Troubled Moorestown Mall May Get Township’s Assistance to Reinvent Itself

When Moorestown Mall was a month from opening, the builder predicted the project at Route 38 and Lenola Road embodied the future of retailing.

The mall “sets a pattern for enclosed mall shopping centers for perhaps 25 years to come,” the president of realty firm Winston-Muss said in the Courier-Post in August 1963.

That prediction would have made the mall — with anchor department stores Wanamaker’s and Gimbels and about 75 other tenants — a trendsetter into 1988.

But it’s 2021 now. Wanamaker’s and Gimbels are long gone, as are three of the mall’s four most-recent anchor tenants: Macy’s, Sears and Lord & Taylor. Now Boscov’s remains as the sole anchor store. Add in the devastating effects of online shopping and the current COVID-19 pandemic and you have a poor investment in the form of more than 1 million square feet of leasable space sitting on about 86 acres.”Moorestown Mall is at a critical juncture,” current owner states in a Moorestown Township report on the property. “Redeveloping the center and adding complementary uses will support the mall, stabilizing, and improving its performance.”

The Moorestown Planning Board Thursday night will hold a virtual public hearing to help determine if the mall is an “area in need of redevelopment,” a designation that under state law permits municipalities to offer tax breaks on property improvements. On January 11 announced it plans for as many as 1,065 multifamily units and a hotel at the site to shore up its troubled mall investment.

Members of the public can watch the meeting on livestream, but must use the telephone to join the meeting and make comments, according to the township. The agenda has instructions on how to watch or join the meeting by telephone.

Moorestown Planning Board agenda

Moorestown report on designating mall a redevelopment areaMoorestown Mall is the fourth-largest enclosed mall in South Jersey. The largest is the Cherry Hill Mall, which is two years older than Moorestown Mall and about four miles west on Route 38. The second-largest mall is Deptford Mall and third-largest is what was Echelon Mall, now called Voorhees Town Center after undergoing its own transformation.

In Moorestown, Macy’s closed in the first quarter of 2017 and Lord & Taylor and Sears left the mall in the first quarter of 2020, according to the township’s preliminary report, which will be used to help decide whether to designate the property as an area in need of redevelopment. Boscov’s lease goes to 2028, as does that of Regal Cinemas, the movie theater that still has not reopened in the current pandemic.

“Many businesses are shrinking or closing altogether, reducing shopping center occupancy and rents. The notable exceptions are grocery, drug, and home improvement stores,” the Taylor report states, quoting a 2020 real estate emerging trends study by the Urban Land Institute, a Washington D.C.-based nonprofit.

“The expected returns for retail real state are cited as poor to fair. Regional malls are noted to be the weakest retail investment below, (in ranked order) neighborhood and community shopping centers, lifestyle entertainment centers, outlet centers, power centers and urban and high street retail,” the Taylor report states in its excerpt from the ULI study.*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.

PREIT Sets Stage for Next Phase of Evolution with Approval of 1,065 Apartment Units at Moorestown Mall

PREIT, today announced that the Company will proceed with its plan to transform its properties into multi-use, sustainable districts with the execution of a rezoning agreement to allow for the addition of up to 1,065 multifamily units and a hotel at Moorestown Mall. Together, with plans to add several thousand units across its portfolio through the sale of land to multifamily developers, PREIT’s densification program is expected to generate over $150 million in proceeds which will serve as a new liquidity source and be used to reduce debt.

This is part of the Company’s strategic plan to diversify the mix of uses at its mall sites with 5 – 7,000 apartment units and several hotel sites. The Company is in the final stages of delivering 3,500 apartment units in an initial phase. PREIT is focused on reinventing its platform by creating a diverse and expansive environment, marked by a healthy mix of multifamily housing, hotels, entertainment, dining, health & wellness, green space, working space, and local small business retail. This initiative capitalizes on bullseye locations to produce a broader consumer base, create stronger business models and provide greater market flexibility. Over the course of the past decade, as an initial step in this transformation, PREIT has reinvented its mall properties through the introduction of a variety of uses including entertainment venues, extensive dining programs, off-price and value purveyors, fitness centers and traditional open-air tenancy.

Like many of PREIT’s Philadelphia and DC-area properties, Moorestown Mall is ideally situated for a residential community with tremendous access to roadways, along with over 13 million square feet of office space in the trade area. With unique tenancy including leading off-price retail purveyors, traditional retail, dining and entertainment options, Moorestown Mall offers a one-stop hub fulfilling customer needs from convenience to fun.

The first phase of the project is expected to deliver 375 residential units and a hotel. This initial phase will allow for PREIT’s second multifamily development following the completion of 350 units at Exton Square. PREIT currently anticipates it will close on the sale of the initial parcel in 2021 for $8 million.

“Our foresight has shaped a high-quality portfolio with a strong retail core that attracts a distinctive mix of new uses to redefine the future-ready retail and leisure district, including over 3,500 apartment units that are in the final stages of entitlement,” said Joseph F. Coradino, CEO of PREIT. “The synergistic addition of apartments and hotels will benefit our existing tenants and communities by increasing visits to the property and delivering a new customer.”

*Article courtesy of City Biz List

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.

South Jersey shopping plaza near the busy ‘3M’ market trades hands

A South Jersey shopping plaza has sold for $5.4 million in a deal that shows both the strength of the busy “3M” market in South Jersey and its influence on neighboring towns. 

Universal Building & Construction Inc. acquired the 23,228-square-foot Bridgeboro Shopping Center at 80-88 Hartford Road. The shopping center is located within the boundaries of Delran Township but has a postal address in Moorestown, part of the in-demand “3M” market of Moorestown, Mt. Laurel and Marlton.  The sale breaks down to about $232 per square foot. 

The property includes two stand-alone buildings that are home to a Goddard School and Investors Bank branch. A nail salon, pharmacy, dry cleaners and convenience store hold long-term leases in the adjacent strip center.

Located on the border of Delran and Moorestown townships, the plaza is in an increasingly in-demand area as part of Delran has benefited from the strength of the 3M market and drawn new residential construction in recent years. 

Along with the dense residential neighborhoods surrounding it, the Bridgeboro Shopping Center is located just about a mile from Route 130 and a busy shopping center that includes a ShopRite, Lowe’s, and a Chick-fil-A. It’s also roughly four miles from Route 38 and Interstate 295. 

Article courtesy of Philadelphia Biz Journal.

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 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.

Find Your Moorestown Retail Space

Real Estate Growth Market Or Impending Bubble- How To Tell The Difference

Home prices took a nose dive during the Great Recession that started in 2008. Prices fell in ALL local markets but much more in some than others. And afterwards some had a better recovery than others. Why? And, more important, could we have predicted that? Job growth is part of the story, but not a very useful one because nobody can predict which markets will have more jobs in the future.

 

Key Takeaways:

  • The income price has been a very successful forecasting tool for decades – not just in this recession.
  • When markets are overpriced or underpriced, home prices ALWAYS return to the income price.
  • Some investment strategies have a better chance for success in markets that are overpriced and under priced.

“The income price has been a very successful forecasting tool for decades — not just in this recession.”


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