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New construction and weak office-space demand in the second quarter pushed the national office vacancy rate to 18.2%, according to CBRE. By Ashley Fahey Office leasing demand remained tepid in the second quarter, as the economy’s trajectory is uncertain and companies continue to figure out their post-pandemic real estate needs. VTS Inc.’s Office Demand Index, …

Demand for office space remained weak in Q2, but some sectors buck trend Read More »

The Atco Dragway in Waterford Township, New Jersey, opened in 1960. By Ryan Sharrow Atco Dragway in South Jersey said late Tuesday it has permanently closed after 63 years and will cancel the remainder of its 2023 events. Built in 1960, the Camden County mainstay is located at 1000 Jackson Road and is known for …

Atco Dragway in South Jersey permanently closes after 63 years Read More »

By Alex Barreira and Emma Dooling Ashford Hospitality Trust plans to surrender its SpringHill Suites Philadelphia hotel in Plymouth Meeting to the lenders behind a commercial mortgage-backed securities loan securing the property. The Montgomery County hotel is among 19 that the Dallas-based real estate investment trust will return to lenders after the properties failed to …

Ashford Hospitality Trust surrendering 199-key Montgomery County hotel to lenders Read More »

A rendering of the outside of Riversuites, the hotel Rivers Casino plans to operate in a portion of The Battery in Fishtown. By Emma Dooling Rivers Casino Philadelphia plans to open a 62-suite boutique luxury hotel with an indoor basketball court this year inside The Battery, the $154 million redevelopment of a former PECO power …

Rivers Casino opening all-suite hotel in Fishtown’s Battery redevelopment project Read More »

The First Bank of the United States building in Old City. INDEPENDENCE HISTORICAL TRUST By Jeff Blumenthal Independence National Historical Park has been awarded $22.2 million in federal funding to help rehabilitate the landmark First Bank of the United States building in Old City and reopen it as an interactive museum about the early American …

First Bank of the United States building lands $22M in funding, will reopen as museum in time for 20 Read More »

Icona Resorts’ Mahalo Cape May opened on June 16. By Emma Dooling Weeks after opening its eighth oceanfront hotel along the Jersey Shore, luxury hotel group Icona Resorts is in talks to acquire two additional properties, a move that would further expand its holdings in the Garden State. The properties would be in opposite parts …

Icona in talks to buy more Jersey Shore resorts after opening eighth property Read More »

The Lenora features a vertical marquee welcoming visitors to Fishtown. By: Ryan Mulligan A newly completed mixed-use building on the edge of Fishtown is on the market for $17.7 million after its developer switched the residential units from condos to apartments. The Lenora at 2636 York St. includes 42 units and 4,578 square feet of …

New mixed-use building in Fishtown lists for $17.7M after pivot from condos to apartments Read More »

Otto’s BMW and Mini at 1275 Wilmington Pike has been rebranded as BMW and Mini of West Chester. By Paul Schwedelson Piazza Auto Group has added to its holdings along Wilmington Pike in West Chester. Chester County records show the auto group recently paid $30.7 million for the property home to the former Otto’s BMW …

Piazza Auto Group pays $30.7M for Otto’s BMW property in West Chester, rebrands dealership Read More »

Joanna Ramos (left), station manager for the new facility, and Maura Kennedy, Amazon’s senior manager of economic development in the Philadelphia area. By: Ryan Mulligan Amazon plans to open its new distribution center in Southwest Philadelphia early this fall following a lengthy delay. The facility at 6901 Elmwood Ave. will be Amazon’s largest in Philadelphia …

Largest Amazon distribution center in Philadelphia now set to open this fall Read More »

Genesis Capital broke ground Thursday on The Jaan at Center City, seen here in a rendering. By Emma Dooling A New Jersey-based real estate investment, development and management firm broke ground Thursday on a new boutique extended stay hotel near the Pennsylvania Convention Center in Philadelphia and is now looking for a local partner for …

Developer of extended stay hotel project in Center City seeking partner for restaurant space, roofto Read More »