In our January 2025 Newsletter, our team at WCRE discusses the current commercial real estate events that are impacting the Philadelphia and New Jersey markets. In Philadelphia we cover Macy’s closing its Wanamaker building store and the 76ers staying in South Philadelphia. Several real estate transactions also occurred, such as a loan extension for 1600 Market St, the sale of a Navy Yard data center, and the purchase of the Fairless Hills Shopping Center. Additionally, new developments are planned, including luxury apartments in Manayunk and a self-storage facility in Fox Chase. In New South Jersey we cover
January 2025 – Philadelphia Commercial Real Estate News
- Macy’s plans to close its 435,000-square-foot store in the historic Wanamaker building
- The 76ers have decided to remain in South Philadelphia’s sports stadium district
- American Real Estate Partners secured a four-year extension on its $162.5 million loan for 1600 Market St\
- 181 luxury waterfront apartments in Manayunk
- Ocean State Job Lot, has purchased the Fairless Hills Shopping Center
- A West Coast firm expanding in Philadelphia has acquired a Navy Yard data center for $16.3 million
- A six-story self-storage facility is being proposed in Fox Chase
- US Elogistics has leased 517,641 square feet in Fairless Hills.
- 27-story Ten Penn Center office tower in Center City is hitting the market.
- A Bucks County medical office park sold for more than double its 2015 price
January 2025 – South Jersey Commercial Real Estate News
- A 175-unit congregate care and assisted living facility to be constructed along Route 38 in Mount Laurel.
- A warehouse in Lumberton, New Jersey, has been sold for $34.3 million to Dalfen Industrial.
- More than 200 Advance Auto Parts stores are now on the market
- A 25-story office building is being proposed for downtown Camden
- The JCPenney retail space at Cherry Hill Mall has been sold for $4.8 million
- Superior Court judge in Camden ruled against Cherry Hill Township’s decision to revoke zoning permits
- TD Bank is set to begin relocating 1,300 employees from three buildings
- Cooper University Health breaks ground on first phase of its $3 billion Camden expansion
