Tag Archives: Philly commercial real estate
WCRE APPOINTED EXCLUSIVE AGENT FOR 1004-1026 SPRING GARDEN STREET IN PHILADELPHIA
New Assignment Adds to Firm’s Growing Engagement in Pennsylvania
November 7, 2016 – Marlton, NJ – WCRE is pleased to announce its appointment as exclusive leasing agent for 1004-1026 Spring Garden Street in Philadelphia. The property is the former Union Transfer Annex, and is located in the heart of the Spring Arts district. It consists of more than 9,000 square feet, with highly visible street frontage. The lively, walkable neighborhood includes the Union Transfer music venue, new apartments and restaurants on Avenue of the Arts North, and the Reading Viaduct Park in Callowhill, which started construction last week. Next door is 990 Spring Garden, which hosts office space for creative businesses. The area has ample street parking, and is highly accessible to multiple public transit lines.
“WCRE is proud to offer this location in one of Philadelphia’s fastest-growing neighborhoods,” said Leor Hemo, executive vice president of WCRE. “We look forward to applying our WCRE 360 marketing approach to find a new user for this highly-desirable property.”
A marketing brochure is available upon request.
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 & Instagram @WCRE1, and on Facebook at Wolf Commercial Real Estate, LLC. Visit our blog pages at ww.southjerseyofficespace.com, www.southjerseyindustrialspace.com, www.southjerseymedicalspace.com, www.southjerseyretailspace.com, www.phillyofficespace.com, www.phillyindustrialspace.com, www.phillymedicalspace.com and www.phillyretailspace.com.
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When it comes to purchasing commercial real estate, protecting your secure information is critical. The following aricle outlines some of the situations you must be aware of when purchasing commercial real estate.
Regardless if you are purchasing, selling, renting, leasing, or building a commercial property, a wealth of information about you is shared with multiple vendors throughout the transaction. Realtors, Titling Agencies, Real Estate Attorneys, CPAs, and Banks all provide important services when dealing with a real-estate transaction. No one is going to take the security of your data as serious as you, unless it is demanded by compliance requirements OR YOU.
It is time that we, as consumers, start to demand at least the most basic of security controls from the vendors that we work with, especially when purchasing commercial real estate. After all, the effects of carelessness end up effecting us the most. The rest of this article will dive into a few of these recent cyber scams related to real estate and what we can do to protect ourselves.
One of the latest scams in recent months starts when the scammer hacks into a busy real estate agent’s email account. The scammer starts watching emails go back and forth waiting for a big sale that is about to close. As closing day nears, the scammer registers a new email address similar to the agents. (i.e. “Josephine Smith” <email@example.com> instead of “Josephine Smith” <firstname.lastname@example.org> or email@example.com instead of firstname.lastname@example.org.) They then email escrow from this email address acting as the listing agent and tell escrow where to wire the funds for the sale. Usually the deed transferring the title has already been completed and escrow closed before the sellers start wondering where their wire transfer is a few days later.
People are constantly attached to their cell phones now-a-days. With limited data plans many people will connect to the free Wi-Fi networks at your favorite Starbucks or Dunkin Doughnuts. If you’ve every connected to one of these before you may realize the next time that you go back it automatically connects. That is because the network has been saved in your device and your device is constantly looking for these networks so that when it finds one it automatically connects. The problem is that a scammer with a $15 transmitting device can “read” the known networks on your devices and the recreate a fake network with the same name, then just like that your device connects and the scammer has access.
There have been alerts about particular strands of malware that targets settlement software. The malware is called ZeuS Bot and Zero Access Rootkit, which attacks settlement software and issues checks and moves funds into fictitious files. There have been cases of potential loss exceeding $300,000 per incident.
The Consumer Financial Protection Bureau (CFPB) made an advancement in protecting consumer’s information last October. CFPB Compliance is one of the largest safeguards protecting consumer data privacy and it requires title agents and other professionals who handle housing transactions to maintain compliance or else face steep financial penalties. The two most important aspects of maintaining compliance is the security and privacy of NP (non-public information) and TILA-RESPA (Truth in Lending Act and Real Estate Settlement Procedures Act). As of October 2015, all financial data transferred via email must be encrypted. (i.e. HUD documents) Unfortunately, 7 months later I have still seen a lack of compliance to this requirement.
How To Protect Yourself When Purchasing Commercial Real Estate
Doing your due diligence ahead of time when picking entities to help you with your real-estate transaction will not only keep your private information safe. It will ensure that you are working with the leaders in the industry. Those that care about your personal information and understand not only the legal requirements but also the ethical requirements. Which, by-the-way, tend to be the vendors that have mature processes and practices in place to ensure maximum uptime of their services making sure that your transaction goes as smooth as possible. So, here are some tips of what to look for. These apply to everyone involved. Banks, Real-estate Agents, Title Agencies, CPAs, and Attorneys. You’re only as secure as the weakest link.
1) Do not do business with a real-estate agent that uses their personal email addresses from places like yahoo, Gmail, or Aol. This is the sign of “smoke” before a “fire”. Using personal email addresses show a lack of appropriate security controls and structure within the organization. They are often more easily hacked due to the lack of organizational control without the mechanisms to monitor for unauthorized access. Sending personal information about yourself to a free email account can expose you to a slew of security concerns.
2) Do they have a security awareness training? This is vitally important these days since most “breaches” are not technical in nature. They are done by the manipulation of the ignorance of a human.
3) Is there written policies and procedures in place to safeguard their client’s personal information. Having written policies shows that the company has done their due diligence by at least discussing the risk of taking your personal information on a laptop to the Starbucks for free Wi-Fi. What happens if the laptop is in a vehicle and is stolen? Does their written policy say to take laptops home they must have hard drive encryption? I know it sounds to technical to understand or implement, but here’s a little secret. “IT’S NOT ANYMORE” It just takes the adoption of the powers to be. (Sometimes the most difficult of obstacles)
4) Is there a shred policy? At one point your documents are going to be printed. Where do they go after you’re done?
5) Do they store client files in a locking file cabinet? Janitorial staff often comes by on nights and weekends when no one is there. A simple cell phone camera clicks and no one knows the difference. Not even a finger print left behind.
6) Do they use public or shared Wi-Fi? Ask then in casual conversation about password policies. You can make a simple remark like “It’s such a pain, my company makes me change my passwords every six months. Does yours?” BTW, six months is WAY too long to change passwords ESPECIALLY when dealing with financial data.
7) Don’t ever let them fool you by saying “We don’t store that information hear onsite. It’s all stored there so you have nothing to worry.” If they have access to it, that means that anyone that has access to them has access to it!!
8) Ask the agency if what their state’s “security breach notification law” is. Every state has one and they SHOULD know what it is.
9) If you see any agent accessing your personal information on a thumb drive, at MINIMUM, ask for a copy of their organizational wide policy. If they don’t have one you may want them to review the American Land Title Association (ALTA) guidelines surrounding nonpublic information (NPI) stating that “The use of removable data devices, like thumb drives, should be either prohibited outright or strictly controlled via an organization-wide policy.”
10) Ask them to send you a “test” encrypted email. If they cannot do so easily, then that means any backend operations involving YOUR personal information isn’t encrypted in compliance with government regulations.
Following these steps will help when purchasing commercial real estate.
For more information contact:
David J. Humphreys, MS, Security+, CISSP CTO & Principal Security Consultant
phone: 856.316.4144 x103
Kevin Comber, ITIL, CBCP
VP of Business Resiliency
phone: 856.316.4144 x102
Funding Project Infrastructure
Application Period Open for Commonwealth Financing Authority Multimodal Grants.
In 2013, Pennsylvania passed Act 89, legislation that created new funding for investment in transportation projects statewide. One notable element of the bill was the creation of a Multimodal Fund for non-highway capital needs. By the fifth year of the fund, nearly $144 million in will be awarded annually to public and private entities for transportation-related projects statewide. Beginning on March 1st, applications are being accepted for the latest round of funding.
Broadly defined, the multimodal grants are available for planning and capital projects related to ports and waterways, freight and passenger rail, aviation, transit, and bicycle and pedestrian use. Eligible applicants are municipalities, councils of government, private businesses and nonprofits, economic development organizations, public transportation agencies, or railroad and port operators.
Many multimodal grants are used for capital improvements that are purely public in nature, such as the Delaware River Waterfront Corporation’s project to improve Spring Garden Street in the area of I-95. However, multimodal funding can be used to supplement construction of private developments under the banner of streetscape and pedestrian improvements. Examples of recent projects in Philadelphia include:
- AIMCO and the City of Philadelphia are collaborating on the redevelopment of Park Towne Place, an 18-story residential and retail complex. A multimodal grant will fund street and sidewalk repairs, the installation of ADA sidewalks and drive entries, lighting and signage, and the upgrading of shuttle stops along the adjacent Benjamin Franklin Parkway.
- Children’s’ Hospital of Philadelphia (CHOP) will use a grant to help fund the construction of a pedestrian bridge and stairway to link its main campus to the Schuylkill Banks/River Trail. The project will provide a safer crossing over an active rail line.
- The Pennsylvania Real Estate Investment Trust (PREIT) received a grant to renovate the entrances and exits along 9th and 10th streets at the Gallery Mall. The funds will make the area safer and more accessible with improved lighting, streetscapes and signage.
Grants can range anywhere from $500,000 to $3 million. Matching funds are required and project expenditures must take place within certain timeframe to qualify for reimbursement.
There are actually two separately-administered multimodal programs, each with its own set of deadlines. One is jointly administered by the Commonwealth Financing Authority (CFA) and Department of Community and Economic Development (DCED). The application period for CFA/DCED multimodal grants runs from March 1, 2016 to July 3, 2016. Projects will be awarded at the November 2016 CFA board meeting.
The other multimodal fund is administered by the Pennsylvania Department of Transportation (PennDOT); the next application period is expected to open later in 2016. Qualifying applicants may apply to both the CFA/DCED and PennDOT programs for the same project.
Public incentives can be a useful tool for making a project economically viable, but should not be viewed as a primary source of funding. Applicants should also be aware that additional advocacy may be needed as part of a successful application.
If you are developing a project which may qualify for funding, the professionals at Wolf Commercial Real Estate can provide advice on a variety of successful strategies for pursing public and private sources of funding.
For more information:
For more information about Philly or New Jersey office space, Philly or South Jersey retail space or other Philadelphia and Southern New Jersey commercial properties, please call 215-799-6900 or 856-857-6300 to speak with Jason Wolf (email@example.com) Leor Hemo (firstname.lastname@example.org) or Lee Fein (email@example.com) at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate brokerage firm with expertise in Philly office space and Philly retail space.
Wolf Commercial Real Estate is a Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.
Wolf Commercial Real Estate, a Philadelphia and South Jersey commercial real estate broker that specializes in Philadelphia and Southern New Jersey commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new Philly and New Jersey office space or Philly and South Jersey retail space with the Philadelphia and Southern New Jersey commercial properties that best meets their needs. As experts in Philadelphia and New Jersey commercial real estate listings and services, the team at our Philadelphia and South Jersey commercial real estate brokerage firm provides ongoing detailed information about Philadelphia and New Jersey commercial properties to our clients and prospects to help them achieve their real estate goals. If you are looking for Philly or New Jersey office space or Philly or South Jersey retail space for sale or lease, Wolf Commercial Real Estate is the Philadelphia and Southern New Jersey commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.
Please visit our websites for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.
For More Information Contact:
Anthony V. Mannino, Esq.
P: 215 799 6900
D: 215 799 6140
F: 856 283 3950
M: 215 470 6084
While the national economy was affected by turmoil in the global markets, the regional commercial real estate market continued its progress for another quarter, according to the latest quarterly analysis from Wolf Commercial Real Estate, a premier Philadelphia commercial real estate broker that specializes in Philly commercial real estate listings and services, including Philly office space, Philly retail space and other Philadelphia commercial properties.
An expected summer slow-down did slow the pace of transactions, but overall growth, expansion, and positive absorption stayed on track said the report from this Philly commercial real estate brokerage firm. Healthcare, insurance, financial services, defense contracting, and technology companies led the way.
“As in the past several quarters, we saw a healthy volume of transactions due to business expansion and improving job growth during the third quarter,” said Jason Wolf, founder and managing principal of Wolf Commercial Real Estate, a leading Philly commercial real estate brokerage firm.. “We also saw an uptick in deal activity among small and mid-size businesses, which is welcome good news that the market had been waiting for.”
The report from this Philly commercial real estate broker details many factors contributing to continued strength in the market, including large and small lease deals, the beginning of new construction activity, several investment acquisitions of office properties, and continued repositioning among the area’s REITs.
According to the report issued by Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm with expertise in Philadelphia commercial real estate listings and services, including Philadelphia office space and other Philly commercial properties, this repositioning also covers the latest coup for the GROW NJ program, a recently announced 1.7 million square-foot mixed use development along the waterfront in Camden, NJ.
According to Wolf Commercial Real Estate, the third quarter posted approximately 477,983 of new leases and renewals executed in the Philly commercial real estate market. This is a nearly 20 percent improvement over the third quarter a year ago. New tenant leases consisted of approximately 280,360 square feet, and renewals and expansions made up approximately 197,623 square feet. New leasing activity represented approximately 58.7% of all deals for the quarter.
Overall, gross absorption for Q3 is in the range of approximately 233,610 square feet. In addition to the consummated deals, this section of the report from the Philadelphia commercial real estate broker that specializes in Philadelphia commercial real estate listings indicated a pipeline of approximately 350,000 square feet of significant pending lease deals expected to close in the near term.
Other office market highlights in the analysis from Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm that specializes in Philly commercial real estate listings and services, including Philly office space, Philly retail space and other Philadelphia commercial properties:
- Overall vacancy in the market continues to drop, and is now down to approximately 12.15 percent, an improvement of three quarters of a point over the previous quarter. Vacancy in Burlington County is now down to 8 percent, while in Camden County it stands at 16.3 percent.
- The majority of leasing activity for the third quarter was comprised of deals ranging in size from 3,000-80,000 square feet.
- Average rents for Class A & B product continue to show strong support in the range of $10.00-$13.00/sf NNN or $21.00-$23.00/sf gross, with an overall market average showing strong support in the $10.00-$13.00/sf NNN or $20.00-$23.00/sf gross for the deals completed during the quarter. Rents have remained stable.
The full report is available upon request from Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm with expertise in Philly commercial real estate listings and services, including Philadelphia office space and other Philadelphia commercial properties.
For more information about Philly office space, Philly retail space or any Philly commercial properties, please contact Jason Wolf (856-857-6301; firstname.lastname@example.org) or Leor Hemo (856-857-6302; email@example.com) at Wolf Commercial Real Estate, a Philadelphia commercial real estate broker.
Wolf Commercial Real Estate is a premier Philly commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services that include Philadelphia office space and other Philadelphia commercial properties. Wolf Commercial Real Estate markets commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philly commercial properties for buyers, tenants, investors and sellers. Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.
The Philly office space vacancy rate was up over the fourth quarter 2014, with net absorption registering negative 386,143 square feet of office space in Philadelphia in the first quarter 2015, compared to positive 378,460 square feet of office space in Philly in the previous quarter, CoStar’s First Quarter 2015 Market Report said.
Vacant sublease space in the Philly office space market rose in the first quarter, closing the quarter at 1,306,325 square feet of office space in Philly, the market trend report said.
CoStar noted that among tenants that moved into large blocks of office space in Philadelphia in 2015 were: Incyte Corporation, moving into 191,056 square feet in the Philadelphia office space market at 1801 Augustine Cut Off; and National Penn Insurance Services, moving into 126,369 square feet of Philly office space at 645 West Hamilton Street.
Rental rates for office space in Philly closed the first quarter at $21.89, which represented an increase over the fourth quarter 2014, CoStar said.
The first quarter saw seven buildings deliver to the Philly office space market, the report said, adding 145,650 square feet of office space in Philadelphia to the market. At quarter’s end, another 2,602,750 square feet of Philadelphia office space was still under construction, CoStar reported.
In comparison, the national office market vacancy rate declined to 10.9% from the fourth quarter 2014, CoStar said. Net absorption stood at positive 15.4 million square feet in the first quarter, according to the report. Average rental rates nationally grew to $22.74 in the quarter and 244 new office buildings brought more than 16.5 million square feet to the market, CoStar said.
For more information about Philly office space or any Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (firstname.lastname@example.org), Leor Hemo (email@example.com) or Lee Fein (firstname.lastname@example.org) at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate brokerage firm with expertise in Philadelphia office space.
Wolf Commercial Real Estate is a Philadelphia commercial real estate broker that provides a full range of Philly commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.
Wolf Commercial Real Estate, a Philadelphia commercial real estate broker that specializes in Philly commercial real estate listings and services, provides unparalleled expertise in matching companies and individuals seeking new office space in Philly with the Philadelphia commercial properties that best meets their needs. As experts in Philly commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals. If you are looking for office space in Philadelphia for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.
Please visit our websites for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.