branding strategy and has increased its South Jersey and Philly presence. WCRE will assume marketing, leasing and sale responsibilities for an additional 13 properties totaling approximately 113,000 SF.

The team at WCRE now oversees over 175 properties throughout the PA/NJ market encompassing over 4.2M square feet of office, retail, industrial, healthcare and investment real estate.  

“We see endless possibility in the properties our clients have entrusted to WCRE, and we are excited to connect new prospects with these assets.” said WCRE managing principal Jason Wolf.

The New Projects awarded to WCRE during the first two months of 2018 are as follows:

  • 1140 White Horse Road, Voorhees, NJ (25,000 SF Retail Building)
  • 1030 Auburn Road, Woolwich, NJ (4.2 Acres)
  • 601 Route 130 North, West Collingswood, NJ (2,113 SF Commercial Building on .35 Acres)
  • 605 Route 130 North, West Collingswood, NJ (1,200 SF Commercial Building on .27 Acres)
  • 513 Centennial Drive, Voorhees, NJ (6,700 SF Office Building on 1.31 Acres)
  • 1504 Blackwood Clementon Road, Blackwood, NJ (3,000 SF Office Building on .34 acres)
  • 297 Easton Road, Horsham, PA (.62 Acres)
  • 146 East Evesham Road, Cherry Hill, NJ (.92 Acres)
  • 133-136 Route 73, Voorhees, NJ (25,000 SF Medical Office on 2.85 acres)
  • 816 North Black Horse Pike, Gloucester Township, NJ (1.39 Acres)
  • 162 West Cohawkin Road, East Greenwich, NJ (25,000 SF Retail Property on 2.5 Acres)
  • 55-59 High Street, Mount Holly, NJ (13,000 SF Office Building on .12 acres)
  • 735 Bethlehem Pike, Montgomeryville, PA (3,234 SF Retail Building on .39 acres)
  • 700 W Browning Road, Collingswood, NJ (8,250 SF Retail Building)

A marketing brochure for each of these properties is available upon request.

Download Printable PDF >>> 

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.moorestownofficespace.com, www.moorestownmedicalspace.com, www.phillyofficespace.com, www.phillyindustrialspace.com, www.phillymedicalspace.com and www.phillyretailspace.com.

WCRE Proudly Joins CORFAC International

CORFAC InternationalWCRE is pleased to announce it has joined CORFAC International, a network of independently-owned, entrepreneurial commercial real estate firms with 78 collaborative offices worldwide.  Under the new arrangement, the five-year-old local firm will rebrand as WCRE/CORFAC International.

Though it bears a new name, the firm remains a full-service commercial real estate brokerage and advisory firm specializing in office, retail, medical, industrial and investment properties. It provides a complete range of real estate services to commercial landlords, tenants, investors, developers, banks, commercial loan servicers and companies.

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Download CORFAC International Printable Press Release in PDF>>>>

“Our alliance with CORFAC International provides a global network of resources and knowledge that will greatly benefit our clients,” said Jason Wolf, Managing Principal of WCRE. “We’ll be able to add those resources to our tradition of individualized service and cutting-edge marketing techniques.”

Wolf founded WCRE in early 2012 after 17 years of steady growth and success at a top national commercial real estate firm. Driven by a visionary team with a wide variety of expertise, WCRE quickly took its place among the market leaders.

“We’re happy to add WCRE to the CORFAC family,” said Ray Lyons, CORFAC International president and broker with Thomas L. Johnson Realty/CORFAC International in Toronto. “Their insights and expertise in the Philadelphia region will bring even stronger service to all of our clients.”

Founded in 1989, CORFAC International’s member firms provide a full range of brokerage services across the globe. “It is an honor to have Wolf Commercial Real Estate join the CORFAC family as our newest member firm,” said Jonathan Salk, Executive Director of CORFAC International.

“WCRE is well recognized and respected as the top independent commercial real estate company in the Philadelphia and South Jersey region. Their strong full-service team with years of experience locally, regionally and nationally will be a fantastic addition to our CORFAC network,” Salk added.

“CORFAC is an excellent fit for our regional and national practices in office, retail, healthcare, and industrial properties,” said Anthony Mannino, vice president for corporate strategies at WCRE.

Learn more about Wolf Commercial Real Estate at www.wolfcre.com and CORFAC International at www.corfac.com.

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 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.

About CORFAC International

Established in 1989, CORFAC International (CORFAC) is comprised of privately held entrepreneurial firms with expertise in office, industrial and retail brokerage, tenant and landlord representation, investment sales, multifamily, self-storage, acquisitions and dispositions, property management and corporate services. Founded in 1989, CORFAC has 48 firms in the U.S., four in Canada and 26 in international markets, including Colombia, France, Germany, Ireland, Israel, Italy, Mexico, Romania, Russia, South Africa, South Korea, Switzerland and the United Kingdom. CORFAC firms completed more than 11,000 lease and sales transactions totaling 550 million square feet of space valued in excess of $8.5 billion in 2015. Learn more at www.corfac.com or on Twitter at @CORFACIntl.

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Balashine Properties Appoints WCRE Exclusive Leasing Agent For 930 Harvest Drive in Blue Bell, PA

FOR IMMEDIATE RELEASE

Contact: Andrew Becker

Phone: 856.449.5220

Email: andrew.becker@wolfcre.com 

 

 

 

930 Harvest Drive Press Release PDF

Balashine Properties Appoints WCRE Exclusive Leasing Agent For 

930 Harvest Drive in Blue Bell, PA

 

January 3, 2017 – Marlton, NJ – WCRE is pleased to announce that it has been appointed exclusive leasing agent by Balashine Properties for its office location at 930 Harvest Drive in Blue Bell, Pennsylvania.

930 Harvest Drive, located in the Union Meeting Corporate Center, is a 118,004 square foot, four-story, elevator served office building located in the Plymouth Meeting/Blue Bell submarket. The property is minutes from the Pennsylvania Turnpike, with ample parking and SEPTA service to Plymouth Meeting and the Norristown Transportation Center.

Balashine Properties renovated this building in 2015 and maintains its headquarters there. The ownership is committed to best-in-class customer service and is seeking to make aggressive deals. Among many desirable attributes, the building features highly efficient suite layouts, a full-service café, a tenant only conference center, and an on-site day porter and building engineer. Several available suites range in size from 2,000 to 24,742 square feet. Having ownership and management on-site will be a great feature for tenants looking for their new business home.

“We’re excited to be working with WCRE’s leasing team. I am impressed with WCRE’s marketing platform and confident they will help us maximize occupancy at this highly desirable property,” said Garett Shiner of Balashine.

WCRE’s leasing team of Andrew Maristch and Anthony Mannino added, “WCRE is proud to add Balashine Properties to its growing list of clients in Pennsylvania. We look forward to applying our WCRE 360 marketing approach to bring in new tenants and establish another successful relationship in the Philadelphia region.”

A marketing brochure and tenant information package 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.bluebellofficespace.com, www.bluebellmedicalspace.com, www.phillyofficespace.com, www.phillyindustrialspace.com, www.phillymedicalspace.com, www.phillyretailspace.com, ww.southjerseyofficespace.com, www.southjerseyindustrialspace.com, www.southjerseymedicalspace.com, and www.southjerseyretailspace.com.

 

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Is a Lease Guaranty Enforceable?

commercial lease guarantyA personal lease guaranty is a crucial feature of many commercial real estate leases. A lease guaranty is a separate contract under which a third party guarantor agrees to meet the obligations of the Tenant to the Landlord. Landlords understandably want to ensure that their Tenants – be they individuals or business entities – have the financial wherewithal to meet the obligations set forth in the lease. If a Tenant without sufficient assets breaches its lease by leaving early, refusing to pay rent, or damaging the space, the Landlord will not be able to recover its damages. The Landlord may have nothing to collect against. For this reason, if a Landlord is unsure about the creditworthiness of a potential Tenant, it will often demand that the Tenant provide a guaranty from an individual or entity who has sufficient assets to secure the Tenant’s obligations.

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A lease guaranty is a separate contract under which a third party guarantor agrees to meet the obligations of the Tenant to the Landlord. If the Tenant fails to pay rent, the Landlord can recover the arrears from the guarantor, usually before seeking damages from Tenant. Depending on the scope of the lease guarantee, the guarantor may also be financially responsible for damage to the lease premises caused by the Tenant. In the case of a Tenant entity (i.e. a corporation, limited liability company, or partnership), the guarantor is typically one of the entity’s principal individual owners or a corporate affiliate. In the case of individual Tenants, the guarantor is typically a family member or an investor.

In order to be enforceable, a lease guarantee should state the guarantors’ obligations in clear unambiguous language.

It should explicitly address which obligations the guarantor is securing, how and when can the Landlord collect from the guarantor, and whether there are monetary or temporal limitations to the guaranty. Any ambiguities will be construed in favor of the guarantor. The guaranty should also address the issue of consideration for the guaranty and make clear that the Landlord is entering into the lease in reliance on the guaranty. Finally, the guaranty should be signed by both Landlord and guarantor.

Many commercial Landlords insist upon a lease guaranty up front, but do not then consider how subsequent lease amendments, modifications, or renewals may affect the validity of the guaranty. This is a dangerous mistake. In certain states, a lease guaranty may be limited or even voided if the underlying lease is in any way modified without the guarantor’s express consent.

New Jersey courts take a more nuanced approach to this issue. In New Jersey, a lease guaranty will only be limited or discharged if the lease is subsequently modified in a way that injures the guarantor or actually increases the guarantor’s risk or liability. See Center 48 Ltd. Partnership v. May Dept. Stores Co., 355 N.J. Super 390, (App. Div. 2002). Unfortunately, New Jersey courts have not provided much guidance on what sort of lease modifications actually increase the guarantor’s risk or liability.

Nonetheless, Landlords in New Jersey can take two steps to limit the chances that a lease guaranty will be limited or voided if the underlying lease is subsequently changed. First, the Landlord can include clear language in the lease guaranty stating that the guarantor’s obligations will extend to any increase in rent, extension of the lease term, renewal, or other modification of the lease. The broader and more specific the language the better for the Landlord. The lease guaranty should also explicitly waive the guarantor’s right to consent to such modifications. A second and more effective approach is for the Landlord to require the guarantor to provide a written acknowledgment and consent each time the lease is amended, modified, or renewed.

Lease guarantees provide crucial credit support to commercial Landlords. In order to ensure that a guaranty is enforceable, however, a Landlord must use a carefully drafted form. Simply getting a well drafted lease guaranty executed, however, is not the end of the story. A Landlord must also consider how subsequent lease amendments may affect the enforceability of the lease guaranty and work proactively to ensure that the lease guaranty remains in effect, especially when it comes time to enforce it.

The contents of this article are for informational purposes only and none of these materials is offered, nor should be construed, as legal advice or a legal opinion based on any specific facts or circumstances.

david-gunter

Rail Park Construction Continues Transformation of Callowhill Neighborhood

rail park

Construction of the Reading Viaduct Rail Park

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Construction of the Reading Viaduct rail park began this month with the receipt of $3.5 million in state grants to round out initial fundraising efforts. Spearheaded by the Center City District, the first phase of construction is taking place on a stretch of the old rail bed near 13th and Noble. Proponents hope the park could eventually replicate the success of the High Line, a repurposed elevated railroad right-of-way in lower Manhattan, and spur greater development in the area.

The viaduct winds through a former industrial neighborhood that has been slowly transforming into a residential and creative community over the last decade (earlier this year, the City completed a rezoning of the area from industrial to mixed-use). Officially known as Callowhill, the neighborhood is roughly bounded by 9th and Broad to the east and west, and Spring Garden and Vine to the north and south. The area also goes by many other names, including Loft District, Chinatown North, Eraserhood, and Spring Arts.

Developer Craig Grossman has purchased a number of properties in the vicinity of the viaduct, including 990 Spring Garden. The 990 building is a 7-story, 160,000-square-foot industrial loft building repurposed as flexible office space for creative individuals and businesses. Many residential conversions have taken place along the periphery, including larger scale projects such as the Old Shoe Factory condos and Goldtex apartments on 12th Street, as well as Bart Blatstein’s Tower Place apartments in the old state office building at Broad and Spring Garden.

In testament to the evolving nature of the neighborhood, the Roy Pitz brewing company is planning a 4,000 square foot brewpub in the 990 Spring Garden building to open early next year. The brewery will join other nearby restaurant and entertainment venues such as Union Transfer, Prohibition Taproom and the soon-to-be relocated Yards Brewing Co. in the 500 block of Spring Garden. Other restaurants are nearby on the Avenue of the Arts North corridor.

The rail park is not the only public works project with the potential to transform the area. The East Coast Greenway, a developing trail system intended to link major cities on the Eastern Seaboard, runs right down Spring Garden Street. Infrastructure improvements are in the works to make the thoroughfare more inviting to bicyclists and pedestrians.

Future phases of the rail park could take it all the way to its northern end near 9th and Fairmount. Unlike the portion under development, which is owned by SEPTA, the remainder of the viaduct east of Broad is still privately owned by the successors to Reading Company. While development could take many years, it still has the potential to transform Callowhill into one of the City’s most desired neighborhoods.

For more information see: www.therailpark.org.

Anthony V. Mannino, Esq.
Vice President of Corporate Strategies
Wolf Commercial Real Estate
630 Freedom Business Center Drive l 3rd Floor l King of Prussia, PA 19046
P 215 799 6900 | D 215 799 6140 | F 856 283 3950 | M 215 470 6084

WCRE Third Quarter Report: Southern New Jersey Office Leasing Rebounds

WCRE Third Quarter Report: Southern New Jersey Office Leasing Rebounds, Still Lags Behind 2015 Levels

Office Leasing Posts Strongest Quarter of the Year, Investments, Sales, and Philadelphia Remain Areas Of Strength

wcre_3qtr2016_reportMarlton, NJ – Commercial real estate brokerage WCRE reported in its latest quarterly analysis that the Southern New Jersey office market has bounced back nicely from the slow-down in commercial leasing activity that began late last year. Office leasing totals for the third quarter were the strongest they have been all year, though they are still off from the same time last year. The investment and sales market continued its hot streak, and the city of Camden is seeing progress from the Grow New Jersey program.

“The Brexit vote was something of a shock to the system during the second quarter, but this region showed its resilience and the strength of its fundamentals,” said Jason Wolf, founder and managing principal of WCRE. “The upcoming election means more uncertainty in the near term, but the overall tone is one of cautious optimism.”

There were approximately 365,224 square feet of new leases and renewals executed in the three counties surveyed (Burlington, Camden and Gloucester), which represents an incredible improvement of 44 percent compared with the second quarter of the year. The quarter saw a slight decrease in prospecting, with about 225,000 SF of lease deals in the pipeline and expected to close in the near term. Still, the trend of positive absorption continued, making up approximately 195,000 square feet of total activity.

Overall market vacancy dropped as well, with Camden County leading the way.

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Other office market highlights from the report:

Overall vacancy in the market is now approximately 10.65%.

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 several 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.
On the sales and investment side, about 416,050 square feet of properties worth a total of more than $52 million were traded.

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:

Philadelphia and the surrounding suburbs continue on an upward trajectory in terms of construction for multi-family and repositioning of older Class B/C assets to core Class A properties. Despite these trends, we are witnessing some hesitation from the banking community regarding the viability of these extraordinarily high pricing levels. With thousands of units either under construction or slated for development in the Philadelphia region, the question regarding rental rates and vacancy levels is coming to the forefront of many deals.

Aramark signed a lease at 2400 Market Street in Philadelphia for a new headquarters. The 280,000+/- square foot space will be state-of-the-art with unparalleled views of the Schuylkill River. This international entity looked elsewhere in the region for space but chose to remain in Center City, which bodes well for the future of the market.

Five Below chose the Lits Building for its new Center City headquarters. The company also plans on leasing 180,000 square feet of office space and 15,000 square feet of retail space at 701 Market Street.

Strong demand continues in the industrial market, as evidenced by increasing prices and rental rates. Though much of the institutional activity appears to be in central Pennsylvania and the Lehigh Valley, pricing for non-institutional assets, especially in Philadelphia and the surrounding counties, is stronger than ever.

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

Overall retail sales and spending dropped again, although restaurants, grocery stores, and clothing stores did post modest gains for the third quarter. Interestingly, consumer confidence grew at the same time, hitting a post-recession high.

Retail vacancy in Camden County stood at 11 percent, with average rents in the range of $12.20/sf NNN. This is a slight increase in both vacancy rates and average rents.

Retail vacancy in Burlington County stood at 10.2 percent, with average rents in the range of $13.15/sf NNN. This is a notable drop in vacancy, while rents stayed essentially unchanged.

Retail vacancy in Gloucester County stood at 6.9 percent, with average rents in the range of $12.01/sf NNN. This represented an uptick in vacancy with rents unchanged.

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.

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 Regional Investment Market Update

Those of you that have been tracking the Southern New Jersey commercial real estate leasing market are well aware that we are approaching our 3rd consecutive quarter of decreasing office leasing activity. There are a few factors directly responsible for this, none of which include the word Brexit. 

Even with the slow-down in leasing activity, a flurry of active investors are looking to South Jersey and greater Philadelphia for better returns.  We’ve recently seen one investor that was not previously active in this market purchase multiple assets from major REITS, making it one of the top 5 owners (by square footage) of Class A Office properties.  This previously New York-focused investor completed at least 8 South Jersey acquisitions in 18 months – and may not have satisfied their appetite for investment properties in this market just yet! 

The example of this single investor/owner highlights a broader trend.  The continued demand for income-producing assets in and around Philadelphia is driven by the easy access to cheap capital, combined with better returns of 150+ basis points being achieved in South Jersey, offering a much more favorable risk profile when compared to markets such as NYC.  Many REITS are also exiting suburban properties to redeploy cash, thereby opening up opportunities for new-to-market investors. 

Right now, everyone is focused on the impact that Brexit and the upcoming U.S. Presidential Election could have on the markets.  From an investment standpoint, the real focus should be on volatility and uncertainty within a specific asset class.  Investors want to be certain, right?  Always.  

While we don’t all have a crystal ball, investors can still pay attention to research-based analytics to identify the appropriate risk/return profile.  At Wolf Commercial Real Estate (WCRE), that is what we do, all day, every day.  The ease of access to capital at historically low interest rates is greater than any time in the past 10 years.  At the same time, there are greater opportunities to purchase quality properties in a stable market.  The returns have never been greater for commercial real estate assets in Southern New Jersey and Philadelphia.   

WCRE can help you take advantage of this unique set of market conditions.  Our investment team has years of experience with a variety of asset classes in the region.  They can help you find just the right property to create better certainty, increased returns, and greater diversification to your real estate investment portfolio. 

If you are considering the sale or purchase of property as an investment vehicle, the professionals at WCRE can provide the right guidance and analysis to help generate the maximum return on your assets.

Please visit our website at www.wolfcre.com for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our New Jersey and Pennsylvania commercial real estate brokerage firm.

For More Information Contact:

transfer-taxesAnthony V. Mannino, Esq.

P: 215 799 6900

D: 215 799 6140

F: 856 283 3950

M: 215 470 6084

Email Me>>>

 

For More Information Contact:

johntJohn T. Mozzillo

P: 856 857 6300

D: 856 857 6304

F: 856 283 3950

M: 856 816 6973

Email Me>>>

NEXT UP: GEN Z – Open Office Spaces

Today’s article is about open office space and how it’s becoming more refined. It’s written by D2 Groups.

Download a printable PDF of the article.

By D2 Groups

open office In light of recent discussions about open office spaces, the future looks bright. Critics argue that distractions inherent in the concept of open office prevent the very efficiency that it’s meant to foster. Not only is the A&D industry working furiously to address concerns with privacy and distraction in the open office, but the newest members of the workforce are seeking a different spatial layout. Welcome Generation Z— they’re the most diverse, tech-savvy, and highly educated generation to date. The chaos you’ve been hearing about from open office critics won’t suit Gen Z as it does the Millennials. Gen Z seeks a more purposeful workplace experience; they want to be solving problems and engaging in meaningful work as soon as they get into the office.

The open office isn’t going away any time soon. As the post-Millennial generation is entering the workforce, only subtle changes to your workplace design are coming with them. The last time the workforce welcomed a new generation, walls came down and collaboration became the new focus of space. Expect newer designs to incorporate slight changes that accommodate a greater need for focus and organized cooperation in the already existing open office. Remember—Millennials will still comprise a substantial portion of the workforce.

More Refinement for the Open Office Space

The open office will become more refined. Gen Z looks for easily navigable office environments; instead of multi-purpose spaces that double as collaboration and personal spaces as seen in the open offices of today, spaces will become more defined. The office of the future will incorporate adjacent spaces for different purposes. Open workstations, for instance, might be on one side of circulation space, while meeting tables and casual seating areas could provide collaboration settings in a space opposite to, yet designated from, those same private workstations. Different adjacencies and designated spaces will enumerate the opportunities for acoustical solutions and visual privacies that open office critics seek today.

open officeIn addition, technology no longer requires that you’re tethered to a desk at all times, so movement throughout the workplace has become the norm for both Millennials and Gen Z. One of the primary shifts you’ll see from office spaces for Gen Y to those for Gen Z has to do with secondary spaces. Millennials leave their desks and personal work to go to a coffee shop or some other collaboration space in the office where they can work with others. Collaboration will be the norm as Gen Z enters the workforce, so they’ll conversely retreat to personal spaces. Whereas huddle and collaboration rooms provide desired workspaces for Millennials, private focus rooms and quiet spaces will reprieve Generation Z. The variety of spaces incorporated into office design for Gen Z reflects the same spaces for the open office dissenters of today.

Ultimately, the entrance of Generation Z into the workforce will change the open workspaces to which people have grown accustomed. Change is good, though—it provides an opportunity to address the aural and visual concerns of the existing concept of open office.

FOR MORE INFORMATION CONTACT:

jessica-honakerJessica Honaker
Director of Business Development
D2 Groups

jhonaker@d2groups.com

 

 

 

richard-scottRichard Scott
Marketing Coordinator
D2 Groups

RScott@d2interiorsinc.com

 

 

 

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D2

D2 Interiors, Inc • D2 Branding, LLC • D2CA Architects, LLC
t: 610.238.0330 f: 610.238.0299
2540 Renaissance Blvd, Ste 100
King of Prussia, PA 19406

http://www.d2groups.com/

WCRE FACILITATES SALE OF MAJOR CLASS “A” INVESTMENT PROPERTY IN WESTMONT, NEW JERSEY

 

WCRE FACILITATES SALE OF MAJOR CLASS “A” INVESTMENT PROPERTY IN WESTMONT, NJ

222 Haddon Avenue

222 Haddon Avenue Press Release PDF

July 21, 2016 – Marlton, NJ – WCRE is proud to have successfully represented FMP Haddon, LLC in its acquisition of 222 Haddon Avenue in Westmont, New Jersey. The new ownership group purchased this three story 27,000 SF multi-tenanted mid-rise office building from Lawland Associates, LLC. Chris Henderson, Senior Associate at WCRE exclusively represented the buyer in this transaction.

This well located office building provides the new ownership with a quality asset in a premier location that provides immediate access to the PATCO high speed line and is within close proximity to Philadelphia and the Cherry Hill business district. The walkable surrounding neighborhood is home to numerous amenities, including banks, restaurants, and retailers.

“Our buyer was seeking a long-term income producing property with quality tenants. A deal of this size may be a good indicator that Southern New Jersey is an attractive market for institutional-level investors, and a sign that lenders are still bullish on stabilized assets in quality markets,” said WCRE’s Henderson.

TD Bank and Brown & Connery, LLP are key tenants in the building. Building on their successful relationship, the new ownership has retained WCRE to assist in the marketing and leasing of the remaining vacant suites, which range in size from 4,000-8,000 square feet. 

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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