Montgomery Mall Foreclosed Upon, $118M Judgment Issued

A bank has foreclosed on Montgomery Mall and a $118.78 million judgment has been rendered against the property’s owner, an entity affiliated with Simon Property Group, according to court documents.

Wilmington Trust, as trustee for Wells Fargo Commercial Mortgage, filed in early June in the Montgomery County Court of Common Pleas to start foreclosure proceedings and place the 1.1-million-square-foot mall at the crossroads of Routes 202 and 309 in North Wales in receivership.

By June 22, a receiver had been appointed and, by July 12, a judge approved a judgment in mortgage foreclosure against Mall at Montgomery LP, the Simon affiliate. It was also requested that the property be sold to satisfy the loan.

It’s not unusual for owners to sometimes relinquish properties that they have determined no longer fit within their core portfolio, and it was practiced with some frequency during the Great Recession. Whether the Montgomery Mall fit into that category for Simon (NYSE: SPG) couldn’t be determined, though signs point to that. A company spokesperson couldn’t be reached for comment.

The judgment and foreclosure of the Montgomery Mall were foreshadowed last year when Simon notified the special servicer overseeing a $100 million loan on the Montgomery Mall that it was “unwilling to inject additional funds into [the] loan, but is willing to manage [the] property,” and that the loan was facing imminent default, according to a report by Cred-IQ, which tracks commercial mortgage-backed securities.

*Article courtesy of Philadephia Business Journal

For more information about Philadelphia retail space for sale or lease in Philadelphia or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

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

Santander to close 3 more Philadelphia-area bank branches

Santander Bank has filed to close three more Philadelphia-area branches as part of a broader focus on trimming its retail footprint.

The Boston-based bank, a subsidiary of Spain’s Santander Group (NYSE: SAN), filed with the Office of the Comptroller of the Currency to shutter the following three sites on July 7:

    • 95 S. Main St. in Yardley
    • 322 High St. in Burlington, New Jersey
    • 5714 Westfield Ave. in Pennsauken, New Jersey

This comes after Santander closed locations at 5601 N. Broad St. in North Philadelphia and 1650 Limekiln Pike in Dresher. The latest planned closings will leave the bank with 67 Philadelphia-area branches — 61 in southeastern Pennsylvania, five in South Jersey and one in Delaware. It remains the seventh-largest deposit taker in the region.

*Article courtesy of Philadephia Business Journal

For more information about Philadelphia retail space for sale or lease in Philadelphia or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

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

Demolition of Downey’s Irish Pub for new development aims to ‘breathe new life’ into South Street

A demolition permit has been pulled for South Street’s storied Downey’s Irish Pub and Restaurant, which dates back to the 1970s and appeared on the television show “Bar Rescue.”

Issued on July 7, the permit greenlights the full demolition of the structure at 526 Front St. that also stretches along 109-11 South St. The property totals 10,682 square feet.

The permit was issued to CWMW Lending LLC, which owns the property, according to city records.

Filings with the city’s Department of Licenses and Inspections indicate a zoning appeal has been filed that calls for complete demolition of existing structures on the parcel and for an attached structure with a cellar and residential-use roof deck to be built. It would be used for a first-floor commercial space, 18 multi-family housing units, and six off-street accessory bike parking spaces, per L&I records.

Rich Villa, architect-partner at Ambit Architecture in Society Hill, applied for the permit. Ambit Architecture’s past work includes a renovation at Bloomsday Cafe, construction for the revived Bridget Foy’s, and adaptive re-use work at New Liberty Distilling’s space in the Crane Arts Building in Olde Kensington.

There is no change of ownership for the new construction at 526 Front St., Villa told the Business Journal. He declined to comment further on the plans for the space.

*Article courtesy of Philadephia Business Journal

For more information about Philadelphia retail space for sale or lease in Philadelphia or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

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

Brooklyn-based Other Half Brewing to take over former Goose Island location in Fishtown

It looks like another out-of-town brewing company is making plans to set up shop in Philadelphia in the near future at a once-popular location to grab a beer and bite to eat.

Other Half Brewing Company, a Brooklyn-based craft beer brewer and distributor, is slated to move into the space where Goose Island Brewery formerly operated at 1002 Canal St. in Fishtown. The new brewery is scheduled to open later this year, according to the Inquirer.

Co-founder Andrew Burman told the Inquirer that the brewery “couldn’t pass it up” when the opportunity to expand to Philly presented itself.

“The bones of the space are great and over the coming months, we’ll refresh the indoor and outdoor areas and work on sourcing food partners,” Burman said.

Other Half Brewing recently filed a license through the Pennsylvania Liquor Control Board for the former Goose Island location in Philly, according to Breweries In PA. The license was filed under the name “OHB PA LLC,” an acronym similar to one that the company used for its Washington, D.C. location.

It remains unknown whether Other Half Brewing plans to brew beer at its forthcoming Philly location. The company’s craft beer is primarily brewed at its Brooklyn headquarters.

Other Half Brewing was started in 2014 by three founders with a mission “to create beers that they wanted to drink from a company that they wanted to be a part of,” according to the brewery’s website.

“The craft beer industry is often made up of sameness: predictable styles, formulaic taprooms and a homogeneous culture. Some of it is good and some of it not so good. Either way, we’re not that,” the company said of its Other Half name origin.

Known for its hazy IPAs, pastry stouts and fruit-flavored sours, Other Half Brewing has expanded to Washington, D.C. and the Finger Lakes region of upstate New York. The brewery also now offers direct beer shipping to Pennsylvania five days a week.

Other Half Brewing’s anticipated arrival to Fishtown is just the latest in a string of breweries and businesses that have sprouted in an entertainment hub surrounding Fillmore Philadelphia and Punch Line Philly.

New Jersey-based craft brewer Source Farmhouse Brewery is scheduled to open at the Fishtown Brewpub’s old location at 1101 Frankford Ave. this August.

Brewery ARS has said that it will open a second location at 2223 Frankford Ave. in Fishtown.

Brooklyn Bowl aims to bring a music venue, restaurant and bowling alley to 1001 Delaware Ave., the former site of Revolutions, at some point in the future, too.

The Chicago-based Goose Island opened its Fishtown brewery in 2018. The 10,000-square-foot brewpub offered 28 taps, a full kitchen and brewing operations. The brewery permanently closed last December due to the COVID-19 pandemic.

*Article courtesy of Philly Voice

For more information about Philadelphia retail space for sale or lease in Philadelphia or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

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

Hooters Spinoff Hoots Wings Plans to Open 16 Philadelphia-Area Restaurant Locations

Family-friendly Hooters spinoff Hoots Wings plans to expand its East Coast presence with 16 locations across Greater Philadelphia.

ANZ Hospitality LLC, a Malvern-based hospitality company, aims to open the new franchise locations within 20 miles of Philadelphia by 2026, with the first restaurant expected to open by the end of this year.

Hoots Wings is owned and operated by Hooters’ Atlanta-based parent company HOA Brands. Unlike Hooters, Hoots Wings operates as a quick-service restaurant and employs modestly-dressed male and female servers.

There are currently seven Hoots Wings locations spread throughout Illinois, Georgia and Florida. The chain is on track to open 17 sites nationwide by the end of the year with signed development commitments in over 85 locations, according to HOA Brands.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia retail space for sale or lease in Philadelphia or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

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

Premier Norristown Office/Flex Space for Lease on Foundry Road

553 Foundry Road, Norristown, PA

Wolf Commercial Real Estate, the leading Norristown commercial real estate brokerage firm that specializes in Norristown commercial real estate listings and services, is now offering premier Norristown office/flex space for lease in the East Norriton Industrial Park at 553 Foundry Road Norristown PA.

Please call for the asking lease price for this professional office/flex space in Norristown. This Norristown professional office/flex space for lease in the East Norriton Industrial Park at 553 Foundry Road Norristown PA is being offered through Wolf Commercial Real Estate, a Norristown commercial real estate broker with expertise in Norristown commercial real estate listings and services.

This Norristown office building for lease in the East Norriton Industrial Park at 553 Foundry Road Norristown PA features +/- 4,000 square feet of professional office/flex space in Norristown. There is a +/- 2-acre lot surrounding this Norristown office/flex space for lease and this Norristown professional office building for lease is zoned Industrial (1).

This Norristown professional office/flex space for lease has eight loading docks and there also is one drive-in at this Norristown professional office building for lease in the East Norristown Industrial Park at 553 Foundry Road Norristown PA. There are 30 parking spaces at this Norristown office/flex space for lease.

Located in a premier industrial park, this Norristown professional office/flex space for lease is close to the Pennsylvania Turnpike. This Norristown office building for lease in the East Norriton Industrial Park at 553 Foundry Road Norristown PA is within minutes of the King of Prussia Mall and is near various restaurants, banks, gas stations, and retail stores.

More than 465,000 people reside within a five-mile radius of this professional office/flex space in Norristown for lease while the average household income in the same geographic area near this professional office/flex space for lease in Norristown is $57,578. This Norristown professional office building for lease in the East Norriton Industrial Park at 553 Foundry Road Norristown PA is available through Wolf Commercial Real Estate, a Norristown commercial real estate brokerage firm with expertise in Norristown commercial real estate listings and services.

For more information about this Norristown office/flex space for lease in the East Norriton Industrial Park at 553 Foundry Road Norristown PA or about any other Norristown commercial properties for lease, please contact Todd Monahan (610-213-1648; todd.monahan@wolfcre.com) or Jason Wolf (856-857-6301; jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, a Norristown commercial real estate broker that specializes in Norristown commercial real estate listings and services.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Norristown commercial real estate broker that provides a full range of Norristown commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Norristown commercial properties for buyers, tenants, investors, and sellers. Please visit our websites for a full listing of Norristown commercial properties for lease through our Norristown commercial real estate brokerage firm

Wells Fargo Closing 19 More Branches, Including Two in the Philadelphia Area

Wells Fargo & Co. will close 19 more branches, including two in this region, as part of its broader plan to cut billions of dollars in costs to keep pace with its rivals.

The impacted branches include:

    • 2090 County Line Road, Huntingdon Valley
    • 8200 Roosevelt Blvd., Northeast Philadelphia

Branches at 6010 W. Main St. in Mays Landing, New Jersey and 3900 Tilghman St. in Allentown are also scheduled to close.

They are among a batch of locations San Francisco-based Wells Fargo (NYSE: WFC) filed to close on June 8 with the Office of the Comptroller of the Currency. Other sites are in South Carolina, New York, Virginia, North Carolina, Texas, Alaska, Alabama, California and Maryland as well as two more in North Jersey.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia retail space for sale or lease in Philadelphia or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

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

Wawa to Open Beer-Slinging ‘Stadium Store’ Near South Philadelphia Sports Complex

Wawa will open a new “stadium store” near South Philadelphia’s sports complex on Thursday as fans flood back into the area for live games after the city lifted local Covid-19 restrictions earlier this month.

The 2600 Penrose Ave. location will be the only Wawa in Philadelphia to sell beer, joining five other brew-slinging stores in Pennsylvania, including a couple in Delaware County. The debut of the stadium store, located about two miles from the sports complex, comes with a programming series promoting Philadelphia’s bid to host FIFA World Cup matches in 2026.

The stadium store’s 8 a.m. opening will kick off with a coffee toast by Alejandro Bedoya, captain of the Philadelphia Union and honorary co-chair of Philadelphia Soccer 2026, the nonprofit overseeing Philly’s bid to host the World Cup. The international tournament will be held at venues across North America in 2026, and Philadelphia is among 17 U.S. cities under consideration to host games.

Wawa CEO Chris Gheysens and David L. Cohen, senior advisor to the CEO at Comcast Corp. and chair of Philadelphia Soccer 2026, will also attend the opening to talk about the city’s World Cup bid. The Delaware County-based convenience store chain will preview an interactive soccer exhibit supporting the bid that will display at the Independence Visitors Center as part of the 2021 Wawa Welcome America Festival that kicks off Sunday.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia retail space for sale or lease in Philadelphia or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

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

Philly Retail Space for Lease on Street Road in Bensalem

3340 Street Road, Bensalem, PA

Wolf Commercial Real Estate, the leading Philly commercial real estate brokerage firm with expertise in Philly commercial real estate listings and services now has available Philly retail space for lease at 3340 Street Road Bensalem PA.

This Philly retail space for lease is currently being used as a restaurant and this retail space in Philly at 3340 Street Road Bensalem PA is on a 1.73-acre lot.

The asking lease price for this retail space in Philly at 3340 Street Road Bensalem PA is $33.00 sf NNN. This Philly retail space for lease is available through Wolf Commercial Real Estate, a Philly commercial real estate broker that specializes in Philly commercial real estate listings and services.

There are 100 parking spaces at this retail space in Philly and there is easy access to Route 1, Interstate 95, and the Pennsylvania Turnpike from this Philly retail space for lease at 3340 Street Road Bensalem PA.

This retail space in Philly at 3340 Street Road Bensalem PA has pylon signage available and this Philly retail space for lease is being offered through Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm that specializes in Philly commercial real estate listings and services.

Nearly 266,000 potential customers live within five miles of this Philly retail space for lease at 3340 Street Road Bensalem PA and the average household income within that same radius of this retail space in Philly is $72,450.

This retail space in Philly at 3340 Street Road Bensalem PA is close to banks, hotels, and retailers as well as Strayer University and Parx Casino. This Philly retail space for lease is available through Wolf Commercial Real Estate, a Philly commercial real estate broker that specializes in Philly commercial real estate listings and services.

For more information about this Philly retail space for lease at 3340 Street Road Bensalem PA or about any other Philly commercial properties for sale or lease, please contact Eric Flocco (609-790-6940; eric.flocco@wolfcre.com) at Wolf Commercial Real Estate, a Philly commercial real estate broker.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philly commercial real estate broker that provides a full range of Philly commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, warehouse 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 Philly commercial properties for lease or sale through our Philly commercial real estate brokerage firm.

Philly Retail Space for Lease on Street Road in Bensalem

3340 Street Road, Bensalem, PA

Wolf Commercial Real Estate, the foremost Philly commercial real estate brokerage firm that specializes in Philly commercial real estate listings and services, now is offering premier Philly retail space for lease at 3340 Street Road Bensalem PA.

This Philly retail space for lease currently is being used as a restaurant and the asking lease price for this retail space in Philly at 3340 Street Road Bensalem PA is $33.00 SF NNN. This retail space for lease in Philly is available through Wolf Commercial Real Estate, a Philly commercial real estate broker that specializes in Philly commercial real estate listings and services.

There is pylon signage available at this Philly retail space for lease and this retail space for lease in Philly at 3340 Street Road Bensalem PA sits on 1.73 acres. About 100 parking spaces can be found at this retail space in Philly and, in addition, this retail space for lease in Philly is close to multiple banks and hotels as well as to Strayer University, Parx Casino, and other retailers.

Easy access is available to Route 1, Interstate 95, and the Pennsylvania Turnpike from this retail space for lease in Philly. This retail space in Philly is available through Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm.

Nearly 266,000 potential customers live within five miles of this Philly retail space for lease at 3340 Street Road Bensalem PA and the average household income within that same radius of this retail space in Philly is $72,450.

For more information about this Philly retail space for lease at 3340 Street Road Bensalem PA or about any other Philly commercial properties for sale or lease, please contact Eric Flocco (609-790-6940; eric.flocco@wolfcre.com) at Wolf Commercial Real Estate, a Philly commercial real estate broker.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage, and advisory firm, is a premier Philly commercial real estate broker that provides a full range of Philly commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, warehouse 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 Philly commercial properties for lease or sale through our Philly commercial real estate brokerage firm.