Our team at WCRE discusses the current commercial real estate events that are impacting the Philadelphia and New Jersey markets in our March 2025 newsletter. In New Jersey’s Commercial Real Estate Market Velocity upgrades a small-bay park, A Former TGI Friday’s spot is for sale, a new Go-Kart plan is put in place for Route 70, a new gaming venue is set to open on Route 38 in Cherry Hill, & the Cherry Hill zoning board rejects a Go-Kart Venue. In Philadelphia, the FEDs plan to sell U.S. custom house, PPA garage is set to be redeveloped, King of Prussia retail building hits the market, the Goldenberg Group lists a site for sale, Musk’s DOGE cancels office leases, & TD Bank is closing a total of 4 branches in the Philadelphia region.
March 2025 – Philadelphia Commercial Real Estate News
- Velocity Venture Partners LLC has fully leased Velocity 55 Industrial Park in Pitman, Gloucester County following a multimillion dollar renovation.
- The Mexican Food Factory site in Marlton sold for $2.3M on Feb. 7. and is turning into a cannabis dispensary.
- A former TGI Fridays, located at 2125 Route 38near Cherry Hill Mall is up for sale as a potential redevelopment site.
- A multi-level go-kart racing venue is planned for the Route 70 entrance of Cherry Hill’s Garden State Park shopping complex.
- An international gaming company plans to open an interactive venue in a former Rite Aid on Route 38 in Cherry Hill.
- The Cherry Hill zoning board rejected a proposed $25 million Supercharged Entertainment venue at the Garden State Park entrance, citing traffic and parking concerns.
- The Plaza Grande, a luxury 55+ rental community in Cherry Hill, is approaching completion after two decades of development efforts.
- A former power plant in Pennsville Township has been transformed into the Garden State Logistics hub, located next to the Delaware Memorial Bridge.
- Barclays Rehabilitation and Health Care Center is seeking Cherry Hill Township’s approval for upgrades to its Route 70 facility.
March 2025 – South Jersey Commercial Real Estate News
- Amid the Trump administration’s effort to cut federal spending, the General Services Administration has listed three large Philadelphia office buildings for sale.
- The Philadelphia Parking Authority will demolish a five-story parking garage near Jefferson Health’s Center City campus to make way for a new eight-story garage.
- A 10,000 SF retail building across from the King of Prussia Mall is on the market for $13.29M ($1,329 per SF), one of the highest price-per-SF rates in the region.
- Goldenberg Group has listed a key property at Broad and South streets, signaling a shift in its redevelopment plans.
- Elon Musk’s Department of Government Efficiency (DOGE) is scaling back the federal real estate footprint, putting office space in Greater Philadelphia on the chopping block.
- TD Bank plans to close 38 branches across its footprint, including four in the Philadelphia region, amid massive penalties tied to U.S. anti-money laundering issues.
- The fully leased Bensalem Shopping Center has been sold to a local private investor for $20.5 million, or $188 per square foot, according to industry sources.
- Philadelphia’s industrial market showed resilience in early 2025, sustaining strong tenant demand despite a national leasing slowdown.
- Mayor Cherelle Parker announced that the city’s new forensics lab will be housed at University Place 3.0.
- The King of Prussia Mall is nearing a deal to bring new retail and entertainment to the former JCPenney building.
- Abrams Realty & Development has officially acquired Exton Square Mall, finalizing the purchase on Tuesday.
- Philadelphia’s retail market showed signs of weakening as it approached 2025, with annual net absorption reflecting the net change in occupied retail space.
- The developer of the Village at Valley Forge is in talks with potential medical tenants for a build-to-suit facility on the last remaining undeveloped portion of the project in KOP.
- Keystone has secured $42 million from Arbor Realty Trust to convert a 175,000- square-foot office building at Plymouth Meeting Mall into Monarq, a 149-unit residential community.
- NorthPoint Development is shifting its strategy to include a 2 millionsquare- foot data center at its Keystone Trade Center in Bucks County.
- Mayor Cherelle Parker unveiled a plan Monday to use $1 billion in city-owned land to support her H.O.M.E. initiative, aiming to create and preserve 30,000 housing units.
- Philadelphia restaurant group Glu Hospitality has shut down, splitting its 16 locations across nine concepts among new owners and leaving vacant spaces across the city.
- An entity affiliated with Eclipse Development, a new Philadelphia firm, has purchased a Center City office building from the American Red Cross for $7.2 million.
- Philadelphia stands out as the most stable office market among the 15 largest U.S. markets heading into spring, with a year of occupancy gains bringing its office availability rate to 14.1%.
