Positioning Retail Real Estate for a New Generation

February 21, 2019

  • Posted on:  Friday, 22 February 2019 15:27
  • Written by 
Rate this item
(0 votes)

Levin Secures 40,000-SF Lease with 2nd Ave. Value Stores in Union, N.J.

Thrift Chain Expanding Regional Presence at Morris Avenue Retail Property

UNION, N.J., Feb. 21, 2019 – Levin Management Corporation (LMC) has arranged a lease with 2nd Ave. Value Stores, which will open a 40,000-square-foot, free-standing location at Union Shopping Center in Union. The commitment fills a high-profile retail space along well-travelled Morris Avenue according to LMC, exclusive managing and leasing agent for the property.

With 10 stores throughout the Mid-Atlantic area, 2nd Ave. Value Stores is dedicated to bringing customers the best value in clothing, household goods and collectibles. The layout of the new Union location was designed to maximize the customer experience and will serve as a prototype for future 2nd Ave. stores, according to George Baltasar, chief operating officer.

“In our experience, thrift customers aren’t necessarily loyal to a particular brand, but to thrifting in general,” he said. “Markets such as this one – already home to an established thrift store shopping base – are very attractive to us. We are extremely proud of our Union store and look forward to introducing 2nd Ave.’s easy, fun and efficient discount shopping experience to local consumers this fall.”

The new 2nd Ave. store will include a library lounge, where shoppers can relax while they browse for a new novel; a hands-on kids-only play space, offering youngsters an interactive experience in the toy department; well-organized merchandise displays, mirroring those found in department stores; and expedited check-out to ensure customers can make purchases quickly and conveniently.

LMC Leasing Representative Jordan Korris arranged the long-term lease. “This property’s demographics, including a residential population of nearly 150,000 people within a three-mile radius, along with its accessibility, visibility and proximity to a popular Stop & Shop location created an ideal leasing scenario,” said Korris. “2nd Ave. Value Stores targeted this desirable market for expansion, and we are pleased to meet its needs at Union Shopping Center.”

Situated at 2661 Morris Avenue at a signalized intersection, Union Shopping Center is accessible to Kean University and Union High School, as well as several major thoroughfares including the Garden State Parkway, I-78 and Route 22. More than 36,000 vehicles pass the property each day, and its immediate neighborhood features many of the most recognized names in retailing including Aldi, CVS, Dunkin and Walgreens, among others.

For more than 65 years, North Plainfield, N.J.-based LMC has served as a trusted single-source commercial real estate services provider for institutional and private owners. The firm today maintains a diversified, retail-focused portfolio of approximately 105 properties totaling 15 million square feet in the Northeast and Mid-Atlantic states, offering leasing, property management, financial management and reporting, construction and development, lease administration, marketing services, and acquisition and disposition consulting services. LMC’s capabilities continue to evolve with new technologies, efficiencies and sustainability-focused initiatives to serve a new generation of properties, investors and tenants.

Read 760 times Last modified on Friday, 22 February 2019 17:56