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.com, www.southjerseyindustrialspace.com, www.southjerseymedicalspace.com, www.southjerseyretailspace.com, www.phillyofficespace.com, www.phillyretailspaces.com, and www.phillyindustrialspace.com.
