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Monthly Archives: July 2012


WCRE: SOUTH JERSEY OFFICE MARKET SHOWED POSITIVE SIGNS DURING SECOND QUARTER

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WCRE: SOUTH JERSEY OFFICE MARKET SHOWED POSITIVE SIGNS
DURING SECOND QUARTER
Indicators Point to Cautious Optimism

July 12, 2012 – Voorhees, NJ – Several commercial real estate market indicators pointed in the right direction in Southern New Jersey during the second quarter, leading to cautious optimism, according to a report this week by Wolf Commercial Real Estate. The positive signs include increased deal activity and construction, interest rates remaining near historic lows, and a new crop of landlords investing in improvements to attract or retain tenants. However the market, though improving, is not yet thriving.

“In general the market is active, but this year’s presidential election and the European financial crisis will continue to influence business decisions, which could impact the timing of real estate decisions,” said Jason Wolf, founder and principal of WCRE. “Improvement in the real estate market will still hinge on whether more jobs can be added locally and nationally,” he added.

According to the report, there were more than 450,000sf in renewals and new lease transactions in Southern New Jersey during the quarter, with renewals comprising most of the transactions. Other highlights from the report:

  • Average rental rates have increased for two quarters in a row, and are now higher than they were at this point in 2011. The overall market average is $11.00/sf, NNN with Class A and B product trading in the range of $10-$14.00/sf, NNN. 
  • Positive absorption for the quarter was in the range of 125,000sf of new deals and/or expansions. • Moorestown, Marlton and Mount Laurel are showing strength, while a large share of the region’s vacancies is in Voorhees, Pennsauken, and the west side of Cherry Hill. 
  • Though vacancy is at nearly 20 percent, the market has stabilized. 
  • Both the financial and mortgage services and healthcare sectors continue to be very active, with companies like TRG, PHH, and others expanding rapidly in the area, and the Cooper, Lourdes, and Virtua health systems procuring highly visible sites along major traffic corridors. 

“Construction, absorption, and the lending climate are all positive signs that herald not only job growth, but the fact that companies are showing the confidence to expand, invest, and relocate to this region,” Wolf added. The full report is available upon request.

About WCRE

WCRE is a full-service commercial real estate advisory firm specializing in office, retail, industrial and investment properties. We provide a complete range of real estate services to commercial property owners, companies, 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 @WCRE1, and on Facebook at Wolf Commercial Real Estate, LLC.

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SECOND QUARTER SEES WOLF COMMERCIAL REAL ESTATE GROWING BY CONCENTRATING ON FUNDAMENTALS

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SECOND QUARTER SEES WOLF COMMERCIAL REAL ESTATE GROWING BY CONCENTRATING ON FUNDAMENTALS
New Hires, New Clients, and Community Focus Have Firm Thriving in Its First Year

July 9, 2012 – Voorhees, NJ – Wolf Commercial Real Estate (WCRE) finished the second quarter of 2012 in a strong position, and is poised for continued growth. During the quarter the company, founded earlier this year, added executive vice president Leor Hemo and director of business development Scott Seligman, announced several exclusive listings secured, and followed through on its commitment to support community organizations.

Mr. Hemo, hired in May, brings 12 years of experience as a commercial real estate professional. He is a licensed salesperson in both New Jersey and Pennsylvania. Mr. Seligman is an award-winning professional with nearly 20 years of experience in commercial real estate development, advisory services, the insurance industry, and investments. He was hired in April to attract new clients and help grow the business. The firm anticipates additional hiring this year.

“WCRE is succeeding by focusing on the fundamentals of business,” said founder and principal Jason Wolf. “It’s about much more than the number of signs we can post. Attention to detail, the highest quality work ethic, our intensive marketing process, and building successful relationships with our clients are all contributing to the company’s rapid growth.”

Exclusive Agencies Secured

WCRE is pleased to announce the following exclusive agency assignments awarded during the second quarter:

  • For Lease: 875 Kings Highway, West Deptford. WCRE is offering 1,000-9,000 square feet of professional/medical office space available immediately. Property is under new ownership, with significant renovations underway. Complete property details and highlights at http://bit.ly/Mlkmic.
  • For Lease: 712 Haddonfield Road, Cherry Hill. First floor, 1,250 square feet of fully fit out medical office space across from the retail hub of the Garden State Park power center. Complete property details and highlights at http://bit.ly/KEUieD.
  • For Lease: 600 Cuthbert Road, Westmont. Three spaces from 8,615-9,868 square feet, available immediately in a full service mid-rise building with strong national ownership and onsite management. Excellent location convenient to retail, PATCO, and major roads. Complete property details and highlights at http://bit.ly/J3jzBi.
  • For Sale or Lease: 607-609 White Horse Pike, Audubon. From 2,500-8,500 square feet of office space with convenient access to I-295, surrounded by retail, restaurants, and offices. Complete property details and highlights at http://bit.ly/MThYM1.
  • For Sale or Lease: 1 Allison Drive, Cherry Hill. This is a 12,762 square feet office/flex building located in the heart of Cherry Hill. Convenient to major roads and public transit. Complete property details and highlights at http://bit.ly/Omdil2.
  • For Lease: 63 Kresson Road, Cherry Hill. 2,900 square feet of fully fit-out medical/professional office space in Cherry Hill and close to Haddonfield. Complete property details and highlights at http://bit.ly/MJuj8c. • For Sale or Lease: 1035 North Black Horse Pike, Williamstown. Two fully fit out suites of professional/medical office space, 987 and 1,770 square feet in a newly constructed building. Complete property details and highlights at http://bit.ly/LDbBPw.
  • For Lease: 651 South White Horse Pike (Rt. 30), Hammonton. Up to 7,150 square feet of space in a newly constructed building. Ideal for medical, professional office, or retail. Close to the new AtlantiCare medical and professional facilities. Complete property details and highlights at http://bit.ly/KdTCKk.

Commitment to Community

The success of WCRE is benefitting the community, as well. The company is passionately committed to the health, well-being, and success of the people of Southern New Jersey and the Philadelphia region, and dedicates a portion of the proceeds of each completed transaction to one of several local organizations. Clients also have the option to designate a charity of their choice. So far WCRE has made gifts to the American Cancer Society, the Jewish Federation of Southern New Jersey, and the CARES Institute at UMDNJ. The company is also an active supporter of the Buy Camden County campaign, which encourages consumers to shop locally.

About WCRE

WCRE is a full-service commercial real estate advisory firm specializing in office, retail, industrial and investment properties. We provide a complete range of real estate services to commercial property owners, companies, 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 @WCRE1, and on Facebook at Wolf Commercial Real Estate, LLC.

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