fbpx
Building Successful Relationships

Monthly Archives: July 2013


WCRE APPOINTED EXCLUSIVE LEASING AGENT FOR ENDURANCE REAL ESTATE GROUP’S RECENTLY ACQUIRED COLWICK BUSINESS CENTER IN CHERRY HILL, NJ

Download PDF

WCRE APPOINTED EXCLUSIVE LEASING AGENT FOR

ENDURANCE REAL ESTATE GROUP’S RECENTLY ACQUIRED COLWICK BUSINESS CENTER IN CHERRY HILL, NJ

cherryhill

July 22, 2013 – Voorhees, NJ – Wolf Commercial Real Estate (WCRE) is pleased to announce that it has been appointed exclusive leasing agent by an affiliate of Endurance Real Estate Group, LLC for its recently acquired Cherry Hill office portfolio located at Colwick Business Center, 53-55-57 Haddonfield Road in Cherry Hill, New Jersey. Colwick Business Center consists of three office buildings comprising approximately 171,215 square feet.

Among many desirable attributes, Colwick Business Center features highly efficient suite layouts, private 24/7 access to each tenant suite, and ample parking. Available suites range in size from 2,500 to 52,000 square feet. The largest contiguous block of vacant space, a 52,000 SF unit at 55 Haddonfield Road, is one of only a handful of vacancies over 50,000 SF in the area.                                         

Current anchor tenants of this premier office complex include The Philadelphia Inquirer, The Internal Revenue Service, and Urban Engineers. The new owner, an affiliate of Endurance Real Estate Group, is committed to making substantial base building improvements and restoring Colwick to its Class “A” campus environment and prestige.

“We are excited to be working with WCRE’s leasing team of Jason Wolf, Leor Hemo, and Christina Del Duca, and I am confident they will be very successful in marketing this premier business center,” said Benjamin Cohen, president of Endurance Real Estate Group.

All of the available buildings are single story office properties, offering all useable space and no loss factor. The efficient layout is very conducive to the open plan environment that many companies are shifting toward in today’s collaborative workplace.

Colwick Business Center is located just west of the Cherry Hill Mall on a stretch of Haddonfield Road that has recently undergone a massive redevelopment renaissance. The area features affluent residential communities, retail centers, hotels, and other amenities attractive to office tenants. The mall has experienced a complete overhaul in the last few years with the opening of Nordstrom and many other high end retail stores and restaurants such as The Capital Grille. There is currently a Super Wawa under construction in the immediate vicinity, which will further expand the retail corridor. Additionally, The Garden State Towne Center, home to Wegman’s, Best Buy, Home Depot, Dick’s Sporting Goods and other high-end retailers, is conveniently located a short distance away on Haddonfield Road.

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, medical, retail, 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, 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. Visit our blog pages at www.southjerseyofficespace.com , www.southjerseyindustrialspace.com , www.southjerseymedicalspace.com , www.southjerseyland.com  and www.southjerseyretailspace.com.

About Endurance Real Estate Group

Endurance Real Estate Group is a diversified regional real estate company that focuses upon the creation, development and management of quality real estate projects in the Mid-Atlantic States for both our tenants and investors.

Endurance’s mission is to provide its investors with the maximum, risk-adjusted returns available and our tenants with the best customer service and property management in the industry.

Endurance Real Estate Group, LLC was co-founded by Benjamin Cohen and William White in 2002. The company is located in Bala Cynwyd, Pennsylvania (near Philadelphia) and concentrates its investment and development activities in Philadelphia and the Mid-atlantic area.

To learn more about Endurance Real Estate Group, LLC, please visit their website at www.endurance-re.com

Share

WCRE APPOINTED EXCLUSIVE LEASING AGENT FOR SOMERSET PROPERTIES’ SOUTHERN NEW JERSEY PORTFOLIO

Download PDF

 

WCRE APPOINTED EXCLUSIVE LEASING AGENT FOR
SOMERSET PROPERTIES’ SOUTHERN NEW JERSEY PORTFOLIO

 

buildings

 

July 15, 2013Voorhees, NJWolf Commercial Real Estate (WCRE) is pleased to announce that it has been appointed exclusive leasing agent by Somerset Properties for its extensive Southern New Jersey office portfolio comprising approximately 307,000 square feet of Class ‘A’ office properties in MountLaurel and Marlton, Burlington County, New Jersey. The leasing team of Jason Wolf, Leor Hemo and Christina Del Duca will be overseeing the project for Somerset. 

Property Highlights:

3000 Atrium Way, Mount Laurel, NJ

This 110,240 square foot, multi-tenanted office building is located in Horizon Corporate Center. It is a five-story office building in the heart Mt. Laurel, with access to many of the main arteries that service Burlington County, including Route 73, I-295, and the NJ Turnpike. There are many shopping centers and restaurants in the immediate area. Amenities include an on-site deli and a 4/1,000 parking ratio.

WCRE has been retained to market the remaining vacant spaces, which range in size from 1,746 – 7,122 square feet, and are available for immediate occupancy. The asking lease price is $11.50 sf/ NNN. 

2000 Crawford Place, Mount Laurel, NJ

This 74,013 square foot, multi-tenanted flex building in Horizon Corporate Center is an affordable option in the heart of Mt. Laurel, with suites available for immediate occupancy. This building offers direct access to Route 73 and is a short distance to both I-295 and the NJ Turnpike. There are many shopping centers nearby, including Greentree Square Shopping Center and the Moorestown Mall. There are also many restaurants in close proximity.

WCRE has been retained to market the remaining vacant spaces, which range in size from 3,390 to 10,000 square feet. This building also has a 4/1,000 sf parking ratio. The asking lease price is $10.00/sf NNN for office and $6.00/sf NNN for warehouse. 

701A Route 73 South Marlton, NJ

This 94,521 square foot, multi-tenanted office building is located in the Marlton Executive Park, in Southern New Jersey’s fast-growing corporate corridor. Having been awarded an Energy Star label in 2011 for its operating efficiency, this four story office building will appeal to tenants who want to reduce operating costs and environmental impact.

This property is situated on Route 73 just south of Route 70, and is just minutes from Exit 4 of the New Jersey Turnpike and Exit 36 of I-295. It features an on-site deli, a 5/1,000 sf parking ratio, and is in close proximity to many shopping centers, including The Promenade at Sagemore.                                              

WCRE has been retained to market the remaining vacant spaces, which range in size from 3,688 – 5,937 square feet, and are available for immediate occupancy. The asking lease price is $11.00/sf NNN.  

701 C Route 73 South, Marlton, NJ

This 27,813 square foot, multi-tenanted building is an efficient single story office building in Marlton. It is situated on Route 73 just south of Route 70, just minutes from Exit 4 of the New Jersey Turnpike and Exit 36 of I-295. The building features ample parking with an 8/1,000 parking ratio.

WCRE has been retained to market the only vacant space, which is 2,784 square feet, and is available for immediate occupancy. The asking lease price is $10.00/sf NNN.    

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

About WCRE

WCRE is a full-service commercial real estate brokerage and advisory firm specializing in office, medical, retail, 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, 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. Visit our blog pages at www.southjerseyofficespace.com, www.southjerseymedicalspace.com, www.southjerseyindustrialspace.com and www.southjerseyretailspace.com

About Somerset Properties

Somerset Properties is a full-service commercial real estate company that owns and operates a wide range of property types. Since 1996 Somerset has been creating value for investors with its entrepreneurial approach to acquiring, managing, leasing, and developing commercial properties. Learn more about Somerset Properties at www.somprop.com

# # #

Share

SECOND QUARTER REPORT: WCRE FINDS SUBSTANTIAL SPIKE IN SOUTHERN NEW JERSEY CRE DEAL ACTIVITY, BUT NEW QUESTIONS ARISE

Download PDF

Trends Remained Positive, But Interest Rate Volatility Signals Possible Shift Ahead

July 1, 2013 – Voorhees, NJ – In yet another sign that the Southern New Jersey CRE market is emerging from the havoc caused by the Great Recession, Wolf Commercial Real Estate reports in its latest quarterly analysis that there were approximately 540,000 sf of new lease deals and renewals executed during the second quarter. About 35 percent, or some 185,000 sf of the total, comprised new deals. The jump in deal activity was one of several positive developments noted in WCRE’s quarterly Southern New Jersey Office and Retail Market Update, which is now in its second year.

“Several of the fundamentals needed for a sustained return to growth are either steadily gaining strength or are already in place,” said Jason Wolf, founder and principal of WCRE. “However, this market still must absorb much more of its vacant space.” The report notes that the stock market closed Q2 up 12 percent on the year – its best first half of a year since 1999 – and that unemployment rates both in New Jersey and nationwide continue to fall, while office space rental rates have stabilized and continue to rise, and retail space rental rates were rising for the first time in five years. Still, according to WCRE vacancy rates in the office market for Class A and B product remain in the range of 18-19 percent. 

Amid all the good news, the report finds a possible indicator that inflation may be on the horizon, noting the sharp rise in the 10-Year Treasury yield through May and June and the effect that could have on interest rates. “If interest rates go up, our borrowing costs go up, which will have an effect on pricing and cap rates,” the report says.

WCRE’s research includes snapshots of the office and retail markets and details on the major deals being consummated or planned. 

Office market highlights from the report:

  • Positive absorption for the second quarter was in the range of 185,000+/-sf of new deals and/or expansions. This is a 20 percent increase over the second quarter of 2012, and an astonishing 80 percent gain over the first quarter of this year.
  • Average rents for Class A & B product remained at or above the improved level they reached last year, continuing to show strong support in the range of $10-$14.00/sf NNN with an overall market average of $11.00/sf NNN for the deals completed during the quarter.
  • Healthcare, computer services, insurance, defense contracting, consulting, engineering, and finance companies all were very active in Southern New Jersey during the second quarter.

Retail market highlights from the report include:

  • Retail landlords are experiencing increased rental rates for the first time since 2008.
  • Overall retail space vacancy has fallen to 15% and the market has stabilized. Community and lifestyle shopping centers have much less vacancy than neighborhood and strip shopping centers.
  • Average rents for upscale lifestyle centers continue to show strong support in the range of $30-$40.00/sf NNN, and average rents for neighborhood and strip shopping centers remian in the range of $15-$23.00/sf NNN.

The full report, including details about several key deals, 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, 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. Visit our blog pages at www.southjerseyofficespace.com and www.southjerseyretailspace.com.

###

 

 

Share

Share

Share