X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CONSHOHOCKEN, PA-Verizon Wireless has leased more than 28,000 sf in the Philadelphia area over the last several months. It topped off its activity with its most recent transaction for space in Red Lion Plaza, which is currently being developed.

Mike Murray of Metro Commercial inked the 4,000-sf lease transaction for Verizon Wireless in the 12,000-sf retail center under construction on Roosevelt Blvd and Red Lion Rd. Murray also recently executed a 3,000-sf Verizon Wireless lease transaction for Towne Place at Garden State Park, a 250,000-sf lifestyle center in Cherry Hill, NJ. Murray tells GlobeSt.com that the retailer is continuing to expand in Philadelphia even though it closed on a large number of lease transactions in the city last year. “They are looking for opportunities in quality retail corridors,” he says. Asking rates for space in which the stores typically locate range between $15 per sf to $30 per sf.

Murray negotiated eight lease transactions last year tallying more than 24,000 sf for Verizon Wireless in and around the Philadelphia area. These include Abington Town Center in Abington; City Avenue Shopping Center in Philadelphia; the Promenade at Saucon Valley, in Center Valley; the Court at Upper Providence in Upper Providence; Cambridge Crossing, in Mt. Laurel, NJ; Concordville Town Center, in Concordville; Broadcasting Square shopping center, in Reading/Wyomissing; and Morgantown Crossing in Morgantown. In total, Metro Commercial has leased nearly 60,000-sf for the wireless company.

According to a report from the Philadelphia office of Marcus & Millichap, effective retail rent rates in the Pennsylvania locations range from an average of $13.52 per sf in Gloucester County to an average of $19.91 per sf in Delaware County.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.