Three Dozen Transactions through May Total 337,000 Square Feet
NORTH PLAINFIELD, N.J., June 5, 2014 – Retail real estate services firm Levin Management saw a busy start to 2014, with three dozen shopping center leases and renewals totaling 337,000 square feet through May. According to Matthew K. Harding, president of the North Plainfield, N.J., company, this momentum reflects continued post-recession improvement in the Northeast retail market, where the majority of Levin's 13 million-square-foot, 95-property leasing and management portfolio is located.
Levin's largest recent new lease transactions included a 41,302-square-foot commitment by Dave & Buster's at Post Road Plaza in Pelham Manor, N.Y., and a 19,430-square-foot commitment by Sears Authorized Hometown Stores at Blue Star Shopping Center in Watchung, N.J. Other noteworthy leases included a 6,400-square-foot commitment by Dollar Plus at Hamilton Street Shopping Center in Franklin Township, N.J.; a 6,000-square-foot lease by Giant Wine & Liquor, LLC, dba Buy Rite Liquor at Capitol Plaza in Ewing, N.J.; a 2,500-square-foot lease with Choice Pet Supply at Mayfair Shopping Center in Commack, N.Y.; and a 1,289-square-foot lease by Allevia Spa at The Shops at Blue Bell in Blue Bell, Pa.
"National, local and franchise companies remain active in the region," Harding said. "The category base reflects broad variety as well, with restaurants, apparel, pet supplies, gyms and personal services tenants among the most active tenant types."
This stepped up leasing activity makes competitive positioning a vitally important component for attracting shoppers and tenants, as well as investors in a disposition scenario, according to Harding. "The bottom line is that shopping centers with a strong tenant mix and curb appeal draw customers. Properties with customers appeal to tenants. Stabilized, efficiently-operated assets attract investors. Owners looking to take advantage of the industry's renewed momentum are taking measures to achieve this ideal and ultimately position their properties for success."
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. The company 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 New Jersey, New York, Pennsylvania, Massachusetts, Virginia and North Carolina. 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.
The company has earned a long list of coveted awards over the years. Since 2011 alone, the firm was ranked 30th among Top US Real Estate Companies and named three times among the nation's top property managers by Commercial Property Executive magazine, placed among the nation's top 10 redevelopers by Chain Store Age, credited as one of the state's top 10 real estate developers by New Jersey Business magazine, and ranked third on NJBIZ's Top Property Management Companies list and fifth on NJBIZ's Top Commercial Real Estate Developers list.