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WCRE Appointed Exclusive Agent for Three Southern New Jersey Shopping Centers

WCRE was recently Appointed Exclusive Agent for Three Southern New Jersey Shopping Centers for Urban Edge Properties, CGI Companies and The Jemstone Group. (View PDF)


November 11, 2015 – Marlton, NJ – The retail practice at Wolf Commercial Real Estate (WCRE) is experiencing growth and expansion along with the firm’s other areas of focus. WCRE is pleased to announce it has been appointed exclusive agent to market three shopping centers for lease in Southern New Jersey. Urban Edge Properties has engaged the firm to market Plaza 42 in Turnersville, which is anchored by Kohls, Ashley Homestore, and Sears Home Appliance Showroom. The Jemstone Group, LLC, has hired WCRE to market available space within Circle Plaza in Egg Harbor Township, which is anchored by TJ Maxx. Also CGI Companies has selected WCRE as exclusive leasing agent for its Fries Mill Shopping Center in Turnersville, a 14,800 square foot retail center.

“We are excited to see our retail presence growing at WCRE. Under the leadership of executive vice president Leor Hemo and our team, I am confident we will be very successful in the marketing of our clients’ shopping centers,” said Jason Wolf, managing principal of WCRE.

Property Highlights:

Plaza 42- 5851 Route 42, Turnersville, NJ:

Plaza 42 is an approximately 207,723 +/- sf shopping center located in Turnersville along Route 42. It is anchored by Kohls, Ashley Homestore, PetSmart, Dollar Tree, and Sears Home Appliance Showroom. Vacancies range from 1,119 sf to 8,000 +/- sf, allowing for tremendous variation and potential. The center is easily accessible from I-295 and the Atlantic City Expressway. Information is available upon request.

About Urban Edge Properties
Urban Edge Properties is a real estate investment trust (REIT) that acquires, develops, owns, manages, and improves shopping centers in and on the edge of urban communities. Its owned portfolio comprises 14.9 million square feet across 83 properties, and it manages an additional five million square feet for other owners. Urban Edge’s core assets are concentrated in the Washington, DC to Boston corridor, and it has a presence in Puerto Rico and California. To learn more about Urban Edge Properties, please visit www.uedge.com.

Circle Plaza- 6716 Black Horse Pike, Egg Harbor Township, NJ:

This 59,788 +/- sf neighborhood center is centrally located off of the Black Horse Pike in Egg Harbor Township, NJ. The shopping center enjoys prime accessibility as well as visibility, with four points of ingress and egress due to entrances off both the Black Horse Pike and Washington Avenue. It is also conveniently located off Exit 37 of the Garden State Parkway. Anchored by TJ Maxx, the Circle Plaza includes tenants such as Payless, Rent-a-Center and many others. WCRE has been retained to market 2,653 square feet for lease within the shopping center. Information is available upon request.

About The Jemstone Group
The Jemstone Group, LLC, is a commercial real estate company that focuses on the management, investment, acquisition and development of retail shopping centers in the Northeast. To learn more about The Jemstone Group, please visit www.thejemstonegroup.com.

Fries Mill Shopping Center – 245 Fried Mill Road, Turnersville, NJ:

This 14,800 +/- sf privately owned highly visible retail center is located at a signalized intersection within a high income residential area and surrounded by medical/professional offices. The property is located within close proximity to Kennedy & Virtua hospitals and offers between 1,600 and 7,000 sf of contiguous space (divisible) with a drive-thru on the end-cap. WCRE has been retained to market the remaining vacant spaces, all of which are available for immediate occupancy. Information is available upon request.

About CGI Companies
CGI Companies is a real estate development, leasing, and management firm headquartered in Brookline, Massachusetts. The firm currently operates several commercial properties, including shopping centers and office buildings, in four different states: Massachusetts, New Jersey, Pennsylvania, and North Carolina. To learn more about CGI Companies, please visit www.cgi-prop.com.

About WCRE
WCRE is a full-service commercial real estate brokerage and advisory firm specializing in office, medical, retail, industrial and investment properties in Southern New Jersey and the Philadelphia region. We provide a complete range of real estate services to commercial property owners, companies, and investors seeking the highest quality of service, proven expertise, and a total commitment to client-focused relationships. Through our intensive focus on our clients’ business goals, our commitment to the community, and our highly personal approach to client service, WCRE is creating a new culture and a higher standard. We go well beyond helping with property transactions and serve as a strategic partner invested in your long term growth and success.

Learn more about WCRE online at www.WolfCRE.com, on Twitter & Instagram @WCRE1, and on Facebook at Wolf Commercial Real Estate, LLC. Visit our blog pages at www.turnsersvilleretailspace.com, www.phillyofficespace.com, www.phillyretailspace.com, www.phillymedicalspace.com, www.southjerseyofficespace.com, www.southjerseyindustrialspace.com, www.southjerseymedicalspace.com, www.southjerseyland.com, and www.southjerseyretailspace.com.

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Banks Close More Branches As Transactions Move Online

new Jason stats graphic - June 2015Joining many consumer goods retailers who are downsizing their brick and mortar locations, some of the nation’s biggest banks are now touting their bank branch closure plans. The primary driver behind both decisions is the same: more banking activity is occurring online and less in the physical world.

But banks have an additional driver: regulators are issuing stricter capital regulations are driving up accounting and personnel expenses in order to manage compliance.

Given the higher cost environment, banks – which make up a significant portion of Philadelphia commercial properties – no longer are quietly downsizing their branch networks. Instead, bank executives are making plans for further consolidation loud and clear, pointing out steps how they plan to rectify what many top bankers refer to as “core banking inefficiencies.”

Over the last five years, banks that are a component of retail space in South Jersey have trimmed their branch networks by 13,406 bank branches, while opening just 8,011 new ones, according to FDIC statistics. Their footprint in now 4.6% smaller than five years ago, with slightly more than 95,000 U.S. offices opened today.

In discussions with investors, banks are now talking about cutting another 4% to 5% of their branch networks this year alone.

At its peak, Bank of America had as many as 6,100 bank branches, including a number of them in Philadelphia retail space. That has fallen to about 5,000 branches today as competitive conditions and customer behaviors have changed.

Bank of America said it has about 31 million banking customers, and of those, about 17.6 million of them use mobile banking. In addition, the bank said about 60% of its transactions are now all digital, made through phones, online or ATMs at branches, according to Brian T. Moynihan, chairman and CEO of Bank of America.

Jamie Dimon, chairman and CEO of JPMorgan Chase, underscored the accelerating move to online banking, saying the recipe for failure is for a bank to never change locations, never change size, or never change the way they operate.

JPMorgan closed about 100 branches in the past year – with some of them in South Jersey retail space – and now operates about 5,600 in its network, with further branch closings planned.

In addition to responding to consumer trends, bankers also noted the added costs associated with complying with new regulations.

After several rounds of branch closures, Donna Townsell, vice president of corporate efficiencies at Home Bancshares, said, “The savings and efficiencies gained from these closures will help to tee us up for the upcoming expenses that we expect to incur as we begin the planning for Dodd-Frank stress testing requirements.”

The long lead time before branches both in and out of retail space in Philadelphia close is also important in the rightsizing process, other bankers noted. Banks now find themselves in a transitional phase of serving two distinct customer basis: the old-school, in-branch customers, and all-digital customers.

For more information about Philadelphia retail space or any South Jersey commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com) or Leor Hemo (leor.hemo@wolfcre.com) at Wolf Commercial Real Estate, a premier Philadelphia commercial real estate broker that also specializes in retail space in South Jersey.

Wolf Commercial Real Estate is a Philadelphia commercial real estate brokerage firm that additionally provides a full range of South Jersey commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties and South Jersey commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker with expertise as well in South Jersey commercial real estate listings and services, provides unparalleled expertise in matching companies and individuals seeking new Philadelphia retail space or the South Jersey commercial properties that best meets their needs.  As experts in Philadelphia commercial real estate listings and services, the team at our South Jersey commercial real estate brokerage firm provides ongoing detailed information about Philadelphia and South Jersey commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for retail space Philadelphia for sale or lease, Wolf Commercial Real Estate is the South Jersey and Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.