Industry Trends and News from Levin Management
Retail Property InSites

Summertime and Retail Real Estate is Heating Up

Levin Welcomes Five New Tenants

Brisk activity continues in retail commercial real estate as we settle into Summer 2014. Levin-managed properties in high-growth communities in New Jersey and revived areas on Long Island have landed long-term leases with five retail businesses, assuring our continued leadership position among retail leasing companies in the Northeast.

dd’s Discounts Opens First Store in the Garden State
dd’s Discounts has joined the mix of retailers, restaurants and services at Capitol Plaza in Ewing, N.J. A nationwide chain, the in-season apparel and home fashions merchandiser is the first of this Ross Stores’ division to open in New Jersey. An aggressive discounter, dd’s Discounts enjoys a strong following among shoppers in the Northeast region. Ross Stores, which is on track to open 20 new dd’s Discounts this year, was attracted by Capitol Plaza’s heavily trafficked location and solid marketplace demographics. The new store will occupy 20,000 square feet.

Located on busy Olden Avenue at Route 26 in Ewing, Capitol Plaza tenants include Forman Mills, Marshall’s, Save-A-Lot Supermarket, American Furniture, Planet Fitness, Footlocker, GNC, and the newly expanded Jersey College, now occupying 30,500 square feet. Over 247,000 people, with an average HH income of $77,000, reside within the five-mile radius of the shopping center, providing a daily traffic count of 51,000 vehicles.

Bayshore Plaza in Barnegat Now 100 Percent Occupied
Levin-managed Bayshore Plaza reached the retail real estate leasing milestone of full occupancy with new tenants Luigi’s Ristorante and Brick Oven Pizza and Greensleeves Boutique. Luigi’s will occupy 2,400 square feet of space and Greensleeves Boutique, 4,200 in the 59,000-square-foot shopping center. Current tenants include McDonald’s, AT&T Wireless, Hollywood Tans, Hudson City Savings Bank and anchor Big Lots.

Luigi Viterbo and his partners were drawn to the strong growth in affluent households in the Barnegat area, as well as to Bayshore Plaza’s location on busy Route 9. Population within five miles of the shopping center is 50,000 with average HH income at $84,000.

Similar interest in location and marketplace demographics led Allies, Inc. of Hamilton, N.J., to choose Bayshore Plaza for the site of their fourth Greensleeves Boutique. The non-profit organization’s stores, all of whose proceeds benefit people with disabilities, offer gently worn fashions, vintage wear and “upcycled” art and home decor. The staff includes persons with disabilities, who receive training and education at each site.

Revival of Patchogue, N.Y. Sparks Surge in Retail Leasing
Patchogue, a 2.2 square mile village of 160,000 in Suffolk County Long Island’s South Shore, is in the midst of a transformation and our Levin-managed shopping center at 35-71 Ocean Avenue is benefitting with two new leases. Driven by New Village, a $100-million mixed-use development, which will offer 291 apartment units, Patchogue is on its way to becoming a dining, arts and entertainment hub. Levin’s shopping center is just a half-block from the site of New Village, which is now under construction.

New tenants at our recently renovated 23,000-square-foot retail center, who are ready to capitalize on the positive changes in the area, are 360 Taiko Sushi & Lounge and Jeans Fashion. 360 Taiko Sushi & Lounge will occupy 4,900 square feet of space offering Pan-Asian cuisine. Jeans Fashion has leased 2,500 square feet.

Look for news and observations from Levin Management and its executives in upcoming posts here at Retail Property InSites. Please join us and share your comments about our posts or about your own management experiences, observations and challenges in retail real estate.