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Monthly Archives: March 2015


Q1 2015: Pennsylvania and Southern New Jersey Commercial Real Estate Transaction Round-Up

PA NJ Deal Round Up Release March 2015.PDF

Pennsylvania and Southern New Jersey Commercial Real Estate Transaction Round-Up

WCRE Reports an Active Quarter, With Approximately 230,000 Square Feet of Completed Transactions

March 31, 2015 – Marlton, NJ – WCRE has made a few bold moves of late, including expanding into Pennsylvania last fall with the acquisition of industrial expert Lee Fein and hiring former Philadelphia Flyer Brian Propp as director of strategic relationships in January. The firm is now wrapping up a quarter that shows it is gaining traction from these moves on both sides of the Delaware River. The following sales, leases, and exclusive agency assignments were completed by WCRE during the first quarter of 2015.

Sales

WCRE represented Omega Engineering, Inc., which sold the 71,518 square foot warehouse facility at 600 Heron Drive, Bridgeport, NJ to 602 Heron Drive, LLC. The building is situated on six acres within the Pureland Complex, one of the largest industrial parks on the east coast, with more than eleven million square feet of distribution, manufacturing, and light industrial space on 3,000 acres.

Leases

The firm maintained its ongoing successful relationship with Somerset Properties, representing the group in multiple lease transactions totaling approximately 100,000 sf this quarter. WCRE participated in three transactions within the Greentree North Corporate Center in Mount Laurel, NJ, and two additional deals at Somerset’s building at 303 Lippincott Drive in Marlton, NJ. Greentree North is one of the only remaining office parks in Burlington County that offers large contiguous blocks of office space, ranging in size from 9,000 to 31,000 square feet. 303 Lippincott Drive is now 97% leased, with one remaining vacancy of 2,700 SF that can accommodate a small corporate office user. The building is part of the Marlton Crossing Office Park, which has six remaining vacancies from 2,700 to 12,000 square feet. Leases this quarter included:

  • A 6,000 square foot office/flex suite located in at 6000 Commerce Parkway. The new tenant, ProSwim Fitness, is a family-owned and operated company that has been servicing the South Jersey community through personal training, fitness, and coaching for the past 25 years.
  • A 7,500 square foot office/flex suite at 16000 Commerce Parkway to TRC Environmental Corporation (TRC). TRC is a national engineering, consulting, and construction management firm providing integrated services to the energy, environmental and infrastructure markets.
  • A 9,100 square foot office/flex suite also at 16000 Commerce Parkway to 7-Eleven, Inc. 7-Eleven is the world’s largest convenience store chain with some 55,000 stores in 16 countries, of which more than 10,400 are in North America. The Commerce Parkway corridor will offer 7-Eleven a great corporate office location for their expanding business.
  • In anticipation of Hill International’s planned move to Philadelphia later this spring, WCRE successfully back-filled approximately 76,000 square feet of Class A office space at 303 Lippincott Drive before the tenant’s departure.

Additionally WCRE represented Weisman Children’s Rehabilitation Hospital in the leasing of approximately 4,700 square feet of medical office space located at 450 Tilton Road, Northfield, NJ. The property is a 30,000 square foot office building located along the main business corridor of Northfield. It is owned and operated by New Vistas Corporation and headed by Mr. Michael Cohan. This new out-patient facility will allow Weisman Children’s Rehabilitation Hospital to serve the population of the shore towns and surrounding areas within the region.

Lastly, WCRE successfully represented Hanwha Surfaces in the leasing of 40,000 square feet of industrial distribution space at 133 Hartman Road, North Wales, PA. The space is within a 183,600 square foot modern masonry building owned and managed by Nappen & Associates. Hanwha Surfaces is a major manufacturer and supplier of countertop materials for residential and commercial applications. This space will serve as the company’s first new Sales Center concept. The Hanwha Surfaces Sales Center is designed to provide first class service to fabricators, designers, and consumers throughout the Mid-Atlantic Region for viewing and selection of their product lines.

Exclusive Agency Assignments

In addition to consummating numerous transactions, the WCRE continues to earn the trust of new and current clients, in the form of new exclusive agency assignments. The firm was recently retained for the following opportunities.

  • A sale or development opportunity at 1047 North Park Road, Wyomissing, PA. This features a 43,000 sf building situated on approximately 5.5 acres.
  • Multiple retail spaces for lease at the newly constructed shopping center at 121 Berkley Road in Mount Royal, NJ. Suites range in size from 1,967 – 18,000 sf.
  • An office complex/school campus for sale at 710 Laurel Road, Stratford, NJ. This unique offering is comprised of three prestigious buildings totalling +/- 25,000 square feet, situated on about 20 acres with a wooded treeline. The property is located very close to the Rowan University School of Osteopathic Medicine.
  • Five different spaces and/or pads for a variety of uses, from 2,542 sf to 23,658 sf, at The Avery Shoppes, a contemporary retail development in Willingboro, NJ. These spaces are ideal for retail, dining, and/or office users. The center is adjacent to a vibrant residential community.

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 @WCRE1, and on Facebook at Wolf

Commercial Real Estate, LLC. Visit our blog pages at www.southjerseyofficespace.comwww.southjerseyindustrialspace.com, www.southjerseymedicalspace.com, www.southjerseyretailspace.com, www.phillyofficespace.com, www.phillyretailspaces.com, and www.phillyindustrialspace.com.  

 

 

 

 

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Commercial Property Pricing Continues to Climb

research-information-graphic-phlCommercial property prices continued to rise across all property types in most markets in January, according to a new report from the CoStar Group.

The latest CoStar Commercial Repeat Sale Indices (CCRSI) said the two broadest measures of aggregate pricing for commercial properties within the CCRSI  — the value-weighted U.S. Composite Index and the equal-weighted U.S. Composite Index — both rose by 1.2% in January, achieving year-over-year gains of more than 12% in each index.

Bolstered by steady gains in recent months, CoStar said the value-weighted index’s January increase brought the index to a record high.  The research company said the value-weighted index — which reflects prices paid in repeat sales of large, high-quality commercial properties, including those for Philadelphia office space and Philadelphia retail space — is now 7.5% above its 2007 pre-recession peak, primarily as the result of investors driving up prices as they compete for high-end properties.

Meanwhile, CoStar said the equal-weighted composite index maintained its a year-long trend of monthly growth in January, but is still 13.4% below its 2007 pre-recession peak, primarily because its recovery began later in the cycle.  The equal-weighted composite index is influenced by smaller properties as yield-seeking investors direct their capital into secondary markets and property types because of soaring prices in the top core markets, CoStar noted.

Investment sales started the year on a positive note with composite sale-pair volume of $108 billion the twelve months ending in January 2015, an increase of 30% over the prior 12-month period, CoStar said.  The company noted that the 12-month tally of $108 billion did not include June 2014’s $4.4 billion foreclosure sale of Stuyvesant Town-Peter Cooper Village apartments in New York City.

CoStar also noted increases in investor interest for commercial property, including those for Philadelphia office space and Philadelphia retail space.  CoStar said repeat sale volume in the general commercial segment was up 28.2% in January from a year ago, nearly as robust as the 30.7% gain in the investment grade category.

The CoStar report also said that the alignment of buyer and seller price expectations in January stood at its highest level since summer 2008.   The ratio comparing the actual sale price to the asking price for properties sold in January 2015 stood at 91.2%, contracting 2.4 percentage points over twelve months ending January 2015, CoStar said.  It was one of several indications of increased investment liquidity for commercial property, such as Philly office space and Philly retail space.

In addition, the average time properties for sale sat on the market declined by 6.6% while the percentage of properties take off the market by discouraged sellers, dropped by 4.6 points to 35.2% in January from a year before, CoStar noted. Distress sales were down as well, the research company said, dropping to 9.3% of observed sale pair counts for the year ending January 2015 from 16.2% the year prior.

For more information about Philadelphia office space, Philadelphia retail space or other Philadelphia commercial properties, please call 215-799-6900 to speak to Jason Wolf (215-588-8800-cell; jason.wolf@wolfcre.com), Leor Hemo (215-514-1750-cell; leor.hemo@wolfcre.com) or Lee Fein (215-206-5580-cell; lee.fein@wolfcre.com) at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate broker that specializes in Philly office space and Philly retail space.

Wolf Commercial Real Estate is a Philadelphia commercial real estate brokerage firm that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker with expertise in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new Philadelphia office space or Philadelphia retail space with the Philadelphia commercial properties that best meets their needs.  As experts in Philadelphia commercial real estate listings, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for Philly office space or Philly retail space for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

Please visit our websites for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

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Top Philly Office Space Leases in Q4 2014

research information graphicSubaru of America’s new corporate headquarters was the select top Philly office space lease signed in the fourth quarter 2014 in the Philadelphia market, according to a new report from the CoStar Group.

Subaru signed the lease for 250,000 square feet of Philadelphia office space in the Gateway Office Campus – Building 4 in the North Camden County submarket, CoStar’s Fourth Quarter 2014 Market Report said.

The next largest lease signed in the fourth quarter in the market for office space in Philly was for 62,880 square feet at Two Logan Square in the Market Street West submarket, the report noted.

Next up was Thomas Jefferson University Hospital’s lease for 43,369 square feet at 833 Chestnut East in the Market Street East submarket of the Philadelphia office space market, CoStar said.

The report also noted that Comcast Corporation signed a lease in the second quarter for 982,275 square feet at Comcast Innovation & Technology Center in the Philly office space market’s Market Street West submarket.

In comparison to the fourth quarter trends in the market for office space in Philadelphia, CoStar said the largest new leases signed in the U.S. national office space market in the fourth quarter included the 1.89 million-square-foot lease signed by Google, Inc. in the South Bay / San Jose market; Amazon’s 422,682-square-foot office lease in New York City; ServiceNow, Inc.’s deal to lease 310,346 square feet in the South Bay / San Jose market; MITRE’s lease for 270,000 square feet in the Washington market; and Subaru of America’s lease for 250,000 square feet in the Philadelphia office space market.

For more information about office space in Philly or any Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com), Leor Hemo (leor.hemo@wolfcre.com) or Lee Fein (lee.fein@wolfcre.com) at Wolf Commercial Real Estate, a premier Philadelphia commercial real estate broker that specializes in office space in Philadelphia.

Wolf Commercial Real Estate is a Philadelphia commercial real estate brokerage firm that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker with expertise in Philadelphia commercial real estate listings and services, provides unparalleled expertise in matching companies and individuals seeking new office space in Philadelphia with the Philadelphia commercial properties that best meets their needs.  As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philly office space and other Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for office space in Philly for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

Please visit our websites for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

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Philadelphia Industrial Space Deliveries, Construction and Inventory

research information graphicThe Philadelphia industrial space market grew by 327,200 square feet in the fourth quarter 2014 with the completion of three Philadelphia industrial buildings, a new market trend report from the CoStar Group says.

In comparison, four Philadelphia industrial buildings were delivered in the third quarter 2014, adding 906,337 square feet to the Philly industrial space market, according to CoStar’s Fourth Quarter 2014 Market Report. 

Among the notable deliveries of Philly industrial buildings in the year 2014 were:  West Hills Business Center – Building A, a 980,000-square-foot project that delivered in the second quarter and is fully occupied, and Berks Park 78 – Dollar General, a 906,919-square-foot facility that also delivered in second quarter 2014 and also is now 100% occupied, the report said.

Another 16,734,334 square feet of industrial space in Philadelphia was still under construction at the end of the fourth quarter, according to the report.

The largest of the Philadelphia industrial buildings still under construction at year end were Liberty at Shippensburg – Building B, a 1,700,000-square-foot facility with 100% of its space pre-leased, and Majestic Bethlehem Center – Site 2, a 1,644,450-square-foot project that also is fully pre-leased, CoStar said in the report.

Total inventory of industrial space in Philadelphia equaled 1,030,722,790 square feet in 20,377 Philly industrial buildings as the fourth quarter ended, CoStar noted.  The Philadelphia flex space sector comprised 85,676,583 square feet in 3,312 projects and owner-occupied Philly industrial buildings totaled 2,650, accounting for 241,093,478 square feet of Philadelphia industrial space,  the report said.

In comparison to fourth quarter results from the Philly industrial space market, 240 new industrial buildings were delivered to the national industrial market, representing 41.79 million square feet, Costar reported, adding that construction was underway on an additional 164.7 million square feet of industrial space at quarter’s end.

Among the significant deliveries to the national market in 2014, CoStar said, were:  South Washington Park – Building 2, a 227,000-square-foot industrial project in the Northern New Jersey market, and 2150 Opdyke Road, a 168,000-square-foot facility in the Detroit industrial market.  CoStar also noted that 3507 Pasadena Boulevard, a 600,000-square-foot facility in the Houston industrial market, remained under construction at the end of the quarter.  Total U.S. industrial inventory at quarter and year end equaled nearly 21.15 billion square feet in more than 623,000 buildings, of which approximately 90,000 were flex buildings.

For more information about Philadelphia industrial space, Philadelphia flex space or any Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com), Leor Hemo (leor.hemo@wolfcre.com) or Lee Fein (lee.fein@wolfcre.com) at Wolf Commercial Real Estate, a premier Philadelphia commercial real estate broker with expertise in Philly industrial space and Philadelphia flex space.

Wolf Commercial Real Estate is a Philadelphia commercial real estate brokerage firm that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker that specializes in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new industrial space in Philadelphia with the Philadelphia commercial properties that best meets their needs.  As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for Philly industrial space for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

Please visit our websites for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

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