In our December 2024 Newsletter, our team at WCRE discusses the current commercial real estate events that are impacting the Philadelphia, New Jersey, and New York communities. In Philadelphia we talk about new developments in the city such as a new police forensics lab in downtown, approval of new 76ers arena proposal, a joint venture develops new warehouse, and how Wexford invested in renovations to their properties. For New Jersey we talk about how Walmart is closing its fulfillment center, Dick’s House of Sport coming soon, Atlantic City hotel revitalizes itself using a monopoly theme, and how Dalfen buys a logistics center.
December 2024 – Philadelphia Commercial Real Estate News
- Plans to build over 400 apartments near City Avenue in Bala Cynwyd are advancing on the grounds of a recently cleared former office building.
- Office vacancy rates have hit a 45-year high, with predictions that one quarter of U.S. office space could sit empty by early 2026.
- Martin Brower, a global supply chain company and McDonald’s largest supply chain partner has leased a 147,000-square-foot warehouse under construction in Northeast Philadelphia.
- The City of Philadelphia is negotiating to establish the police department’s new forensics lab at University Place 3.0.
- Wawa is closing another Philadelphia location, marking its third closure in the city this year. The store, located at 33 S. 16th St. and spanning 3,000 square feet, will shut down on Monday.
- The Philadelphia 76ers’ proposed Center City arena cleared a key hurdle Thursday, advancing from committee to the full City Council for approval after several delays.
- Endurance Real Estate Group LLC and Greystar-Thackeray plan to develop a 176,000-square-foot warehouse at 205 Schoolhouse Road in Souderton, Montgomery County.
- Facing 80,000 square feet of vacant space at 3711 Market St., Wexford Science & Technology is committing $28.5 million to renovate the University City property.
December 2024 – South Jersey Commercial Real Estate News
- Walmart is set to close another South Jersey warehouse as part of a broader effort to revamp its distribution strategy.
- A new 120,000-squarefoot Dick’s House of Sport will replace the Cherry Hill Office Center at Cherry Hill Mall in New Jersey.
- The 95-year-old Madison Hotel in Atlantic City is on the market for $3.5 million. The historic 13-story building at 125 S. Dr. Martin Luther King Blvd. is located near the former Sands Atlantic City casino site.
- Faropoint has acquired over nine acres in Greenwich Township, Cumberland County, to develop a 73,800 square foot high end warehouse.
- A Texas Roadhouse steak restaurant is officially coming to Marlton, NJ, taking over the recently closed TGI Fridays in the AMC movie theater shopping center on Route 73.
- Atlantic City’s Orange Loop, an area set for revitalization with non casino dining and entertainment, will soon welcome a Monopoly inspired boutique hotel.
- The retailer, which emerged from bankruptcy last year, has filed for Chapter 11 again. Party City Holdings Inc., based in New Jersey, filed for bankruptcy early Saturday in U.S. Bankruptcy Court.
- A recently built, vacant warehouse in Lumberton, New Jersey, has sold for $34.3 million, following the lender’s repossession of the site.
