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’s Commercial Real Estate Market recently Alterra secured millions, Wonder is opening 10 food halls, A cold storage warehouse sold, Exton Square Mall development plans transform, and local developers update us on their plan. For New Jersey there is a ton of Commercial real estate happenings such as, Homes in Evesham replace offices, Cherry Hill zoning changes, BCIT Medford unveils a new expansion, and a Union League is buying a restaurant space. Alternatively in New York there’s only a few happenings in Commercial real estate this month, Manhattan retail leasing market experienced a rebound, and Park Avenue office availability is getting low.
February 2025 – Philadelphia Commercial Real Estate News
- Philadelphia-based Alterra IOS has secured $189 million in financing from Blackstone Mortgage Trust Inc.
- Food hall brand Wonder is making a significant push into the Greater Philadelphia region, with plans to open its first 10 locations this year.
- Quaker Valley Foods sold its 241,000 SF cold storage warehouse at 2701 Red Lion Road, Northeast Philadelphia, for $41M in a sale leaseback deal, ensuring continued operations.
- An Irish technology product developer has signed a long-term lease for 50,000 square feet in Wayne, relocating its local office four miles east while reducing its footprint by 38%.
- Federal Realty Investment Trust will reduce a 30,000-square-foot section of Andorra Shopping Center as part of its $30 million redevelopment.
- Chubb has officially made its mark on Philadelphia’s skyline. The insurance giant’s name was installed atop its future headquarters at 2000 Arch St. in Center City.
- Abrams Realty & Development plans to transform Exton Square Mall by demolishing most of the property.
- Philadelphia’s office market showed signs of stabilization in early 2025, with positive annual net absorption for the first time in five years.
February 2025 – South Jersey Commercial Real Estate News
- Up to 325 multifamily units, in buildings up to four stories, could replace the garden offices at Centre Boulevard and Old Marlton Pike, behind Marlton Crossing Shopping Center.
- Cherry Hill is considering expanding a special agricultural zoning law beyond the Township owned Holly Ravine Farm to help preserve more farmland.
- A ceremony will mark the completion of an $8 million renovation and expansion at the Burlington County Institute of Technology Medford campus.
- South Jersey’s business scene is undergoing significant changes. While some familiar stores are closing their doors, new ones are popping up, offering fresh opportunities.
- Camber Real Estate Partners has partnered with Invesco Real Estate to acquire a five-building industrial portfolio in southwest New Jersey.
February 2025 – New York Commercial Real Estate News
- Manhattan’s retail leasing market experienced a strong rebound in the second half of 2024, driven by a combination of factors.
- Park Avenue, one of New York City’s prime
corporate corridors, is
making a strong
comeback after the
pandemic downturn.
