Healthy Pace of Both New Leasing and Renewal Activity Good News for Industry
NORTH PLAINFIELD, N.J., Feb. 6, 2014 - The retail real estate industry continues to enjoy renewed momentum, with strong demand from diverse local, national and franchise tenants. North Plainfield-based Levin Management completed 27 new leases and renewal transactions totaling more than 190,000 square feet during the past several months, wrapping up a strong 2013. The retail real estate services firm's growing portfolio includes 95 properties with more than 13 million square feet of GLA.
"We are experiencing a healthy pace in both new leasing and renewal activity," said Michael Cohen, Levin's vice president of leasing. "Additionally, we continue to see a diverse category base out in the market, with restaurants, apparel, home furnishings, gyms and personal services tenants among the most active tenant types."
NORTHERN NEW JERSEY (Passaic, Essex, Bergen and Somerset counties)
- At West Orange Plaza in West Orange, Essex County, Levin inked a 14,115-square-foot lease with Retro Fitness. In neighboring Passaic County, at Clifton Plaza in Clifton, Levin signed another gym for 15,000 square feet and is overseeing its ground-up construction there.
- In Somerset County, Levin closed three transactions at Rutgers Plaza in Franklin Township. This included a new, 1,802-square-foot lease by La Perle Spa & Salon as well as renewals by Dress Barn (9,675 square feet) and Ashley's Hallmark (3,000 square feet). Additionally, two new tenants signed leases at The Hills Village Center in Bedminster, including Liberty Travel (1,853 square feet) and JiHo Choi Taekwon-Do Institute (4,155 square feet). Verizon Wireless also renewed its 2,273-square-foot commitment there. In nearby Watchung, GameStop renewed its 1,825-square-foot lease at Blue Star Shopping Center.
- In Bergen County, Levin signed three new leases at Edgewater Harbor in Edgewater, including Pampered Pregnancy Boutique (6,000 square feet), Edgewater Eyecare (1,050 square feet), and Touch of Elegance (206 square feet). Additionally, Party City renewed its 13,644-square-foot lease at Paramus Place in Paramus.
CENTRAL NEW JERSEY (Mercer and Monmouth counties)
- In Mercer County, at Capitol Plaza in Ewing Twp., Levin signed a new lease with Super Laundry Equipment Corp. (3,175 square feet). Additionally, Forman Mills renewed its 43,657-square-foot commitment there. At Hamilton Plaza in nearby Hamilton Twp., Radio Shack signed a new lease for 2,556 square feet.
- Further south in Monmouth County, Ming Ho Dynasty leased 1,400 square feet at Aldrich Plaza in Howell.
- In Westchester County, Levin renewed A&P's 30,000-square-foot lease at 668 Central Park Avenue in Scarsdale.
- In neighboring Rockland County, Nutrition Zone leased 800 square feet at Stateline Plaza I, and Wendy's renewed its commitment at Orangetown Plaza. Both properties are located in Tappan.
- In Suffolk County, Levin orchestrated a 2,500-square-foot lease with Choice Pet Supply, an 800-square-foot lease with H&R Block, and a 960-square-foot renewal with Mayfair Barber at Mayfair Shopping Center in Commack.
- In Bensalem (Bucks County), Salon 724 leased 2,300 square feet, while Curves renewed its 1,700-square-foot lease at Centre Plaza.
- Levin also inked a 2,500-square-foot renewal with Werner Books at Liberty Center in Erie (Erie County).
- Crossroads Place in Falls Church (Fairfax County) welcomed Mattress Warehouse, which leased 21,404 square feet.
Levin is one of the nation's leading retail real estate services firms, with a strong focus in the northeastern United States and an owner's approach to the business. Levin offers a full range of services for a diverse portfolio, including leasing, property management, accounting, construction management and marketing. Levin specializes in repositioning, retenanting and renovating retail properties - areas that have become particularly vital for today's institutional and individual property owners.
Levin serves properties ranging from neighborhood, community, lifestyle and power centers, to enclosed malls, street retail, downtown stores and mixed-use projects. In business for six decades, the company taps into its associated, expansive tenant roster to conduct Retail Sentiment Surveys three times each year that provide insight on industry trends and sales performance.