Mike Murray of Conshohocken-based Metro Commercial Real Estatenegotiated each of the leases on behalf of Verizon Wireless. Thecompany is utilizing a new store layout, according to Murray. "Eachwas an individual deal, negotiated with a separate owner," he tellsGlobeSt.com. He declines to provide a value or range of rentalrates on the leases, saying, "each of the markets isdifferent."


Seven of the locations are at shopping centers in EasternPennsylvania and the eighth is at Cambridge Crossing in Mt. Laurel,NJ. The Pennsylvania centers are: Abington Town Center in Abington,City Avenue Shopping Center in Philadelphia, the Promenade atSaucon Valley in Center Valley, the Court at Upper Providence inUpper Providence, Concordville Town Center in Concordville,Broadcasting Square in Wyomissing, and Morgantown Crossing inMorgantown.


According to a report from the Philadelphia office of Marcus& Millichap, retail vacancy is falling throughout this area andrents are rising at a rate of approximately 3.5% a year. Theeffective retail rent rates in the Pennsylvania locations,according to M&M, range from an average of $13.52 per sf inGloucester County to an average of $19.91 per sf in DelawareCounty.

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