In this months newsletter for the month of May 2026, we at WCRE discuss how in New Jersey, the former Cherry Hill Diner is sold for redevelopment, Caesars Atlantic City expands its beachfront lineup, Inspira Health grows its South Jersey hospital presence, and Tesla gets approval for a new facility. We also discuss happenings in PA where Center City Philadelphia office conversions drive a more mixed-use future, the Tastykake headquarters sells for $87M, Chubb opens a new headquarters at 2000 Arch Street, and DrinkPak begins construction on a massive East Coast manufacturing facility. Additionally, we look at market shifts in New York where Hudson Yards reaches full office occupancy and NY office investment outpaces London by nearly $2 billion.
New Jersey Market Updates
- Former Cherry Hill Diner Sold: Two Cherry Hill commercial properties have been sold for redevelopment, with new car wash facilities planned for both locations.
- Caesars AC Expands New Beach Club: Caesars Atlantic City is expanding its hospitality lineup with the debut of Caesars Beach Club along the Atlantic City shoreline this summer.
- Inspira Health Expands Hospital: Inspira Health is expanding the scope of its major redevelopment project at Inspira Medical Center Mullica Hill to meet growing patient demand across South Jersey.
- Memory Care Facility Proposed: Plans have been submitted by South Jersey Assisted Living of Wilmington, Delaware, to build a memory care facility on a long-vacant property on Evesham Road in Cherry Hill.
- Mt. Laurel Residents Push Back: Residents filled Mount Laurel’s municipal building in November as Mavis Discount Tire sought zoning approval for a new location.
- Camden County Signs Major Lease: Camden County signed a major office lease for 64,601 SF at 3 Executive Campus in Cherry Hill, with plans to occupy the space at the end of 2026.
- Tesla Approved for New Facility: Following Planning Board approval, a long-vacant commercial property along Route 73 in Voorhees will be developed into a Tesla sales and service facility.
Pennsylvania Market Updates
- Center City Office Drives Growth: Center City Philadelphia is continuing its shift toward a more mixed-use future, with office conversions expected to play a major role in reshaping downtown.
- City Hall Development Hits Market: A major development opportunity near Philadelphia City Hall has been brought to market, placing new attention on the future of the Market East corridor.
- Water Tower Center For Sale: Water Tower Square in Lansdale has been listed for sale, bringing another major grocery-anchored retail center to the market in Montgomery County.
- Bonduelle Americas Selects Philly: Bonduelle Americas has selected Philadelphia for its newest office location, expanding operations and planning to add more than 100 jobs in the city.
- Tastykake HQ in Philly Sells for $87M: The South Philadelphia headquarters occupied by Tastykake has changed ownership following an $87M industrial investment sale.
- Chubb Opens New Philly HQ: Philadelphia’s office market welcomed a major milestone as Chubb officially opened its new headquarters at 2000 Arch Street.
- New Bidders Complicate Sale in PA: The future of Philadelphia’s iconic Centre Square complex has become increasingly uncertain as new buyers enter the race for the distressed property.
- DrinkPak Begins Construction: Construction is underway on DrinkPak’s new East Coast manufacturing facility in Philadelphia, following one of the largest industrial lease transactions ever completed in the region.
New York Market Updates
- Hudson Yards Reaches Full Occupancy: Hudson Yards has reached full office occupancy as Manhattan’s leasing market continues strengthening.
- NY Office Investment Outpaces London: New York’s office investment market continues to gain momentum, with office sales exceeding $13.8 billion during the first quarter, outperforming London by nearly $2 billion.
