In this monthly commercial real estate newsletter for September 2026, the market analysis provided by Wolf Commercial Real Estate (WCRE) highlights key shifts across Southern New Jersey, where Burlington Stores announced plans to divest two major corporate facilities following its decision to relocate headquarters across the river, Atlantic City’s iconic Steel Pier hit the market with an $85 million asking price, and a $100 million adaptive-reuse redevelopment plan was unveiled to convert 130 rooms of Atlantic City’s Sheraton Hotel into senior housing. Concurrently, Patriot Equities is advancing commercial redevelopment plans across a significant portion of the 110-acre former Atlantic City Race Course, Clementon Park and Splash World announced its permanent closure after the 2026 operating season, and WCRE brokered notable regional transactions, including bringing One Holtec Drive in Marlton to 100% occupancy, driving over 9,000 square feet of leasing activity at Cherry Hill Office Center, and closing a new retail lease at Barclay Farms Shopping Center.
The Pennsylvania regional landscape demonstrates significant commercial momentum, led by Burlington Stores selecting Philadelphia’s University City for its corporate headquarters, the ownership of 2000 Market Street securing a $50 million loan for capital improvements, and Hanwha Philly Shipyard committing to a 64,380-square-foot corporate office lease across three floors at the Philadelphia Navy Yard. Healthcare and institutional expansion continues at an aggressive pace, underscored by Penn Medicine partnering with Independence Blue Cross and Regent Surgical to develop 18 outpatient centers across the region, while Philadelphia International Airport acquired a substantial neighboring property to position itself for future operational expansion.
New Jersey Commercial Real Estate Happenings
- Subaru of Cherry Hill New Dealership: Subaru of Cherry Hill is advancing development plans to construct a modern automotive dealership facility across roughly 14 vacant acres situated along Route 70.
- Voorhees Affordable Housing Planned: The Michaels Organization is pursuing an additional large-scale affordable housing development in Voorhees following sustained residential absorption at its recently delivered project.
- Plans to Preserve Barton Run Club: Evesham Township is moving forward with municipal plans to acquire and permanently preserve the former Barton Run Swim Club site as public open space.
- Clementon Park to Close Permanently: Clementon Park and Splash World will close permanently following the completion of the 2026 season, concluding more than a century of amusement operations as the property is placed on the market for sale.
- Patriot Equities Acquires Course: A major portion of the 110-acre former Atlantic City Race Course is advancing toward comprehensive redevelopment under Patriot Equities after remaining dormant for years.
- Camden Beacon Building Plans Shift: Strategic development parameters for Camden’s proposed 25-story Beacon Building have shifted, potentially accelerating construction timelines for the major downtown commercial office tower.
- Burlington Stores Plans to Sell: Burlington Stores plans to market and sell two major corporate facilities in South Jersey following the announcement of its corporate headquarters relocation to Philadelphia.
- AC Sheraton Plans for Redevelopment: A $100 million redevelopment proposal is advancing to convert 130 guest rooms at Atlantic City’s Sheraton Hotel into dedicated senior housing units.
- AC Steel Pier Listed for $85M: One of Atlantic City’s most prominent oceanfront landmark properties, the Steel Pier, has been placed on the commercial market with an asking price of $85 million.
- Former Mt. Laurel Bank Change: A vacant former Wells Fargo bank branch located at Church Road and Maple Avenue in Mount Laurel is slated for adaptive reuse into a Dunkin’ coffee shop.
Pennsylvania Commercial Real Estate Happenings
- 2000 Market Street Secures Loan: Ownership of the Center City office tower at 2000 Market Street secured $50 million in debt financing to support planned building capital upgrades and tenant improvement programs.
- Burlington Stores Plans Philly HQ: Burlington Stores is relocating its corporate headquarters operations from South Jersey across the Delaware River to the University City submarket of Philadelphia.
- Designblendz Doubles Footprint: Architectural and visualization firm Designblendz doubled its regional physical presence by completing a 10,000-square-foot lease in Philadelphia’s Market East corridor.
- PHL Acquires Property: Philadelphia International Airport acquired a sizable adjacent property tract to support long-term terminal, logistics, and airfield expansions.
- Spring Mill Campus Seeks Buyer: Following substantial leasing gains and occupancy stabilization, the ownership of the Spring Mill Campus office complex in Conshohocken announced plans to explore an asset disposition or equity recapitalization.
- Innata Bio Selects Philly for New HQ: Clinical biotechnology firm Innata Bio chose Philadelphia to establish its permanent corporate headquarters facility.
- Neshaminy Mall to Close: Neshaminy Mall in Bucks County will shut down permanently by the end of October after nearly six decades of business due to persistent tenant departures and depressed foot traffic.
- Hanwha Leases at Philly Navy Yard: Hanwha Philly Shipyard expanded its operating footprint at the Philadelphia Navy Yard by securing a 64,380-square-foot commercial lease across three contiguous office floors.
- PHS Signs 18,000 SF Lease on Market: The Pennsylvania Horticultural Society finalized an 18,000-square-foot lease at 1900 Market Street to relocate its long-term Philadelphia headquarters.
- Penn Medicine Plans 18 Centers: Penn Medicine established a strategic joint venture with Independence Blue Cross and Regent Surgical to construct 18 ambulatory surgical and outpatient centers across the regional market.
- Philly Medical Office Rents Rise: The Philadelphia metropolitan medical office sector experienced a 2.5% year-over-year rise in asking rental rates through mid-2026 despite overall moderate leasing transaction volume.
- Water Tower Square Sold: Water Tower Square, a major retail center in Montgomeryville, was acquired by private commercial investors targeting established, grocery- and service-anchored suburban assets.
- Starbucks to Close Three Cafes: Starbucks announced plans to close three additional cafe locations spanning the Philadelphia and South Jersey retail corridors as part of ongoing national market adjustments.
- Glanua Selects Radnor for HQ: Irish water engineering firm Glanua selected Radnor for its primary U.S. corporate headquarters, announcing plans to hire 200 skilled personnel as it expands into the American infrastructure sector.
- Youth Basketball Plans Center: Philadelphia Youth Basketball initiated development plans for a $50 million educational and workforce training center within its expanding campus in North Philadelphia.
