Biz in Brief

Biz in Brief

Business news from around South Jersey.

The New Jersey Economic Development Authority will begin accepting applications for its expanded Micro Business Loan Program. Small businesses or nonprofit organizations with 10 or fewer full-time employees and annual revenues of no more than $1.5 million are eligible for financing up to $50,000.
 
Spring Hills Cherry Hill has requested township approval for a 64-bed addition that would be dedicated for Alzheimer's patients.
 
The Tractor Supply Co. has proposed a 19,000-square-foot store on a six-acre site on Route 73 and Jackson Road in Berlin Township.
 
The city of Woodbury has received a $100,000 Transform South Jersey grant from the Community Foundation of South Jersey.
 
High Place Church in Merchantville purchased the former Danzeisen & Quigley store, a 33,000-square-foot building on Route 70 in Cherry Hill. WCRE was the exclusive agent for the deal.
 
Rutgers University-Camden has received a $2.2 million grant from the National Institutes of Health in support of its medical research on preventing medial toxicity in new medications.
 
The New Jersey Department of Transportation, through the New Jersey Transportation Trust Fund, granted $161.25 million in county aid to the state’s 21 counties. This money will be equally distributed between each county to help improve their infrastructure.
 
In light of the COVID-19 pandemic, Rowan College of South Jersey is waiving its setup fees and reimbursing students who were already charged.
 
The South Jersey Transportation Authority voted to use $16 million in reserve funds in response to COVID-19 revenue reductions. The board accepted a $7.9 million federal CARES Act grant that would also help the COVID-19 downturn.
 
Dick’s Sporting Goods is relocating its current Deptford store on Almonesson Road to the Deptford Mall. The company is also planning on opening 10 new locations throughout the U.S.
 
Mount Laurel-based Pinnacle Treatment Center acquired one of Georgia’s treatment companies, HealthQwest.
 
Installation of more than 50,000 solar panels has begun for a massive energy project intended to slash electricity costs for the PATCO Hi-Speedline and its parent organization.
 
With health risks being too high, Princeton University changed its original plan of having some students on campus to going fully remote for the fall semester.
 
Lord & Taylor is closing 19 stores after filing for bankruptcy due to ramifications from the COVID-19 pandemic.
 
The U.S. Department of Housing and Urban Development (HUD) granted New Jersey $6.9 million to support lower-income individuals living with disabilities. Additionally, the state received $18.5 million from HUD to help low-income families keep their houses amid the pandemic.

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Vantage Real Estate Services (RES) represented the following businesses in recent transactions:
- Dessert Soiree in the signing of a lease at Liberty Town Center, 412 Sicklerville Road in Sicklerville.
- Mindful Soul Center for Wellbeing in the purchase of an office building in Haddon Heights.
- O’Donnell Orthopaedics in the signing of a long-term medical office lease at South Jersey Medical Center, 1401 Route 70 in Cherry Hill.
 
German grocery chain Lidl is looking to expand in South Jersey and wants to build a 31,000-square-foot store at the Black Horse Pike and Lakeland Road in Gloucester Township.
 
Moorestown’s planning board will consider Heritage Village at Moorestown, a proposed 82-unit, three-story affordable housing apartment on Centerton Road.
 
Wolf Commercial Real Estate (WCRE) represented Stratford Classical Christian Academy in the sale of 710 Laurel Road in Cherry Hill. At approximately 25,000 square feet consisting of over three buildings, the property was purchased by an investment firm looking to turn it into a senior independent living facility.
 
Additionally, WCRE orchestrated the sale of My Place Ventures, LLC purchasing a 5,700-square-foot office building in Hamilton.
 
Chipotle Mexican Grill’s newest location on Egg Harbor Road in Washington Township is near completion. The restaurant expects to hire 25-30 full- and part-time employees.
 
Colliers International was the broker in the sale of Twinbridge Industrial Park and Veterans Industrial Park in Pennsauken—a 32-building portfolio totaling 1,164,939 square feet.
 
Additionally, Colliers International announced the full building lease of 1 Warner Court in Logan Township to Champion Services, a warehouse and trucking company.
 
The Casino Reinvestment Development Authority (CRDA) recently agreed to spend $350,000 to support food distributions events. With this distribution, the CRDA has spent $1.6 million on emergency initiatives in response to COVID-19’s impact on Atlantic City and surrounding communities
 
Markeim Chalmers represented the buyer and seller of a 33,303-square-foot multi-building located at 20 E. Taunton Road in Berlin.
 
Planet Fitness in Haddon Township set up a 6,000-square-foot training area outside its facility on Haddon Avenue. The gym is offering front-line workers free memberships.

Atlantic City Mayor Marty Small Sr. has announced new measures the city is taking to better regulate AirBnB property rentals. Atlantic City will now require all properties that book AirBnB and short-term rentals to pay a $150 application fee and an annual fee of up to $2,400.

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Published (and copyrighted) in South Jersey Biz, Volume 10, Issue 8 (August 2020).

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Author: Deanna Pineiro and Julie Shannon

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