In this months newsletter for the month of February 2026, we at WCRE discuss how in New Jersey, Bahama Breeze is set to close, Hard Rock launches a $50 million renovation, an industrial building in Cherry Hill sells for $8.4 million, and a medical facility housing Cooper University Health Care sells for $53.9 million. We also discuss happenings in PA where Di Bruno Bros closes retail locations, Amazon plans a redevelopment in King of Prussia, CBS renews a 74,000 SF lease, and ArchWell Health opens health centers in Philadelphia, and we also discuss market shifts in New York where the Federal Reserve pauses interest rate cuts, Manhattan office leasing achieves positive net absorption, and pharmacy closures reshape prime retail corners.
New Jersey Market Updates
- Bahama Breeze Set To Close: The Bahama Breeze restaurant at Cherry Hill Mall will close on or before April 5, 2026, as announced by parent company Darden Restaurants.
- Voorhees Town Center Redevelopment: The project to redevelop the former Echelon Mall depends on securing a $90 million tax credit from the State of New Jersey.
- Hard Rock Launches $50m Reno: Hard Rock Hotel & Casino Atlantic City is investing $50 million to renovate more than 760 rooms and suites.
- Industrial Building Sold: C. World Bell Wholesale Co. purchased a 166,489-square-foot industrial building in Cherry Hill from Gannett for $8.4 million.
- Cooper Health Sells For $53.9m: The Voorhees building housing Cooper University Health Care’s ambulatory surgery and specialty care center has sold for $53.9 million.
- South Jersey Developer Files Lawsuit: RL Cold and a joint venture between RealtyLink and BGO have secured a certificate of occupancy for a new cold storage facility in Mount Laurel.
Pennsylvania Market Updates
- Dibruno Bros To Close Locations: The specialty grocery chain announced that three of its five retail locations will close in the coming weeks.
- The Learning Experience Expands: 13 new childcare and early education centers are opening across Greater Philadelphia.
- Iron Hill Brewery To Reopen: The Center City location of Iron Hill Brewery & Restaurant will reopen under new management.
- Germantown Friends School Expands: The school has purchased a prominent building on Germantown Avenue for just over $2 million.
- Amazon Redevelopment In Kop: Amazon plans to demolish a vacant office building in King of Prussia and replace it with a 99,300-square-foot warehouse.
- Cigna Continues To Downsize: The company is shedding more than half of its office space in a prominent Center City tower.
- Market East Advisory Revitalization: The city has received over 1,000 ideas for revitalizing the commercial corridor since the advisory group’s launch.
- PRP Real Assets Lists Office Tower: A fully leased suburban Philadelphia office property anchored by Cencora is heading to market.
- Archwell Health Opening 3 Locations: The senior primary care provider has entered the Philadelphia market with three open centers and plans for five more.
- Firehouse Subs Philly Expansion: The chain plans to reenter and reinvest heavily in the Philadelphia region after a three-year absence.
- CBS Renews 74,000 Sf Lease: CBS signed a long-term extension for its 74,000-square-foot office at 1500 Spring Garden Street.
- Saint Gobain Renews Hq Lease: The renewal secures the company’s North American headquarters presence in Malvern through at least 2042.
- Spread Bagelry Doubling Store Count: The brand is seeking to raise $15 million to double its store footprint by the end of 2028.
- Philadelphia Legal Assistance Moves: The nonprofit providing free civil legal services has signed a new lease in Center City.
- Nordstrom Rack Expands: Nordstrom will open two new Nordstrom Rack locations in Eastern Pennsylvania this fall.
New York Market Updates
- Federal Reserve Pauses Interest Rate: The Federal Reserve voted to pause interest rate cuts, citing confidence in economic stability.
- US Cre Prices Rise As Office Stabilizes: National commercial real estate prices increased over the past year, with office properties leading the recovery.
- Office Leasing Drives Market Recovery: Manhattan office leasing achieved positive net absorption for the first time since 2019.
- Manhattan Retail Lease Rebounds: Vacancy rates are declining across key retail corridors following a post-pandemic rebound.
- Pharmacy Closures Reshape NY: A major contraction in the U.S. pharmacy sector is reshaping prime corners and neighborhood retail in New York.
