Tag Archives: South Jersey commercial real estate brokerage firm


New Jersey Bill Aims to Help Vacant Malls, Office Parks

New Jersey lawmakers are making a new legislative push to help rid the state of its vacant and half-empty malls and office complexes, properties that have fallen victim both to e-commerce and a new preference in corporate America for urban settings.

Under a bill that recently came out of committee in the state Legislature, “buildings used, or previously used, as a shopping mall, shopping plaza, or professional office park,” that have been vacant or partially vacant in the South Jersey retail space commercial real estate market with less than 50 percent occupancy for at least two years, can qualify to be designated as needing redevelopment.

This report involving South Jersey retail space commercial properties is being made through South Jersey commercial real estate broker Wolf Commercial Real Estate, a South Jersey commercial real estate brokerage firm.

Once a municipality in the South Jersey retail space commercial real estate market designates an area as needing redevelopment, that site becomes eligible for economic incentives from the town – including being able to make payments in lieu of taxes, or Pilot programs. The bill’s goal is to spark the repurposing of such underutilized and sometimes rundown properties by developers.

With the demise of many retail chains among all South Jersey commercial real estate properties – and the rise of online shopping – malls across the nation have struggled with vacancies and closings. New Jersey has been hit particularly hard by office-park vacancies, because of its large supply of suburban office stock at a time when the millennial workforce is favoring downtown workplaces.

“Without the help proffered by this bill, there is good chance that investors will just be unwilling to take on these complex redevelopment projects, and the malls will deteriorate, cease to provide revenue support for the towns in which they’re located and, not least, they will go from being a destination to unattractive and possibly dangerous, lightly occupied, vestiges of a time gone by,” said one industry spokesperson.

The bill, whose sponsors include State Assemblywoman Carol Murphy, a Democrat representing Legislative District 7, basically updates and expands the types of South Jersey commercial real estate listings that can qualify as being in areas in need of redevelopment.

Murphy said she is very familiar with the issue of vacant malls in part because of what has happened within her own area, Burlington County. Earlier this year, Sears, the last retail tenant in the once-busy Burlington Center mall at 2501 Mount Holly Rd. in Burlington, New Jersey, shut its doors in the South Jersey retail space commercial real estate market, leaving a vacant shopping center in its wake.

“What used to be a thriving shopping center, a shopping mall, is now completely closed,” Murphy said. “So that’s sitting there and we’re trying to figure out what we’re going to do with that.”

Real estate firms dealing with South Jersey commercial real estate listings should be financially encouraged to look at existing, empty retail and office properties to redevelop “without having to take up more of our free land and space,” she said.

For more information about South Jersey retail space or other South Jersey commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, a leading South Jersey commercial real estate broker that specializes in South Jersey retail space.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier South Jersey commercial real estate brokerage firm that provides a full range of South Jersey commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other South Jersey commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a South Jersey commercial real estate broker with expertise in South Jersey commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new South Jersey retail space with the South Jersey commercial properties that best meets their needs.

As experts in South Jersey commercial real estate listings and services, the team at our South Jersey commercial real estate brokerage firm provides ongoing detailed information about South Jersey commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for South Jersey retail space for sale or lease, Wolf Commercial Real Estate is the South 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 South Jersey commercial properties for lease or sale through our South Jersey commercial real estate brokerage firm.

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Casinos Hit Jackpot as Court Allows Legalization of Sports Betting

In a boost not to just Atlantic City but to betting venues across the country, the Supreme Court this week overturned a 1992 federal law that had prohibited most states from authorizing sports betting.

The court said the federal law violated constitutional principles limiting the federal government from controlling state policy involving this specific portion of the U.S. commercial real estate market – which includes South Jersey retail space. It unconstitutionally required states to prohibit sports betting under their own laws.

This report on trends in the U.S. and South Jersey commercial properties market is being made through South Jersey commercial real estate broker Wolf Commercial Real Estate, a South Jersey commercial real estate brokerage firm.

Atlantic City, which has seen five of more than a dozen casino/hotels closed over the last five years, will see two of them re-open next month under new ownership and management. The new operators were placing their bets in part on New Jersey winning its case at the Supreme Court, which would be a positive move for both the national and South Jersey commercial real estate markets.

The floodgates now are officially open for other states to allow sports betting as well, said Daniel Wallach, a gaming and sports law lawyer with the law firm of Becker & Poliakoff in Fort Lauderdale, as consensus is that this Supreme Court decision is significant for both national and South Jersey commercial real estate properties.

With states now authorized to legalize sports betting, Wallach predicts there will be a flurry of state legislation related to U.S. and South Jersey commercial real estate listings in hopes of raising revenue from the activity.

New Jersey racetracks and casinos – both key parts of the U.S. commercial real estate market, including South Jersey retail space – already have mobilized and could be taking bets before the end of the summer, Wallach said. Other states will not be far behind as Pennsylvania, Connecticut, West Virginia, and Mississippi have already passed bills, and an additional 14 states have introduced bills.

The U.S. Supreme Court heard oral arguments last December in a case brought by the state of New Jersey arguing for the right to allow sports betting in the state.

The decision was a setback for professional and collegiate sports leagues and organizations, including the National Collegiate Athletic Association, the National Football League, Major League Baseball and National Basketball Association that supported the ban on sports betting, contending the ban is necessary to protect the integrity of their games.

For more information about South Jersey retail space or other South Jersey commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, a leading South Jersey commercial real estate broker that specializes in South Jersey retail space.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier South Jersey commercial real estate brokerage firm that provides a full range of South Jersey commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other South Jersey commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a South Jersey commercial real estate broker with expertise in South Jersey commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new South Jersey retail space with the South Jersey commercial properties that best meets their needs.

As experts in South Jersey commercial real estate listings and services, the team at our South Jersey commercial real estate brokerage firm provides ongoing detailed information about South Jersey commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for South Jersey retail space for sale or lease, Wolf Commercial Real Estate is the South 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 South Jersey commercial properties for lease or sale through our South Jersey commercial real estate brokerage firm.

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Casino Firms Roll the Dice Again on Atlantic City

Placing their bets on a slowly rebounding local economy — and the prospects for legalized sports gambling in the state of New Jersey soon — investors are planning to re-open two shuttered casinos in Atlantic City this summer.

Hard Rock International and an affiliate of Integrated Properties in Denver, both major players in the U.S. commercial real estate market – which includes South Jersey retail space, are moving forward with plans to open new casinos along the famed Boardwalk after acquiring the closed properties at rock-bottom pricing. The openings are not without risk as they will compete for gaming revenue that still is nowhere near what it was 10 years ago at the city’s peak.

This report on trends in the U.S. and South Jersey commercial properties market is being made through South Jersey commercial real estate broker Wolf Commercial Real Estate, a South Jersey commercial real estate brokerage firm.

Competition for gaming dollars already is heating up. Casinos in Atlantic City have been dropping their hotel room prices to those you might see along a lonely stretch of an interstate highway (rooms from $44 a night), which is about 30 percent lower than previously offered lows. Guests also are being enticed with increased spa and dining credits, free drinks while gambling and up to $400 in online poker deposits.

Despite the increased competition, including some coming from the national and South Jersey commercial real estate market, owners of existing casinos in Atlantic City said they hope the addition of new attractions helps bring in more traffic.

“We view the openings as a net positive for Atlantic City,” said John Payne, president and chief operating officer of VICI Properties, which owns the real estate under two other Atlantic City casinos. “As real estate owners, we view what’s occurring in the market through a different lens than operators. We expect our assets to benefit from the increased traffic. Altogether, these openings help further build out and bring more positive attention to Atlantic City.”

More gambling and more visitors – many with connections to national and South Jersey commercial real estate properties – mean enhanced property values for real estate owners, Payne said.

“Our two Atlantic City properties — Caesars Atlantic City and Bally’s Atlantic City — are located on the Boardwalk in proximity to The Hard Rock,” Payne said. “We expect The Hard Rock will be very proactive about driving new business to the Boardwalk area, and its unique focus on entertainment will be a key differentiator in the marketplace.”

The unknown for Caesars and the other casino operators is what happens with New Jersey’s bid to legalize sports betting. The U.S. Supreme Court heard oral arguments last December in a case brought by the state of New Jersey arguing for the right to allow sports betting in the state. The Supreme Court has yet to issue a ruling in this case that has major implications for several firms dealing in U.S. and South Jersey commercial real estate listings.

“We think [sports betting] will benefit our casinos in New Jersey,” Eric Hession, chief financial officer of Caesars, said. “We know for example that here in Las Vegas, some of our top days are the Super Bowl and NCAA [Final Four] weekend and some other sporting event days. People will want to go to Atlantic City on weekends to watch football and bet in our sports books, which will become potentially larger components of the property.”

The first new casino scheduled to open will be the Hard Rock Hotel & Casino opening June 28. The property was taken over out of bankruptcy by affiliates of Carl Icahn’s Icahn Enterprises. The Seminole Tribe of Florida, which owns the Hard Rock chain, bought the property a year ago for $300 million.

Last month, Icahn cashed in his other Atlantic City casino, after agreeing to sell its majority-owned subsidiary, Tropicana Entertainment Inc. and its seven casinos, for a total price of $1.85 billion. That deal amounts to a sale price of $370,520 per hotel room Tropicana owns. Icahn paid what amounted to $106,270 per room for the 1,882-room Tropicana Casino & Resort in Atlantic City when he gained control of it in 2009.

The other hotel-casino property slated to open in Atlantic City this year is the 1,399-room Ocean Resort Casino at 500 Boardwalk. Denver-based AC Ocean Walk acquired the former Revel Casino for $200 million this past January. The property once carried a $3 billion valuation. Hyatt Hotels Corp. is partnering with AC Ocean Walk, an affiliate of Integrated Properties, in the venture.

At 60 stories, it is the tallest structure in Atlantic City and stands out in the U.S. commercial real estate market – including South Jersey retail space. The expansive 6.4 million-square-foot resort is to feature a 138,000-square-foot casino, 160,000 square feet of indoor meeting and convention space, another 90,000 square feet of flexible outdoor special event space, five swimming pools and a 32,000-square-foot fitness center.

For more information about South Jersey retail space or other South Jersey commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, a leading South Jersey commercial real estate broker that specializes in South Jersey retail space.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier South Jersey commercial real estate brokerage firm that provides a full range of South Jersey commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other South Jersey commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a South Jersey commercial real estate broker with expertise in South Jersey commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new South Jersey retail space with the South Jersey commercial properties that best meets their needs.

As experts in South Jersey commercial real estate listings and services, the team at our South Jersey commercial real estate brokerage firm provides ongoing detailed information about South Jersey commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for South Jersey retail space for sale or lease, Wolf Commercial Real Estate is the South 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 South Jersey commercial properties for lease or sale through our South Jersey commercial real estate brokerage firm.

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WCRE ADDS RYAN BARIKIAN TO NEW JERSEY TEAM

WCRE ADDS SENIOR ASSOCIATE

Ryan Barikian to serve expanding roster of clients at regional commercial real estate firm

Ryan Image

Ryan Barikian Release PDF

August 10, 2016 – Marlton, NJ – Wolf Commercial Real Estate (WCRE) is pleased to announce the hiring of Ryan Barikian, who will serve as Senior Associate.  Barikian brings eight years of sales and leadership experience in the commercial and residential title insurance industry to complement the skilled team at WCRE.

As Senior Associate, Ryan will work closely with the WCRE sales team to generate new business relationships with banks, developers, loan servicers, investors and other service professionals in the real estate industry.

A consummate business connector, Ryan has developed an extensive network of trusted relationships throughout the Southern New Jersey and Greater Philadelphia markets. He has an extensive understanding of the roles which attorneys, underwriters, accountants, and other service professionals play in commercial real estate transactions. His extensive knowledge of the title and settlement process gives him unique insights that will aid and inform clients.

“Each new member of our team strengthens our ability to meet specific needs and build even more successful relationships with our clients and community,” said Jason Wolf, founder and managing principal of WCRE. “Ryan brings a valuable background as a leader and real estate professional that will allow WCRE to serve clients in new ways.”

About WCRE

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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WCRE Regional Investment Market Update

Those of you that have been tracking the Southern New Jersey commercial real estate leasing market are well aware that we are approaching our 3rd consecutive quarter of decreasing office leasing activity. There are a few factors directly responsible for this, none of which include the word Brexit. 

Even with the slow-down in leasing activity, a flurry of active investors are looking to South Jersey and greater Philadelphia for better returns.  We’ve recently seen one investor that was not previously active in this market purchase multiple assets from major REITS, making it one of the top 5 owners (by square footage) of Class A Office properties.  This previously New York-focused investor completed at least 8 South Jersey acquisitions in 18 months – and may not have satisfied their appetite for investment properties in this market just yet! 

The example of this single investor/owner highlights a broader trend.  The continued demand for income-producing assets in and around Philadelphia is driven by the easy access to cheap capital, combined with better returns of 150+ basis points being achieved in South Jersey, offering a much more favorable risk profile when compared to markets such as NYC.  Many REITS are also exiting suburban properties to redeploy cash, thereby opening up opportunities for new-to-market investors. 

Right now, everyone is focused on the impact that Brexit and the upcoming U.S. Presidential Election could have on the markets.  From an investment standpoint, the real focus should be on volatility and uncertainty within a specific asset class.  Investors want to be certain, right?  Always.  

While we don’t all have a crystal ball, investors can still pay attention to research-based analytics to identify the appropriate risk/return profile.  At Wolf Commercial Real Estate (WCRE), that is what we do, all day, every day.  The ease of access to capital at historically low interest rates is greater than any time in the past 10 years.  At the same time, there are greater opportunities to purchase quality properties in a stable market.  The returns have never been greater for commercial real estate assets in Southern New Jersey and Philadelphia.   

WCRE can help you take advantage of this unique set of market conditions.  Our investment team has years of experience with a variety of asset classes in the region.  They can help you find just the right property to create better certainty, increased returns, and greater diversification to your real estate investment portfolio. 

If you are considering the sale or purchase of property as an investment vehicle, the professionals at WCRE can provide the right guidance and analysis to help generate the maximum return on your assets.

Please visit our website at www.wolfcre.com for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our New Jersey and Pennsylvania commercial real estate brokerage firm.

For More Information Contact:

transfer-taxesAnthony V. Mannino, Esq.

P: 215 799 6900

D: 215 799 6140

F: 856 283 3950

M: 215 470 6084

Email Me>>>

 

For More Information Contact:

johntJohn T. Mozzillo

P: 856 857 6300

D: 856 857 6304

F: 856 283 3950

M: 856 816 6973

Email Me>>>

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WCRE FACILITATES SALE OF MAJOR CLASS “A” INVESTMENT PROPERTY IN WESTMONT, NEW JERSEY

 

WCRE FACILITATES SALE OF MAJOR CLASS “A” INVESTMENT PROPERTY IN WESTMONT, NJ

222 Haddon Avenue

222 Haddon Avenue Press Release PDF

July 21, 2016 – Marlton, NJ – WCRE is proud to have successfully represented FMP Haddon, LLC in its acquisition of 222 Haddon Avenue in Westmont, New Jersey. The new ownership group purchased this three story 27,000 SF multi-tenanted mid-rise office building from Lawland Associates, LLC. Chris Henderson, Senior Associate at WCRE exclusively represented the buyer in this transaction.

This well located office building provides the new ownership with a quality asset in a premier location that provides immediate access to the PATCO high speed line and is within close proximity to Philadelphia and the Cherry Hill business district. The walkable surrounding neighborhood is home to numerous amenities, including banks, restaurants, and retailers.

“Our buyer was seeking a long-term income producing property with quality tenants. A deal of this size may be a good indicator that Southern New Jersey is an attractive market for institutional-level investors, and a sign that lenders are still bullish on stabilized assets in quality markets,” said WCRE’s Henderson.

TD Bank and Brown & Connery, LLP are key tenants in the building. Building on their successful relationship, the new ownership has retained WCRE to assist in the marketing and leasing of the remaining vacant suites, which range in size from 4,000-8,000 square feet. 

About WCRE

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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WCRE APPOINTED EXCLUSIVE AGENT TO SELL FORMER FRIENDS ACADEMY OF WESTAMPTON

WCRE APPOINTED EXCLUSIVE AGENT TO SELL FORMER FRIENDS ACADEMY OF WESTAMPTON

315 Brige
Press Release PDF

June 28, 2016 – Marlton, NJ – Wolf Commercial Real Estate (WCRE) is pleased to announce that it has been appointed exclusive agent to sell the former Friends Academy of Westampton, located at 315 West Bridge Street, Westampton, New Jersey.  The listing adds to WCRE’s growing number of assignments for the sale of educational and institutional properties in the region.

315 West Bridge Street consists of more than 28,000 square feet in four buildings on an 11-acre site.  The former school complex has a campus-like atmosphere with classrooms, offices, and full-sized basketball courts, in addition to conference space and a library.  The complex was initially constructed in 2004, and has ample room for expansion.

David Jones, Board Member and Clerk for Friends Academy of Westampton said, “We were searching for experienced commercial real estate firms who were knowledgeable about local demographics and school properties.  WCRE stood out because of their extensive experience working with schools and a breadth of knowledge of the local real estate market.  They also understood our values and showed sensitivity concerning our position and desires.”

WCRE’s sales team of Chris Henderson and Leor Hemo said, “WCRE is proud to partner with Friends Academy as our latest relationship in Southern New Jersey.  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. 

About WCRE

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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WCRE FIRST QUARTER REPORT: SEASONAL SLOW-DOWN, SHAKY FINANCIAL MARKETS TAKE TOLL ON SOUTHERN NEW JERSEY, BUT AREAS OF STRENGTH REMAIN

Philadelphia Continues its Strengthening Trend

Q1 2016 Press Release in PDF

April 7, 2016 – Marlton, NJ –Commercial real estate brokerage WCRE reported in its latest quarterly analysis that 2016 began much as 2015 ended: with Southern New Jersey commercial real estate growth slowing down somewhat. The report included some reasons to stay optimistic, such as continuing healthy activity levels among local bellwether industries, the ongoing decline in office vacancy rates, and signs of gradual business expansion.

“The first quarter was marked by volatility in the financial markets, which seemed to have stabilized by the end of the quarter,” said Jason Wolf, founder and managing principal of WCRE. “This uncertainty, coupled with the expected cyclical slow-down due to winter weather seem to have been a drag on our market, but we believe the overall outlook is still strong.”

There were approximately 326,533 square feet of new leases and renewals executed in the three counties surveyed, which represents a drop of +/- 30 percent compared with the first quarter of 2015. The quarter also saw a drop in prospecting, with about 200,000 SF of lease deals in the pipeline and expected to close in the near term. Still, the trend of positive absorption continued, making up approximately 146,532 square feet of total activity, up about ten percent over the previous quarter. Vacancy rates continued to improve, as well, and several large trophy assets changed hands as owners repositioned and new investors entered our market.

Other office market highlights from the report:

  • Overall vacancy in the market continues to drop, and is now down to approximately 11.45%. This is a slight improvement over the previous quarter.
  • Average rents for Class A & B product continue to show strong support in the range of $10.00-$14.00/sf NNN or $21.00-$25.00/sf gross for the deals completed during the first quarter. This is essentially unchanged from the previous two quarters.
  • All of the major private owners and REITS showed moderate leasing and prospect activity for the first quarter – with Burlington County vacancies tightening up, many larger vacancy opportunities are also shifting towards Camden County, which is not controlled by these ownership entities.
  • New Jersey’s unemployment rate moved lower for the 13th consecutive month, down to 4.3 percent. It is down by two full points over the past year and is now at the lowest level since August 2007.

WCRE has expanded into southeastern Pennsylvania, and the firm’s quarterly reports now include a section on transactions, rates, and news from Philadelphia and the suburbs. Highlights from the first quarter Pennsylvania section include:

  • The Philadelphia regional office market is continuing its positive trajectory from 2015 in terms of rental rate growth and decline in vacancy rates. While much of this is felt in the CBD core, some of the suburban markets are experiencing similar activity. Repositioning of older Class B product to Core Class A assets coupled with the strong investor appetite for value-add deals is anticipated to continue through 2016.
  • Center City Philadelphia, specifically Market East, is experiencing a resurgence of activity including PREIT’s “top-to-bottom” renovation at the Gallery at Market East. Rental rates in the CBD are at all-time highs while demand from both regional and national tenants continuing to flock to the market. In terms of the suburban markets, the appetite for core assets continues to be paramount from institutional investors with value-add plays on older center, similar to the office market. Target will be opening two of its TargetExpress-brand stores in Center City Philadelphia in the summer of 2016.
  • The Philadelphia regional industrial market is strong, with large distribution facilities continuing to hold the greatest demand from institutional players. Rental rates continue to increase while vacancy rates are holding steady. There have been a variety of transactions, specifically in the expanded market area with prices fetching all time high levels. Planned improvements at Philadelphia’s port over the next three years should provide continued demand for warehouse space.
  • Philadelphia’s expanding CBD is seeing new construction across all sectors. The Comcast Innovation and Technology Center and Cira South represent two of the largest office uses under construction. At 16th & Chestnut, the 700-room, dual-brand W/Element hotel has broken ground and is expected to open in 2017. Major mixed-use projects are planned for the long-vacant, block-long parcels at Broad and Washington. Several Market East projects are underway, and Drexel is planning to develop more than 6 million square feet in its University City Innovation Neighborhood.

WCRE also reported on the Southern New Jersey retail market, noting mixed results there, as well. Highlights from the retail section of the report include:

  • Overall retail and food establishment sales dropped during the first quarter, which is expected post-holiday season.
  • Retail vacancy in Camden County stood at 11 percent, with average rents in the range of $12.12/sf NNN.
  • Retail vacancy in Burlington County stood at 14.8 percent, with average rents in the range of $12.05/sf NNN.
  • Retail vacancy in Gloucester County stood at 6.9 percent, with average rents in the range of $11.52/sf NNN.

The full report is available upon request.

About WCRE

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 www.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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Funding Project Infrastructure

Funding Project Infrastructure

Application Period Open for Commonwealth Financing Authority Multimodal Grants.

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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:

http://www.newpa.com/programs/multimodal-transportation-fund/

http://www.penndot.gov/ProjectAndPrograms/MultimodalProgram/Pages/default.aspx#.VtSnm_krLIV

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 (jason.wolf@wolfcre.com) Leor Hemo (leor.hemo@wolfcre.com) or Lee Fein (lee.fein@wolfcre.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:

transfer-taxes
Anthony V. Mannino, Esq.

P: 215 799 6900

D: 215 799 6140

F: 856 283 3950

M: 215 470 6084
anthony.mannino@wolfcre.com

 

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Philadelphia vs. Camden?

Philadelphia vs. Camden?

The battle for new business.

Philly vs Camden

Following the passage of the New Jersey Economic Opportunity Act in 2013, a number of high-profile developments and corporate relocations in Camden have made front-page news. Attracted by public incentives, Subaru and the Philadelphia 76ers have announced moves to downtown Camden. Liberty Property Trust is also planning a nearly $1 billion multi-use development, with more than 1.7 million square feet of office, retail, and housing in two towers on the Camden waterfront.

As the regional business community gathered in recent months to assess the coming year, many questioned whether the explosive growth in Camden could hamper business attraction efforts or eclipse developments in Philadelphia. The consensus seems to be that, for the next few years, public incentives will make Camden an attractive alternative.

The 2013 New Jersey Economic Opportunity Act amended and consolidated economic incentive programs to encourage development for specified uses in designated areas of the state.   The two most prominent programs offered by the New Jersey Economic Development Authority (NJEDA) are:

  • The Grow New Jersey Assistance Program (Grow NJ), which provides incentives to employers for job creation and retention; and
  • The Economic Redevelopment and Growth (ERG) Program, which provides incentives to developers for qualified projects.

Both programs take the form of tax credits, and will be accepting applications through June 30, 2019.

Grow NJ offers credits of $500 to $5,000 per job created for projects in eligible locations which meet capital investment and job creation/retention benchmarks. The ERG program provides incentives to developers for up to 30-40% of an eligible project’s total development cost. Both programs have intricate requirements for defining eligible costs and calculating economic impact and job growth. In addition, both programs offer additional bonuses or lowered eligibility thresholds for projects with specified uses and/or located in designated geographic areas.

How does this compare to incentives offered in Pennsylvania? Pennsylvania offers a mix of grants, low-cost loans, tax abatements, and tax credits, administered through many different agencies. Major projects tend to be awarded incentives on a more ad-hoc and project specific basis, making the pursuit of incentives a more intense process for developers. Traditionally available incentives such as the Redevelopment Assistance Capital Program (RACP) have experienced reduced growth over the last few years, while newly-enacted programs such as the Multi-Modal fund have made grants available for transportation-related projects.

New Jersey’s state incentives are largely streamlined under the NJEDA programs. Tax credits can be used over ten years and, unlike many Pennsylvania programs, are generally transferable. According to the NJEDA, statewide there are 160 active Grow NJ projects with awards totaling $3.1 billion, and 42 active ERG projects with awards totaling $819 million. Compared to available Pennsylvania incentives, New Jersey’s spending represents significant competition.

No one has suggested that Camden’s growth heralds a downturn in Philadelphia. Over the past decade, Philadelphia has experienced strong growth in the multi-family market, increased population in its downtown, and a higher retention of graduating students. The “meds and eds” sectors will continue to drive growth, and major projects are on the horizon in University City and Market East. However, until the Grow NJ and ERG programs close in 2019, generous incentives will make Camden a legitimate player in the ongoing effort to attract major businesses.

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 (jason.wolf@wolfcre.com) Leor Hemo (leor.hemo@wolfcre.com) or Lee Fein (lee.fein@wolfcre.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 Camden office space or Philly or Camden retail space 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.

For More Information Contact:

transfer-taxes
Anthony V. Mannino, Esq.

P: 215 799 6900

D: 215 799 6140

F: 856 283 3950

M: 215 470 6084

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WCRE FOURTH QUARTER REPORT: AN OVERALL STRONG 2015 IN SOUTHERN NEW JERSEY ENDS WITH A NOTE OF CAUTION

WCRE FOURTH QUARTER REPORT: AN OVERALL STRONG 2015 IN SOUTHERN NEW JERSEY ENDS WITH A NOTE OF CAUTION

Pace of Transactions Showed Signs of Slowing Down, But Investment Market Activity Provided Reasons to Stay Optimistic

OVERALL STRONG 2015 IN SOUTHERN NEW JERSEY ENDS WITH CAUTION

January 12, 2016 – Marlton, NJ – Commercial real estate brokerage WCRE reported in its latest quarterly analysis that the fourth quarter of 2015 saw the market tap the brakes a bit for the first time in an otherwise strong year in Southern New Jersey. The report noted that there were hints of a slow-down, even while the overall market still showed gradual improvement and expansion, and bellwether companies remained active.

The fourth quarter featured a mixed bag of results, some of which may have been caused by the Fed’s recent decision to raise interest rates for the first time in nearly a decade, and/or by volatility in the financial markets. Positive news included several large leases and renewals above 40,000 SF, signs of increasing new construction for the first time in years, and new investors entering the market. In less encouraging news, there were approximately 384,906 square feet of new leases and renewals executed in the three counties surveyed, which represents a drop of +/- 20 percent compared with the fourth quarter of 2014. Along with a slower pace of transactions, there has been a drop in prospecting, with about 250,000 SF of lease deals in the pipeline and expected to close in the near term.

However, even with the drop in transactions, positive absorption continued, making up approximately 130,202 square feet of total activity. Vacancy rates continued to improve, as well.

“2015 was a strong year for our market, although we began to see more caution amid the optimism during the fourth quarter,” said Jason Wolf, founder and managing principal of WCRE. “The question for 2016 will be whether our market has rebounded to a point where it can ride out some short-term changes and remain strong.”

Other office market highlights from the report:

  • Overall vacancy in the market continues to drop, and is now down to approximately 11.6%. This is a major improvement from a year ago.
  • Average rents for Class A & B product continue to show strong support in the range of $10.00-$14.00/sf NNN or $21.00-$25.00/sf gross for the deals completed during the fourth quarter.
  • All of the major private owners and REITS showed moderate leasing and prospect activity for the fourth quarter – with Burlington County vacancies tightening up, many larger vacancy opportunities are also shifting towards Camden County, which is not controlled by these ownership entities.

Last year WCRE expanded into southeastern Pennsylvania, and the firm’s quarterly reports now include a section on transactions, rates, and news from Philadelphia and the suburbs. Highlights from the fourth quarter Pennsylvania section include:

  • While Philadelphia remains one of the most affordable office markets, rents have been increasing due to rising demand from both users and investors. A record number of Class A office properties was traded during 2015, and investors will continue to concentrate on well located, well leased product. Class A office rents are finding support in the range of $29.40/sf in the central business district and $25/sf in the suburbs.
  • Across all property types and locations, Philadelphia’s retail market is quite strong and well positioned to maintain its strength. The retail market has seen stable asking rents overall, with sharply rising values for Center City. The King of Prussia Mall is expanding, and will be the largest shopping mall in the United States when the project is complete. The retail vacancy rate for community retail properties was at 5.8 percent for the fourth quarter, below the national average of 8.1 percent. The vacancy rate for neighborhood shopping centers was a bit higher at 9.3 percent, but that matched the national average for that sector.
  • Philadelphia’s industrial market had a strong 2015, but after record-setting positive absorption figures in the industrial market in 2014, 2015 was comparatively slow, with 149 industrial property sales totaling $563 million. Still, this was enough volume to maintain stability in rental and vacancy rates, both of which are forecasted to improve as long as macroeconomic factors remain stable. Price per square-foot for industrial sales increased to $41.47 in 2015, compared to $39.75 in the prior year.

WCRE also reported on the Southern New Jersey retail market, noting mixed results there, as well. Highlights from the retail section of the report include:

  • Overall retail vacancy in the tri-county area is hovering around 10.53%, marking an uptick from 2014, but still remarkable improvement from the end of 2012, when it was hovering in the 17-18% range.

  • Class A retail product rental rates continue to show strong support in the range of $30.00-$40.00/sf NNN.

  • The pace of retail sales growth in our area has slowed, but nationwide retail sales are up, sparking many planned expansions and store openings for 2016 and beyond.

The full report is available upon request.

About WCRE

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 www.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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WCRE and Somerset Properties Report Active First Half of 2015, with Approximately 140,000 Square Feet of Completed Lease Transactions

WCRE and Somerset Properties Report Active First Half of 2015 (PDF)

August 3, 2015 – Marlton, NJ – WCRE and Somerset Properties have been making a noticeable dent in the amount of vacant commercial space in Southern New Jersey. The companies announced multiple lease transactions totaling approximately 140,000 sf so far this year. WCRE participated in six total leases within Somerset’s portfolio: three transactions at Greentree North Corporate Center in Mount Laurel, NJ, two at Marlton Crossing Office Park, 303 Lippincott Drive in Marlton, NJ, and one lease at Horizon Corporate Center, 3000 Atrium Way in Mount Laurel, NJ.

Jeff Arnold, regional manager at Somerset struck a positive tone last week speaking at Bisnow’s Future of South Jersey event. “The regional CRE market has been gaining strength for a while now, and I am optimistic we will continue to see growth,” he said.

WCRE’s leasing team of Christina Del Duca, Leor Hemo, Chris Henderson, and Jason Wolf exclusively represented Somerset Properties in the marketing and leasing of these spaces, working collaboratively with ownership and the entire brokerage community to successfully lease the following spaces.

  • New 61,612 square foot lease at 303 Lippincott Drive, Marlton, NJ to a major healthcare company.
  • 42,022 square foot lease renewal and expansion of 22,718 square feet at 3000 Atrium Way, Mount Laurel, NJ to a large bank.
  • New 13,998 square foot lease at 303 Lippincott Drive, Marlton, NJ to a financial services firm.
  • New 9,100 square foot lease and expansion at 16000 Commerce Parkway for corporate offices.
  • Renewal of 7,500 square foot lease at 16000 Commerce Parkway, Mount Laurel, NJ to an engineering firm.
  • New 6,000 square foot lease at 6000 Commerce Parkway, Mount Laurel, NJ for a fitness center.

Somerset entered the Southern New Jersey market in 2013 by acquiring Liberty Property Trust’s entire office/flex portfolio comprising approximately 1,500,000 square feet. Overall, the portfolio is approximately 89 percent occupied. Notably, 3000 Atrium Way is now fully occupied, and 303 Lippincott Drive is 97 percent leased, with one remaining vacancy of 2,700 SF that can accommodate a small corporate office user.

“Somerset Properties is a very community-focused and entrepreneurial operator, and their recent success has set a bullish tone for our market,” said Christina Del Duca, vice president at WCRE. “We have several pending deals heading into the third quarter, and we’re optimistic about the prospect pipeline for the properties Somerset has entrusted to our WCRE team.”

With many of the larger blocks of space in Burlington County being absorbed over the past few years, Somerset has put a strong focus on several large blocks of space that are available for lease. Greentree North has available spaces up to 31,000 square feet. Marlton Crossing Office Park’s single story office properties have available spaces from 2,700 to 12,000 square feet. 2000 Crawford Place has available spaces from 3000 to 9390 square feet.

The Greentree North Corporate Center properties are well located on Commerce Parkway, providing direct access to Route 73 and convenient access to I-295, the New Jersey Turnpike, and Route 70. Amenities within the Greentree North Corporate Center include an on-site daycare center, and there are several restaurants, retail stores, banks, and hotels in the immediate area, including Greentree Square Shopping Center, East Gate Square, and the Moorestown Mall.

The Marlton Crossing Office Park single story properties are located on Lippincott Drive, which is directly off of Route 73, with convenient access to I-295, the New Jersey Turnpike, and Route 70. These properties are also surrounded by an abundance of retail centers, including restaurants and The Promenade at Sagemore. Amenities include a walking/jogging path within the office park.

The Horizon Corporate Center, home to 2000 Crawford Place, is positioned in a beautifully landscaped corporate park with space available for immediate occupancy. The property has a new exterior façade and is easily accessible to Routes 73, 70, 38, I-295 & NJ Turnpike.

A marketing brochure for each of these properties is available upon request or can be viewed at www.WolfCRE.com.

About WCRE

WCRE is a full-service commercial real estate brokerage and advisory firm specializing in office, medical, retail, 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, 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 and Instagram @WCRE1, and on Facebook at Wolf Commercial Real Estate, LLC.

Visit our blog pages at www.marltonofficespace.com, www.mountlaurelofficespace.com, www.southjerseyofficespace.com, www.southjerseyindustrialspace.com, www.southjerseymedicalspace.com, www.southjerseyland.com, and www.southjerseyretailspace.com.

About Somerset Properties

Somerset Properties is a full-service commercial real estate company that owns and operates five million square feet of space in five states. Since 1996 Somerset has been creating value for investors with its entrepreneurial approach to acquiring, managing, leasing, and developing commercial properties. Learn more about Somerset Properties at www.somprop.com

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