Retail Vacancies Spike in South Jersey as Prospective Tenants Remain Skittish on New Leases

Retail vacancies are rising across South Jersey as ripple effects of Covid-19 continue to grow nearly a year after the pandemic first hit the region.

A new report from Wolf Commercial Real Estate on the South Jersey market found that Burlington County’s retail vacancy rate jumped to 10% in the fourth quarter, up from 7.6% in the prior three-month period. The increase marks the largest consecutive quarter-to-quarter jump in the past three years.

At the same time, Camden County hit 10.5% retail vacancy, up from 9.7% in the third quarter. It started 2020 at about a 6% retail vacancy rate.

In Gloucester County, the rate is up to 13.7%, from 11.7% at the start of last year.

The rising number of vacancies in the region reflect the financial hardships many businesses, especially independently owned restaurants, faced earlier in 2020, said Jason Wolf, managing principal of Wolf Commercial in Marlton.

“We’re finally starting to see the true numbers come to light,” he said.

While South Jersey saw an impact from big-name retail store closures, Wolf said it’s the closure of small “mom and pop” operators driving the vacancy increase.

Throughout 2020, South Jersey lost independent restaurants like Collingswood staple El Sitio Grill & Cafe, Haddonfield’s Villa Rosa pizzeria and Vitarelli’s Italian restaurant in Cherry Hill. The Smith restaurant group, which operates five concepts across New Jersey and Pennsylvania, permanently closed its Brickwall Tavern in Burlington City. Charlie Brown’s last two South Jersey locations also shut down in Woodbury and Westampton.

“My heart bleeds right now for these restaurant operators,” Wolf said, adding the ones still holding on are struggling to survive. “These people all had thriving business and they’re all on the verge of going out of business, battling revenues being down 50%, 60%.”

Clothing stores have also suffered. One operator of a men’s clothing store told Wolf that “suits are the new tuxedo,” as demand for professional attire sank during Covid-19.

When retail vacancies are filled, Wolf said it’s often with an alternative usage like a health care office. Empty big-box stores are being used for warehouse and distribution space. While not filling a vacancy, the Moorestown Mall’s owner, Pennsylvania Real Estate Investment Trust, also recently secured approvals to build more than 1,000 apartments and a hotel at the shopping center.

“I think you’re going to see these retailers evolve into a more diverse strategy,” he said.

Wolf is cautiously optimistic about what 2021 has in store for the South Jersey commercial real estate market, especially later in the year when there’s more clarity into the future of the pandemic. People are calling, he said, but they’re just not ready to make a move just yet.

“The demand is there, we just have to get people through making decisions,” he said. “There’s a lot of tire-kicking going on.”

On the retail side, he said quality retail locations in high-visibility areas will come out fine on the other side. Mom and pop retail fronts in peripheral areas Wolf believes may face more of a challenge.

“I worry, yes,” he said.

*Article courtesy of Philadelphia Business Journal

For more information about New Jersey or Philadelphia retail space, or other New Jersey and Philadelphia commercial properties, please call 856-857-6300 to speak with Jason Wolf (jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, a leading New Jersey and Philadelphia commercial real estate broker that specializes in both New Jersey and Philadelphia office space, New Jersey and Philadelphia retail space, and New Jersey and Philadelphia industrial space.

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

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

As experts in both Philadelphia and New Jersey commercial real estate listings and services, the team at our 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 New Jersey or Philadelphia office space, Philadelphia or New Jersey retail space, or New Jersey or Philadelphia industrial space for sale or lease, Wolf Commercial Real Estate is the New Jersey and 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, Philadelphia, and New Jersey commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

South Jersey Retail Space for Sale in Southampton

Wolf Commercial Real Estate, the foremost South Jersey commercial real estate brokerage firm that specializes in South Jersey commercial real estate listings and services, now is offering premier South Jersey retail space for sale at 101 Red Lion Road Southampton NJ.

This South Jersey retail building for sale has been in operation since 1923 as the Red Lion Inn. The restaurant sits on a one-acre corner lot and this South Jersey retail space for sale includes an additional 8.7 acres that currently is zoned as farmland.

The asking sale price for this retail space in South Jersey at 101 Red Lion Road Southampton NJ is $1,400,000. This three-story retail space in South Jersey is available through Wolf Commercial Real Estate, a South Jersey commercial real estate broker that specializes in South Jersey commercial real estate listings and services.

There is a total of +/- 5,000 square feet of South Jersey retail space for sale at 101 Red Lion Road Southampton NJ. This retail space in South Jersey includes a four-bedroom apartment that’s upstairs from the restaurant, bar, and kitchen. All restaurant equipment in the kitchen of this South Jersey retail building for sale is included in the sale and the liquor license and restaurant business at this retail space in South Jersey are available separately.

This retail building for sale in South Jersey sits just off the heavily traveled Route 70 and Route 206 and there is a beautiful circular bar with seating for more than 40 at this retail space in South Jersey, which is available through Wolf Commercial Real Estate, a South Jersey commercial real estate brokerage firm.

Nearly 21,000 people live within five miles of this South Jersey retail space for sale at 101 Red Lion Road Southampton NJ and the average household income within that same radius of this retail space in South Jersey is $117,279.

For more information about this South Jersey retail space for sale at 101 Red Lion Road Southampton NJ or about any other South Jersey commercial properties for sale or lease, please contact Ryan Barikian (856-857-6307; ryan.barikian@wolfcre.com) at Wolf Commercial Real Estate, a South Jersey commercial real estate broker.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier South Jersey commercial real estate broker that provides a full range of South Jersey 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 South Jersey commercial properties for buyers, tenants, investors, and sellers. Please visit our websites for a full listing of South Jersey commercial properties for sale or sale through our South Jersey commercial real estate brokerage firm.

Sterling Organization Acquires 94,550 sq. ft. Grocery-Anchored Shopping Center in Sewell, NJ

West Palm Beach, FL, Jan. 07, 2021 (GLOBE NEWSWIRE) — Sterling Organization, a vertically integrated private equity real estate investment firm, has announced the acquisition of Mill Pond Village, a grocery-anchored property located in Sewell, NJ, an affluent suburb approximately 14 miles from downtown Philadelphia.

Mill Pond Village is a 94,550-square-foot, 95% occupied shopping center anchored by a highly productive ShopRite grocery store, including a ShopRite Liquors. ShopRite, the dominant grocer in Southern New Jersey, has called Mill Pond Village its home for over 13 years. The property is located in an affluent southeastern Philadelphia suburb that is home to a population base of over 60,000 people earning an average annual household income exceeding $120,000 within a 3-mile radius of the property.

With the addition of Mill Pond Village, the West Palm Beach, FL-based firm, along with its principals and investment partners, currently own 68 properties from coast to coast, comprising more than 12 million square feet of primarily retail real estate exceeding $2 billion in value.

*Article courtesy of CityBlitz

For more information about South Jersey retail space for sale or lease in South Jersey or about any other South Jersey properties for sale or lease, please contact WCRE at 856-857-6300.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier South Jersey commercial real estate broker 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.

Please visit our websites for a full listing of South Jersey commercial properties for lease or sale through our South Jersey commercial real estate brokerage firm.

Lidl buys potential new site in South Jersey for $2.85M

German supermarket chain Lidl bought a nearly 4-acre site in Camden County for $2.85 million as it continues its South Jersey expansion, although a timeline for the project is unclear.

Public records show Lidl’s U.S. operation, based in Arlington, Virginia, purchased the vacant land at the corner of Evergreen Avenue and the White Horse Pike in Somerdale from Urgent Care RE, a limited liability company tied to an AFC Urgent Care franchisee.

The project, however, is not on the company’s list of 50 stores that are set to open in 2021. A company spokesperson declined to comment on the Somerdale site and referred to the upcoming store opening list. Three new Lidls elsewhere in South Jersey are included on that list, in Glassboro, Gloucester Township and Egg Harbor Township. Locations on Roosevelt Boulevard in Philadelphia and on York Road in Warminster are also on the list.

The company received final approvals to build a 29,000-square-foot store at the site for the Somerdale store in January, the Courier Post reported, more than three years after it first began discussions with the borough about the project.

Lidl was also issued a general permit related to construction activity and stormwater drainage at the Somerdale site from the New Jersey Department of Environmental Protection in July 2019, according to agency records. It expires in 2022.

Lidl began its expansion in the U.S. in 2015, including in the Philadelphia area, before dialing them back two years later. Now, the chain is instead building smaller stores, trimming some by about 10,000 square feet and axing plans for some locations entirely, including in South Jersey. The company cancelled plans to build a store on Woodbury-Glassboro Road in Mantua in 2017, NJ.com reported, despite the fact it had purchased the 4.8-acre property for $3.25 million earlier that year and secured government approvals. Lidl still owns the site, records show.

Still, it moved forward elsewhere in the region, opening new stores in Burlington Township and Cherry Hill this year. Its first in South Jersey, in Vineland, opened in 2017. It now operates more than 100 stores on the East Coast, including 14 in New Jersey. The company has a distribution center in Cecil County, Maryland.

Lidl is known for its on-site bakery and is considered to be a hybrid between Aldi and Trader Joe’s.

*Article courtesy of Philadelphia Business Journal

For more information about South Jersey retail space for sale or lease in South Jersey or about any other South Jersey properties for sale or lease, please contact WCRE at 856-857-6300.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier South Jersey commercial real estate broker 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.

Please visit our websites for a full listing of South Jersey commercial properties for lease or sale through our South Jersey commercial real estate brokerage firm.

Target to Open New Store at Former Kmart Location in Somers Point

Target is set to open a new 101,000-square-foot store within the Somers Point Plaza shopping center in Somers Point, New Jersey.

The national retailer will be taking the former Kmart space within the South Jersey shopping center. The Kmart store closed last year when parent company Sears Holdings closed four additional stores across the Garden State.

Somers Point Plaza landlord is planning to complete extensive renovations to the shopping center facade, parking lot and lighting in conjunction with the new Target store.

Somers Point Plaza totals 279,026 square feet and is located on a 35-acre site at 212 New Road. The shopping center includes over 25 stores, including ACME Markets, PetSmart, West Marine, Big Lots, Verizon Wireless and Chipotle Mexican Grill.

*Article courtesy of CoStar

 

For more information about South Jersey retail space for sale or lease in South Jersey or about any other South Jersey properties for sale or lease, please contact WCRE at 856-857-6300.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier  South Jersey commercial real estate broker 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.

Please visit our websites for a full listing of South Jersey commercial properties for lease or sale through our  South Jersey commercial real estate brokerage firm.

Mixed-Use South Jersey Retail Space for Sale in Gibbstown

Wolf Commercial Real Estate, the leading South Jersey commercial real estate brokerage firm with expertise in South Jersey commercial real estate listings and services now has available mixed-use South Jersey retail space for sale at 422 West Broad Street Gibbstown NJ.

This South Jersey retail space for sale is ideal for use as a flex space and this retail space in South Jersey contains +/- 13,000 square feet in the heart of the main business district of Greenwich Township, Gloucester County. The asking sale price for this retail space in South Jersey at 422 West Broad Street Gibbstown NJ is $350,000.

There are two private apartments upstairs at this South Jersey retail space for sale and there is parking for +/- 18 vehicles at this retail space in South Jersey. Located at 422 West Broad Street, this South Jersey retail space for sale is available through Wolf Commercial Real Estate, a South Jersey commercial real estate broker that specializes in South Jersey commercial real estate listings and services.

This retail space in South Jersey at 422 West Broad Street Gibbstown NJ is close I-295 and there is elevator service to the second floor of this retail space in South Jersey. There also is 2,400 sf of floor space in the basement of this South Jersey retail space for sale.

Nearly 88,000 residents live within five miles of this South Jersey retail space for sale at 422 West Broad Street Gibbstown NJ and the average household income in the same five-mile radius of this retail space in South Jersey is $66,343. This South Jersey retail space for sale is being offered through Wolf Commercial Real Estate, a South Jersey commercial real estate brokerage firm that specializes in South Jersey commercial real estate listings and services.

For more information about this South Jersey retail space for sale at 422 West Broad Street Gibbstown NJ, or about any other South Jersey commercial properties for sale or lease, please contact Ryan Barikian (856-857-6307; ryan.barikian@wolfcre.com) or Michael Scanzano (856-857-6386; mike.scanzano@wolfcre.com) at Wolf Commercial Real Estate, a leading South Jersey commercial real estate broker.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier South Jersey commercial real estate broker 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. Please visit our websites for a full listing of South Jersey commercial properties for sale or lease through our South Jersey commercial real estate brokerage firm.

Bullish Burlington Still Vows ‘Aggressive’ Store Expansion

Burlington Still Vows ‘Aggressive’ Store Expansion

New Jersey-Based Off-Price Retailer Sees Opportunities Created by Pandemic

Contrary to many other retailers, off-price chain Burlington Stores, citing opportunities created by the coronavirus pandemic, still plans to “aggressively expand” its brick-and-mortar fleet.

The Burlington, New Jersey-based company Thursday said it now expects to open 62 new stores, while relocating or closing 26 stores, for a total of 36 net new stores in fiscal 2020. The company opened three new stores in the second quarter alone, bringing its total up to 739.

But that’s just the start of growth plans for Burlington, company officials said during a second-quarter earnings call, during which they were undaunted by the impact of COVID-19 on sales. Like many retailers, Burlington’s revenue took a hit from pandemic-related store closures and problems refreshing its inventory. Total sales decreased 39% to $1 billion in the three months ending Aug. 1 compared with the year-ago period.

“We do expect that post-pandemic, sales are going to normalize,” Burlington Chief Financial Officer John Crimmins said. “And we expect we’ll have a terrific opportunity to add to our market share driving comp sales, and we’re going to continue to aggressively expand our fleet of stores.”

CEO Michael O’Sullivan also saw a silver lining in the outbreak.

“We believe that the COVID-19 pandemic is likely to create an even stronger consumer need and desire for value,” O’Sullivan told Wall Street analysts. “And it’s also likely to increase the number and the pace of competitors’ store closures. So if both of those things turn out to happen, then the pandemic could actually increase the longer-term market share opportunity for off-price.”

A key part of the “Burlington 2.0” strategy during the next couple of years is store expansion aimed at driving store productivity and economics, according to O’Sullivan.

“Over the last few months we’ve been doing a lot of work, our real estate team has done some terrific work, sort of planning out the next few years from a real estate point of view. … I feel like given what’s happening in broader retail, we are likely to see significant additional real estate opportunities open up, which we will be able to take advantage of maybe as soon as late 2021, but certainly we would hope in 2022 and 2023,” he said.

The CEO, the former president of off-price giant Ross Stores, also maintained that Burlington has an edge in the off-price sector.

“As we’ve discussed on previous calls, we’re the smallest and least profitable of the major off-price retailers,” O’Sullivan said. “And because of this, we believe that by executing the model more effectively, we can drive significant growth in sales and profitability over the next several years. In other words, we believe we have significant upside potential.”

In March, Burlington surprised some in the retail industry when it said it was pulling the plug on its e-commerce operation to concentrate on its brick-and-mortar locations, expanding its physical footprint. That’s still the plan.

Burlington has postponed some store openings. Two additional stores that were originally planned to open this year were shifted out to fiscal 2021, “due to site availabilities outside of our control,” bringing the total number of stores delayed to next spring to 18, Crimmins said. In May, Burlington first said it was delaying some new store openings.

In the third quarter, Burlington plans to open 37 new stores, with seven expected closings or relocations, according to Crimmins.

At the end of the second quarter, 11 stores “were temporarily closed due to a variety of factors, including five stores that sustained damages that will reopen over the next several months, three temporary COVID-related closings and three stores closed that are associated with our store-relocation strategy that are reopening later in the fall,” Crimmins said.

*Article courtesy of CoStar

For more information about South Jersey retail space for sale or lease in South Jersey or about any other South Jersey properties for sale or lease, please contact WCRE at 856-857-6300.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier  South Jersey commercial real estate broker 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.

Please visit our websites for a full listing of South Jersey commercial properties for lease or sale through our  South Jersey commercial real estate brokerage firm.

South Jersey Retail Space for Lease on Delsea Drive in Vineland

Wolf Commercial Real Estate, the foremost South Jersey commercial real estate brokerage firm that specializes in South Jersey commercial real estate listings and services, now is offering premier South Jersey retail space for lease at 3655 South Delsea Drive Vineland NJ.

Formerly a Friendly’s Restaurant, this South Jersey retail building for lease has a liquor license available, which makes this South Jersey retail space for lease ideal for a variety of retail and professional uses.

The asking lease price for this retail space in South Jersey at 3655 South Delsea Drive Vineland NJ is $70,000/Year NNN. This retail space in South Jersey is available for immediate occupancy through Wolf Commercial Real Estate, a South Jersey commercial real estate broker that specializes in South Jersey commercial real estate listings and services.

There is a total of 5,101 square feet of South Jersey retail space for lease at this South Jersey retail building for lease at 3655 South Delsea Drive Vineland NJ. This retail space in South Jersey has freestanding pylon and storefront façade signage and there is abundant parking at this retail space in South Jersey.

This retail space in South Jersey is available through Wolf Commercial Real Estate, a South Jersey commercial real estate brokerage firm. This retail space in South Jersey also provides accessibility to major highways Routes 55 and 40.

Nearly 142,000 potential customers live within five miles of this South Jersey retail building for lease at 3655 South Delsea Drive Vineland NJ and the average household income within that same radius of this retail space in South Jersey is $66,012.

For more information about this South Jersey retail space for lease at 3655 South Delsea Drive Vineland NJ or about any other South Jersey commercial properties for sale or lease, please contact Jason Wolf (856-857-6301; jason.wolf@wolfcre.com), Ryan Barikian (856-857-6307; ryan.barikian@wolfcre.com), or Christopher Henderson (856-857-6337; chris.henderson@wolfcre.com) at Wolf Commercial Real Estate, a South Jersey commercial real estate broker.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier South Jersey commercial real estate broker that provides a full range of South Jersey 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 South Jersey commercial properties for buyers, tenants, investors and sellers. Please visit our websites for a full listing of South Jersey commercial properties for lease or sale through our South Jersey commercial real estate brokerage firm.

Premier South Jersey Retail Space for Lease in Atlantic County

Wolf Commercial Real Estate, the leading South Jersey commercial real estate brokerage firm that specializes in South Jersey commercial real estate listings and services, is now offering premier South Jersey retail space for lease in Atlantic County at 1103 Tilton Road Northfield NJ.

Formerly a Friendly’s restaurant, this South Jersey retail space for lease is in a stand-alone building of 3,054 sf of South Jersey retail space for lease sitting on a 1.18-acre lot. The asking lease price for this South Jersey retail space for lease at 1103 Tilton Road Northfield NJ is $70,000/year NNN.

Wolf Commercial Real Estate, a South Jersey commercial real estate broker that specializes in South Jersey commercial real estate listings and services, is the leasing agent for this retail space in South Jersey.

There is both freestanding pylon signage and storefront façade signage at this South Jersey retail space for lease at 1103 Tilton Road Northfield NJ. There is abundant parking at this retail space in South Jersey and this retail space in South Jersey is available for immediate occupancy.

This retail space in South Jersey is close to the Atlantic City Expressway and the Garden State Parkway and there is excellent access to Atlantic City, Margate, and all shore points from this South Jersey retail space for lease at 1103 Tilton Road Northfield NJ. This retail space in South Jersey is available through Wolf Commercial Real Estate, a South Jersey commercial real estate brokerage firm.

Nearly 98,000 potential customers live within five miles of this South Jersey retail space for lease at 1103 Tilton Road Northfield NJ and the average household income within that same radius of this retail space in South Jersey is $77,335.

For more information about this South Jersey retail space for lease at 1103 Tilton Road Northfield NJ or about any other South Jersey commercial properties for sale or lease, please contact Ryan Barikian (856-857-6307; ryan.barikian@wolfcre.com), Christopher Henderson (856-857-6337; chris.henderson@wolfcre.com), or Jason Wolf (856-857-6301; jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, a South Jersey commercial real estate broker.

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

With retail facing its Covid-19 reckoning, a mixed-use project in South Jersey is changing the plan

With retail facing its Covid-19 reckoning, a mixed-use project in South Jersey is changing the plan

As the retail sector faces its Covid-19 reckoning, a mixed-use project that’s nearing completion in South Jersey is changing plans.

Developers behind the Washington Square Town Center — a long-in-the-works residential and commercial project spread across 35 acres in Washington Township, Gloucester County — already completed the construction of a 40,000-square-foot anchor building leased to the Rothman Institute, 330 apartments, 100 townhomes and an assisted living facility.

The final stage of the project, building three 10,000-square-foot standalone retail buildings, is now incorporating more medical tenants than originally planned. With the first two retail buildings nearly complete and already leased to a mix of retail and health care businesses, developers have announced that all 10,000 square feet of the third building will be dedicated to medical use. The majority of that space, 7,000 square feet, is pre-leased to Axia Women’s Health. Developers recently broke ground on the building and expect to complete construction in spring 2021.

The decision is tied to a “sustained, strong area demand for medical office space,” said Atkins Companies and Woodmont Properties, the two commercial real estate development investment and property management firms that partnered together on the project.

“As we have brought our Washington Square Town Center project to life, we have seen a significant increase in demand for quality medical office space in a retail environment throughout the area,” Bob Atkins, managing partner of Atkins Companies, said in a statement. “Our Washington Square Town Center has quickly become one of the most sought-after locations for premier retail-oriented healthcare space. With increased demand from healthcare providers it only made sense to adjust our strategy to meet the needs of this fast-growing tenant population.”

While the health care industry has struggled with declining revenue as patients put off elective or non-emergency visits during the Covid-19 pandemic, the retail sector has faced a more drastic impact. Forced store closings and declines in consumer confidence have accelerated existing trends in the industry, like the massive shift to e-commerce, and forced big-name brands like Brooks Brothers and New York and Company to file for bankruptcy.

Locally, retail vacancies have slightly increased since the pandemic hit, according to Wolf Commercial Real Estate’s Q2 market update report. Gloucester County had a retail vacancy rate of 12.4% in the quarter, a slight decrease from the 12.7% it saw in Q1. Prior to the Covid-19 crisis, in Q4 2019, the county’s retail vacancy rate stood at about 11.7%. Rents average about $14.21 per square foot.

The Washington Square Town Center was able to draw retail tenants to the two other standalone buildings, including Bison Coffee Company, Lavish Spa and Nails, and Jenaro’s Trattoria Italian Restaurant. Medical-related tenants in those buildings include PetCheck Animal Urgent Care and Strive Physical Therapy.

Even before announcing the switch from retail to medical space for the final building, developers highlighted the project’s focus on health care, saying it was building upon the township’s strength in the medical field.

*Article courtesy of Philadelphia Business Journal

For more information about this South Jersey retail space or about any other South Jersey commercial properties for sale or lease, please contact the team at Wolf Commercial Real Estate, a South Jersey commercial real estate broker at 856-857-6300.

Wolf Commercial Real Estate, a full-service CORFAC.

International brokerage and advisory firm, is a premier South Jersey commercial real estate broker that provides a full range of South Jersey commercial real estate listings and services related to this retail space.

Wolf Commercial Real Estate also offers property management services, and marketing commercial offices, medical properties, warehouse properties, industrial properties, land properties, retail spaces and other South Jersey commercial properties for buyers, tenants, investors and sellers. Please visit our websites for a full listing of South Jersey commercial properties for lease or sale through our South Jersey commercial real estate brokerage firm