CHERRY HILL TOWNE CENTER IN CHERRY HILL, NEW JERSEY
Upcoming Redevelopment Project Brings in High Caliber New Tenants
CHERRY HILL, NJ, MAY 9, 2005 - M&M Realty has announced it has leased 4,000 square feet of retail space to Citizens Bank at Cherry Hill Towne Center, which is currently being developed on Route 70 and Haddonfield Road in Cherry Hill, New Jersey.
This major redevelopment of the former Garden State Park Race Track will be comprised of two retail phases including Marketplace at Garden State Park, a 530,000-square-foot regional shopping plaza where Citizen's will be located and Towne Place at Garden State Park, a 205,000-square-foot lifestyle center that will also serve as Cherry Hill's new downtown. The project will also consist of 1,000,000 square feet of office space, 1,659 luxury residential units and a 150-room upscale hotel. Construction of the Marketplace phase is currently underway and is expected to conclude in early 2006.
The full service bank selected the upcoming center for its strategic location and convenient access to both local and major highways including Routes 90 and 202, in addition to I-295 and I-476. Citizens Bank plans to use the space as the area's regional branch and will construct three drive-thru lanes to service its new and existing customers.
Joseph D. Morris, vice president of commercial leasing and marketing with M&M Realty, served as the in-house leasing representative for this transaction. He commented, "We are delighted to welcome Citizens Bank to Cherry Hill Towne Center. Citizens Bank is active and aggressive in the local market and was the perfect tenant for this project. Cherry Hill is the hub of business activity within the region, and Citizens Bank will thrive in this landmark center."
Representing the tenant in this lease transaction was Steve O'Malley of Fameco Real Estate in Conshohocken, Pa., and Dan McGovern of CB Richard Ellis.
In addition to Citizens Bank, Wegmans Food Markets will also be occupying 130,000 square feet of retail space within Cherry Hill Towne Center.
About Citizens Bank
Citizens Financial Group, Inc. is a $137 billion commercial bank holding company. It is headquartered in Providence, R.I., and has more than 1,600 branches, approximately 2,800 ATMs and more than 26,000 employees. It operates its 13-state branch network in Connecticut, Delaware, Illinois, Indiana, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, and has non-branch offices in more than 30 states. Citizens is the eighth largest commercial banking company in the United States ranked by deposits. Citizens is owned by RBS (The Royal Bank of Scotland Group plc).
