Moorestown Retail Space

Moorestown Retail SpaceWolf Commercial Real Estate is the trusted advisor that clients turn to for all their Moorestown retail space needs. The team at our Moorestown commercial real estate broker represents buyers, sellers, owners and tenants in the Moorestown commercial real estate market.

We are the unparalleled experts in retail space in Moorestown and we take the traditional role of facilitating property transactions to a new, uncharted level. As the area’s leading Moorestown commercial real estate broker, Wolf Commercial Real Estate serves as the strategic partner that is committed to our clients’ long-term growth and success in the Moorestown commercial real estate market.

Retail businesses looking to buy or lease retail space in Moorestown can rely on the team at our Moorestown commercial real estate brokerage firm to help them locate the Moorestown retail space that is the best match for their needs. The experts at our Moorestown commercial real estate brokerage firm will examine the sale or lease terms of the retail space in Moorestown to assure that they support and advance our clients’ ultimate commercial real estate goals. At Wolf Commercial Real Estate, we stand with our clients as an involved and committed partner from the beginning of the process to the end, assuring a smooth, worry-free transition.

Retail property owners interested in selling or leasing their Moorestown retail space can depend on the experts at our Moorestown commercial real estate brokerage firm to provide them with a comprehensive, defined marketing strategy that has been tailored to each property and sub-market. Our strategy effectively and efficiently matches buyers and tenants with the best retail space in Moorestown.

Retail space in Moorestown is very aggressively priced, and market trends show that the retail business in the region is ready for a significant rebound. For more information about Moorestown retail space, please contact the team at Wolf Commercial Real Estate, a leading Moorestown commercial real estate broker.

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Moorestown Township Council reviewing a new local law to make outdoor dining permanent.

Outdoor dining would be permanently permitted under a new law being considered by the Moorestown Township Council.

The state has extended outdoor dining for restaurants until the end of November 2022. However, Moorestown Council members reviewed a draft of their own ordinance at an August 20 meeting.

“I’m all for it, I just want to make sure that we get it right if we’re going to make this permanent,” Deputy Mayor Susan Mammarella told other Council members at the review. “Everyone loves the vibrancy on Main Street and other places. Everyone likes their outdoor dining.”

70and73.com last week requested a copy of the draft ordinance under the state Open Public Records Act. However, the request to review the draft was denied by Patricia Hunt, the Township records custodian. She said in her denial to 70and73.com that such draft documents do not have to be made public, so Moorestown will not release the information.

The state in July 2020 permitted outdoor dining to assist the restaurant industry, which had been hard hit first by shutdowns during the pandemic and then by indoor capacity restrictions. 

“Over the last eight months, many municipalities have already allowed restaurants to expand their premises into public spaces, and I applaud their creativity in facilitating outdoor dining,” Gov. Phil Murphy, a Democrat, said in a statement in February when he signed the legislation extending outdoor dining to 2022. Murphy is running for re-election in November.

The new state law continues to allow restaurants to expand into public spaces, such as sidewalks, to shore up their businesses. The law specifies the permissions needed from the local municipality for the outdoor dining permit.

Capacity restrictions for restaurants have been relaxed by the state, but the outdoor dining law will remain in effect until late next year.

For local communities like Moorestown, a permanent outdoor dining program could involve broad zoning law changes.

Parking, for example, came up during the Moorestown review. Municipalities usually have zoning standards for the number of parking spaces that are tied to restaurant capacity or number of tables. Would adding outdoor dining capacity require additional parking? And what if some parking spaces are being sacrificed to make room for outdoor dining?

Other concerns by Council members included the regulation of heaters on sidewalks for diners, the types of tables and chairs used and what kinds of enclosures for the dining area would be permitted. Avoid the large orange plastic cones, one member said.

Restaurants no longer would need to seek a zoning variance for outdoor dining under the Moorestown ordinance. However, if a restaurant objected to the conditions cited in the ordinance, its owners could go to the Planning Board and seek variances, the Council was told.

Other municipalities see no rush to enact their own ordinances.

Cherry Hill does not view a local law as an issue until the state law expires next year, said Michelle Caffrey, Cherry Hill’s communications director.

“Ahead of the November 2022 deadline, Mayor and Council will continue to keep a close eye on state regulations and work with the Township’s professionals and local business owners to see if there’s any action the Township may want to take in the future to continue to support them and help them thrive in the wake of the pandemic,” she told 70and73.com. “Both the Mayor and Council are definitely glad to see that more than a dozen restaurants in the Township are continuing to take advantage of the Temporary Use Permit, helping to bolster both the businesses’ own bottom lines and the local economy.” 

*Article Courtesy of 70 and 73

For more information about Moorestown retail space for sale or lease in Moorestown or about any other Moorestown 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 Moorestown commercial real estate broker that provides a full range of Allentown commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Moorestown commercial properties for buyers, tenants, investors and sellers.

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

Moorestown council approves mall redevelopment plan

MOORESTOWN – A proposed hotel and apartment complex at Moorestown Mall has moved closer to reality.

Council members voted unanimously Monday night to approve a redevelopment plan for the Route 38 shopping center.

The multi-stage project is intended to bring a 112,000-square-foot hotel and up to 1,065 homes to the mall’s parking lot.

“We are excited by the progress made in moving toward the next phase of Moorestown Mall’s evolution,” said Heather Crowell, an executive for the mall’s owner, Philadelphia-based PREIT.

The development will allow PREIT to boost revenues by selling land at the 84-acre complex. It also will advance a “densification” effort meant to lessen PREIT’s reliance on traditional malls.

The planned apartments are to include 213 affordable units, helping the township to meet a court-ordered mandate for less-costly housing.

The redevelopment plan was reached last year after mediation between the township, PREIT and Fair Share Housing Center, a Cherry Hill-based advocate for low-income residents.

Mayor Nicole Gillespie on Tuesday said the plan “preserves our immunity to builder’s-remedy lawsuits,” which developers can use to avoid zoning restrictions for projects with affordable homes.

“I think we came to a reasonable compromise with PREIT on the redevelopment plan and, critically, we did it by the court-imposed deadline (of Aug. 26),” she said.

“I’m looking forward to working with PREIT to revitalize the Moorestown Mall property,” she added.

Crowell said PREIT is “still working through timelines” for approvals and construction for each phase of the mall’s redevelopment.

Preliminary plans show a four-story hotel in a parking lot between Lenola Road and a Sears Auto Center, near the rear of the shopping center.

A concept plan also envisions a trio of four-story apartment buildings, with the first to rise in the corner of a parking lot between Nixon Drive and Boscov’s. The initial building would hold 375 units, including 75 affordable homes, and a parking structure.

A second phase calls for a 345-unit apartment building in an area that includes a former Lord + Taylor store, part of a former Macy’s store and a Sears Auto Center, according to the plan.

The final phase would put a similar building in a parking lot between Route 38 and a former Sears store, according to the concept plan.

PREIT has found new tenants for the Sears and Lord + Taylor stores since the concept plan was unveiled last year.

Cooper University Health Care in June paid $10.1 million for the 165,000-square-foot Sears store, which is being converted into medical offices.

Cooper has not said when the out-patient facility will open.

The redevelopment plan notes “the existing portion of the mall identified for Phase 3 may be repurposed for medical office uses at any time.”

PREIT earlier this month said discounter Turn 7 will open in October at the Lord + Taylor site, which most recently held a COVID-19 vaccination mega-site. Turn 7 sells sells overstocked name-brand merchandise from online channels, according to Joseph Coradino, PREIT’s chairman and CEO.

The plan does not address the potential impact of Turn 7’s arrival.

PREIT operates 18 “core” shopping centers, including Cherry Hill Mall and Cumberland Mall in Vineland. It also has interests in Gloucester Premium Outlets and Fashion District Philadelphia.

The firm is pursuing a financial turnaround after being hammered by pandemic restrictions and a harsh environment for brick-and-mortar retailers.

PREIT recently posted a net loss attributable to shareholders of $81 million, or $1.04 per share for the first-half of its current fiscal year.

It had annual deficits of $286.9 million last year, $38.2 million in 2019, and $137.7 million in 2018.

*Article courtesy of Courier Post

For more information about Moorestown retail space for sale or lease in Moorestown or about any other Moorestown 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 Moorestown commercial real estate broker that provides a full range of Allentown commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Moorestown commercial properties for buyers, tenants, investors and sellers.

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

Cooper University Health Care is a big buyer at Moorestown Mall

MOORESTOWN – A planned health care center at Moorestown Mall has already provided a cash infusion to the shopping center’s owner.

Cooper University Health Care paid $10.1 million for a former Sears store that is to hold medical offices at the Route 38 complex, according to records posted online by the Burlington County Clerk’s Office.

That sale and the pending revival of a long-vacant anchor store reflect a growth strategy for the mall’s owner, Philadelphia-based PREIT.

The mall operator wants to diversify its shopping centers away from a traditional base of retail tenants, while also generating revenue by selling off parts of its properties.

PREIT last year announced plans to bring a hotel and up to 1,065 apartments to the  parking lot of Moorestown Mall in a “densification” effort. The first property sale for that multi-stage effort is expected to provide $8 million, the firm said.

Camden-based Cooper will occupy more than 165,000 square feet at the Sears site, which has been vacant since April 2011.

Cooper has disclosed few details for a project “in the early planning stage.” But it says the Route 38 location will offer outpatient services in a “state-of-the-art multi-specialty facility.”

“The Cooper partnership reflects a very intentional and strategic focus by (PREIT) to address necessary transitions of anchor space,” Heather Crowell, the mall company’s executive vice president, said Wednesday.

She noted PREIT has found replacements for 19 anchor stores in the past five years, with new tenants including health care, fitness, grocery, and entertainment and dining.

Moorestown Mall also held a COVID-19 vaccination site in a former Lord + Taylor department store. It closed on July 23.

PREIT and Cooper aren’t alone in converting retail space to medical use.

The state’s largest hospital operator, RWJBarnabas Health, broke ground in March for an 82,000-square-foot building as part of a redevelopment project at Monmouth Mall in Eatontown. 

The Monmouth County site will offer “a wide range of health care services in a convenient retail setting,” the health system said in a statement.

It noted the facility will include “custom-designed spaces” for women’s services and specialized pediatric care, as well as a commercial-grade kitchen to support a wellness center and host educational events.

PREIT owns 18 “core” properties that include Cherry Hill Mall and Cumberland Mall in Vineland. It also has interests in Fashion District Philadelphia and Gloucester Premium Outlets.

The mall operator is counting on its new strategy to snap a years-long financial skid, caused in large part by the rise of online shopping and retail bankruptcies.

PREIT in May posted a net loss of $49.6 million, or 64 cents per share, for this year’s first quarter. That followed deficits of $286.9 million in 2020, $38.2 million in 2019, and $137.7 million in 2018.

But Crowell predicted said the emphasis on health care and other new tenants is “the right model for sustained long-term growth.”

“We continue to be pleased with positive momentum,” she added.

*Article courtesy of Courier Post

For more information about Moorestown retail space for sale or lease in Moorestown or about any other Moorestown 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 Moorestown commercial real estate broker that provides a full range of Allentown commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Moorestown commercial properties for buyers, tenants, investors and sellers.

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

Moorestown Township Council approves mall redevelopment plan with hotel, affordable housing.

 Moorestown Mall redevelopment plan that was moved ahead by Township Council on Monday night could reinvigorate the 84-acre site and also contribute to Moorestown’s obligation to provide affordable housing.

Council members voted unanimously in favor of the ordinance on first reading for the “Moorestown Mall Redevelopment Plan,” which would offer tax breaks for some new development on the site. The ordinance is scheduled for a public hearing and final approval at the August 9 Council meeting. 

Mall owner Pennsylvania Real Estate Investment Trust (PREIT) plans for as many as 1,065 multifamily units and a hotel at the site to shore up its mall investment, which has lost three of its four anchor stores. Only Boscov’s remains.

PREIT announced in May that Cooper University Health Care will purchase the former Sears location at the mall and open a specialty care facility, occupying more than 165,000 square feet.

While the Council vote officially moves the plan along, the agreement also will need to be amended to account for PREIT objections to the wording of seven items, Community Development Director Nancy W. Jamanow told Council members at the meeting.

Objections from PREIT included the ratio of parking spaces per residential unit, the percentage of impervious site coverage permitted, the installation of electronic vehicle charging stations for the commercial part of the property and lighting design. Other PREIT objections, and resulting wording changes, included sustainability requirements and environmental design suggestions, such as green roofs.

The Township also wanted storage provided for renters, hoping to limit personal items stores on balconies, but PREIT protested the set aside of space. Instead, PREIT proposed lease rules forbidding the storage of personal items, such as bicycles, on balconies.

Redevelopment of the mall site would occur in three phases, according to the “Moorestown Mall Redevelopment Plan” released this month by community planning consultant Heyer, Gruel & Associates of Red Bank, New Jersey. 

“The overall goal of the Redevelopment Plan is to promote the stabilization of the Moorestown Mall property as a mixed-use asset that brings together a diverse array of commercial uses with an inclusionary multi-family residential development,” the Redevelopment Plan states.

The plan also would “account for a portion of Moorestown Township’s unmet affordable housing obligation as identified in the Settlement Agreement with Fair Share Housing Center,” the plan notes.

Under PREIT’s plan, 20% of the planned 1,065 residential units — up to 213 in total — would be affordable housing.

Phases of the redevelopment project, according to the settlement agreement, include:

  • Phase one: 375 residential units, with 75 affordable family rentals, in a four-story apartment building. It also includes a full-service hotel and a parking structure.
  • Phase two: 345 residential units, with 69 affordable family rentals, in a four-story apartment building.
  • Phase three: 345 residential units, with 69 affordable family rentals, in a four-story apartment building.

Under the plan, a Payment in Lieu of Taxes (PILOT) program would be instituted for the first phase by the Township for a maximum term of 30 years, according to the settlement agreement. The payment would be an annual service charge of 12.5% of gross revenue of the project, according to the agreement.

The agreement states the Township may consider other PILOT agreements for the second and third phases of the project.

When available, details about the new construction, including preliminary and final site plans, will go to the Planning Board for approval in the future.

*Article courtesy of Burlington County Times

For more information about Moorestown retail space for sale or lease in Moorestown or about any other Moorestown 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 Moorestown commercial real estate broker that provides a full range of Allentown commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Moorestown commercial properties for buyers, tenants, investors and sellers.

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

Moorestown Selling Liquor-Store Licenses with Minimum Bid of $1 Million

MOORESTOWN – Ten years after voters approved the sale of alcoholic beverages here, residents soon could see the arrival of liquor stores.

The once-dry township has invited bids for two newly authorized licenses for use by retailers of alcoholic beverages.

The minimum bid for each license is $1 million, according to a request for proposals.

The bids are to be opened July 26.

Mayor Nicole Gillespie on Tuesday said the licenses “represent exciting new opportunities for businesses in our commercial and industrial zones, and also the possibility of giving new life to existing facilities.”

She noted council members have also amended the zoning code to allow breweries, distilleries and winery salesrooms. An ordinance allowing liquor stores asserts they will boost the commercial tax base ““by attracting retailers who are interested in selling products to the residents of the township.”

Approved locations for the liquor stores include the Moorestown Mall and a nearby Kmart shopping center, the township said in a statement Tuesday.

It said the stores would have to be 200 feet from a home or school and could not operate “in the commercial districts near Main Street and in the Lenola Town Center on Camden Avenue.” Each applicant would require township council’s approval and would face an annual fee of $2,500.

The liquor stores could operate from 9 a.m. to 10 p.m. Monday through Saturday, and from 10 a.m. to 10 p.m. Sunday, the ordinance says. The revised ordinance allows one “plenary retail distribution license” for every 7,500 residents. That compares to one consumption license for every 3,000 people.

Moorestown had about 20,500 residents in 2018, according to a Census Bureau estimate.

Breweries, distilleries and winery salesrooms could locate in the downtown shopping area and the Lenola Town Center, among other areas, the township said.

It noted the businesses could sell alcoholic products from noon to 10 p.m. daily, with live entertainment allowed on Fridays and Saturdays.

And while the businesses would not be allowed to serve food, customers may bring in food from outside restaurants, the statement noted. Voters in April 2011 approved the sale of alcoholic drinks, but only in the area of the Moorestown Mall. The revised ordinance continues to limit consumption licenses to full-service restaurants in the mall’s vicinity. 

*Article courtesy of Burlington County Times

For more information about Moorestown retail space for sale or lease in Moorestown or about any other Moorestown 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 Moorestown commercial real estate broker that provides a full range of Allentown commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Moorestown commercial properties for buyers, tenants, investors and sellers.

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

Cooper Health Buys Former Sears in Moorestown Mall for Outpatient Facility

A healthcare chain has acquired the former Sears anchor store at a New Jersey mall where it plans to open an outpatient facility.

Cooper University Health Care purchased the 165,000-square-foot vacant department store at the Moorestown Mall in Moorestown, New Jersey, from Pennsylvania Real Estate Investment Trust, according to the broker on the sale, Markeim Chalmers of Cherry Hill, New Jersey.

Terms of the transaction between Cooper and PREIT, which is based in Philadelphia, weren’t disclosed.

In March, PREIT Chairman and CEO Joe Coradino announced his company and Cooper had executed a transaction for the outpatient location at the Moorestown Sears during a fourth-quarter earnings report. At the time, Coradino didn’t specify if Cooper was leasing the vacant Sears, which closed roughly a year ago, or buying it.

vacant Sears at the Moorestown Mall is 165,000 square feet.

Cooper will transform the Sears space, which was home to the department store for decades. 

“The landmark Moorestown Mall location has frontage on Route 38, ample parking and convenience to all major roadways,” the brokerage said. “This project fits within PREIT’s business plans to expand and reposition its mall locations beyond retail. With the addition of the Cooper project alongside hospitality and housing development, this location will flourish and draw even greater regional use.”

Back in March, Cooper said is was adding medical office space to meet the demand for its specialists at convenient locations near where consumers live. 

Early this year PREIT, which emerged from Chapter 11 proceedings in December, said it was redeveloping Moorestown Mall and planned to add about 1,000 apartment units as well as a hotel to its Garden State retail property. 

Like landlords across the country, the real estate investment trust is looking to create foot traffic and fill vacancies at its malls by adding nontraditional tenants, including healthcare and medical offices and facilities.

*Article courtesy of Costar

For more information about Moorestown retail space for sale or lease in Moorestown or about any other Moorestown 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 Moorestown commercial real estate broker that provides a full range of Allentown commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Moorestown commercial properties for buyers, tenants, investors and sellers.

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

Moorestown OKs Breweries, Distilleries and Winery Salesrooms in Parts of Town

The Moorestown Township Council unanimously approved allowing breweries, distilleries and winery salesrooms within its borders Monday night.

A dry community for nearly 100 years until voters by referendum in 2011 decided it was time to change, Moorestown like many other New Jersey communities now will permit sampling rooms for beer, liquor and wine. The businesses are not allowed to sell food.

Council members said the new businesses would help to support the local restaurant industry and add to township revenues through property taxes and other fees collected for the outlets, which are regulated by the state Division of Alcoholic Beverage Control.

“This has been a long time coming,” Mayor Nicole Gillespie said shortly before Council members voted 5-0 in favor of the zoning ordinance that opens the way for the sampling rooms.

“We’ve seen it done in other communities and it’s been a tremendous success,” said Council member Quinton Law. “I’m just really happy to see this happening in our community and I know there’s a lot of people who are going to be excited to grab a beer or some wine in our town.”

Council member David Zipin noted that the new businesses would not serve food, which means customers likely would order food from nearby restaurants. The ordinance allows the businesses to open on Main Street, the Lenola Town Center and around the Moorestown Mall and on Centerton Road.

“This isn’t just another convenience store opening up,” Zipin said. “Where these businesses have been successful in other surrounding communities, they rely on the restaurants in the immediate vicinity to provide essentially takeout to their establishments.”

Council members Jake Van Dyken and Sue Mammarella offered similar observations, with Mammarella saying she is “picturing that great gathering place for people in Moorestown.”

Township Council last month unanimously passed an ordinance permitting two retail liquor, or “package,” stores in commercial areas of town. Two stores, a number determined by population, would be licensed by the state in Moorestown.

*Article courtesy of 70 & 73

For more information about Moorestown retail space for sale or lease in Moorestown or about any other Moorestown 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 Moorestown commercial real estate broker that provides a full range of Allentown commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Moorestown commercial properties for buyers, tenants, investors and sellers.

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

Comings and Goings: Dollar General store planned for West Camden Avenue in Moorestown

Dollar General Moorestown NJ

Plans for a Dollar General store at West Camden Avenue and New Albany Road in the Lenola section of Moorestown have been approved by the Township Planning Board.

Seven lots totaling 1.1 acres on the site will be cleared for the 8,990-square-foot store and parking, according to the application, which was passed 9-0 at the March 4 meeting and adopted by resolution on April 1. A two-story home and Moorestown CITGO will be demolished.

The application was made by 107 W Camden Avenue Development Associates LLC and the property is owned by Moorestown Camden LLC of Clifton, Passaic County, according to the application.

A few residents of the neighborhood opposed the Dollar General at the March meeting.

Donna Clark of Claypool Avenue, who has lived in the Lenola section for 50 years, told the board in a written statement that she was concerned about traffic at the intersection. Jose Feliciano of Harding Avenue questioned a planned exit on New Albany Avenue and Jim Carruthers of South Garfield Avenue said the plan was “incredibly unoriginal and it will not preserve Lenola,” according to the Planning Board resolution.

*Article courtesy of 70 & 73

For more information about Moorestown retail space for sale or lease in Moorestown or about any other Moorestown 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 Moorestown commercial real estate broker that provides a full range of Allentown commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Moorestown commercial properties for buyers, tenants, investors and sellers.

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

Healthcare Chain To Open Outpatient Facility at Former Sears

A hospital chain will be opening an outpatient facility at a large vacant Sears anchor store in New Jersey, another example of healthcare providers becoming a growing category of mall tenants.

Cooper University Health Care is taking more than 165,000 square feet at the former department store site at Moorestown Mall, which is located outside Philadelphia in Moorestown, New Jersey. Pennsylvania Real Estate Investment Trust, headquartered in the City of Brotherly Love, owns and is repositioning that retail center.

In January, PREIT, which emerged from Chapter 11proceedings in December, said it was redeveloping Moorestown Mall and had approval to add about 1,000 apartment units as well as a hotel to its Garden State property. Like landlords across the country, the real estate investment trust is looking to create foot traffic and fill vacancies at its malls by adding nontraditional tenants, as brick-and-mortar sites are still reeling from the double punch of the coronavirus and the continuing escalation of online ordering. A record number of stores closed last year.

Heathcare, in its various forms, is a rising opportunity for mall landlords. For example, vacant Sears stores across the nation are being used as temporary mega coronavirus vaccine centers. On a more permanent basis, because of the aging U.S. population, healthcare providers are opening more locations — walk-in clinics, outpatient care and testing, rehab facilities and actual hospitals .

This intersection of retail and healthcare has been dubbed “medtail.”

PREIT Chairman and CEO Joe Coradino announced his company and Cooper University Health had executed a transaction for the outpatient location at the Moorestown Sears last week in a fourth-quarter earnings report. The CEO didn’t specify if Cooper University Health was leasing the vacant Sears, which closed roughly a year ago, or buying it.

“With this addition and the apartments and hotel plan for the site, the property will further evolve its mix to create a one-stop hub, including dining, entertainment, fitness, a broad array of retail options and now a premier outpatient healthcare facility,” Coradino told Wall Street analysts on a conference call.

Cooper University Health Care has the only state-designated Level I trauma center in South Jersey and is home to MD Anderson Cancer Center at Cooper and the Children’s Regional Hospital at Cooper. It also has a network of more than 100 medical offices and four urgent-care centers throughout the region.

Where Patients Live, Work

“More residents continue to place their trust in Cooper University Health Care, as the leading academic health system in the region,” the healthcare provider said in a statement. “With more than 1.6 million patient visits annually and over 100 locations throughout southern New jersey, Cooper is acquiring this additional office space to meet consumer demand for our expert specialists. The building formerly used by Sears at Moorestown Mall is a perfect location in close proximity to where many of our patients live and work.”

PREIT is reconfiguring and retenanting a number of its malls. The Moorestown Mall redevelopment is part of the company’s national strategy to add thousands of multifamily units to its malls.

“The PREIT team, and portfolio, proved to be resilient as we navigated uncertain terrain,” Coradino said in a statement on fourth-quarter earnings.

“Our targeted strategy of dispositions and anchor replacements over the past several years created a real estate portfolio of bulls-eye locations in high barrier-to-entry markets that stands the test of time,” he said. “Our portfolio is comprised of a differentiated mix of uses that attracts robust demand from a variety of non-retail uses, strengthening the company and fortifying our revenue stream. At the same time, we are well-positioned for a strong return to brick-and-mortar shopping and leisure as restrictions ease and vaccinations continue.”

PREIT was one of the first U.S. retail property owners to file for Chapter 11 bankruptcy protection during the COVID-19 outbreak. It came out of the proceedings after forging an agreement with Strategic Value Partners.*Article courtesy of CoStar

For more information about Moorestown retail space for sale or lease in Moorestown or about any other Moorestown 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 Moorestown commercial real estate broker that provides a full range of Allentown commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Moorestown commercial properties for buyers, tenants, investors and sellers.

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

Redevelopment plan for Moorestown Mall backed by Planning Board.

The troubled Moorestown Mall should be designated an “area in need of redevelopment,” the township Planning Board voted unanimously Thursday night.

That legal designation would open the possibility of property tax breaks for mall owner Pennsylvania Real Estate Investment Trust (PREIT) or others developing and improving the site. PREIT on January 11 announced it plans for as many as 1,065 multifamily units and a hotel at the site to shore up its mall investment, which has lost three of its four anchor stores. Only Boscov’s remains.

Board members voted 9-0 to recommend the designation to Township Council, affirming that the property met three criteria for the redevelopment status. Only one is required to award the status.

There was no testimony from members of the public.

Board planner Michelle M. Taylor, president of Taylor Design Group Inc. of Mount Laurel, said the three criteria are:

  • Significant vacancies in shopping mall buildings
  • Obsolescence of buildings, making them detrimental to the safety, health, morals or welfare of the community
  • The designation for redevelopment as consistent with “smart growth planning principles”

Taylor authored a 59-page study on Moorestown Mall and reasons it should get the redevelopment status. If residential properties are developed on the site, some would be required to be set aside as affordable for low- and moderate-income households, she said.

“Moorestown Mall is at a critical juncture,” current owner PREIT states in the report. “Redeveloping the center and adding complementary uses will support the mall, stabilizing, and improving its performance,” PREIT, which bought the property in 2003, said.

Board member Robert Musgnug said the plan looked like a “Hail Mary” from the mall’s owner. He said PREIT already has sold four acres of its 86-acre site and announced a housing plan.

Board solicitor Matthew B. Wieliczko, of the Zeller & Wieliczko LLP law firm in Cherry Hill, advised Musgnug and other board members that “the scope of what we’re here for this evening is restrictive” to whether or not to advise the council that the area is in need of redevelopment.

William Barker of the board noted that “clearly, the mall is in distress.”

*Article courtesy of 70 & 73

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