Levin to Construct 23,000-Sq.-Ft. Expansion at Woodbridge, N.J., Property
WOODBRIDGE, N.J., Oct. 9, 2014 – A 23,000-square-foot expansion at St. Georges Crossing in Woodbridge will house a new T.J.Maxx, which has signed on to join the tenant roster at the fully leased shopping center on St. Georges Avenue. Retail real estate services firm Levin Management, as managing and leasing agent, will construct a free-standing building for the popular fashion department store, bringing the property’s GLA to 340,000 square feet.
The T.J.Maxx store will be developed on a recently acquired parcel that sits adjacent to the original St. Georges Crossing site. “Tying this underutilized property into St. Georges Crossing made a lot of sense,” noted Matthew K. Harding, Levin’s president. “With escalating demand for quality retail locations and limited land for new development in the regional market, we took advantage of a great opportunity to bring an additional anchor to the shopping center.”
Levin spearheaded the off-market land purchase, secured the T.J.Maxx lease and obtained site plan approval for the new building, which will feature a prototypical T.J.Maxx exterior. “This assignment illustrates how our firm’s in-house capabilities – in this case leasing, legal and construction – collaborate on complex projects,” Harding said. “It also reflects our ongoing effort to elevate and maximize competitive positioning for our clients’ properties. Tenant mix is a big part of that effort, and adding a credit fashion anchor like T.J.Maxx is a real win for St. Georges Crossing.”
Anchored by ShopRite, other tenants at St. Georges Crossing include P.C. Richard & Son, PetSmart, Taco Bell, Bertucci’s, Golf Galaxy, Pier 1 Imports, GameStop and Shannon Rose Irish Restaurant and Pub. Situated at the highly traveled intersection of Routes 1 & 9, the property serves a growing residential population of 346,493 within a five-mile radius.THE EXPANSION TREND
According to Harding, the St. Georges Crossing expansion illustrates an evolving development trend. “As tenants continue their flight to quality, we are seeing more owners adding square footage to well-located properties,” he said. “This is particularly prevalent in established retail corridors.”
Levin also recently orchestrated the purchase of land adjacent to Mid-Town Plaza in Middletown, Pa. The firm will construct a 7,400-square-foot building for an auto parts retailer on the site. Additionally, this fall Levin is delivering a 15,000-square-foot, newly constructed building to Blink Fitness at Clifton Plaza in Clifton, N.J. Last year, the firm constructed a new 22,000-square-foot building for HomeGoods at The Shoppes at Flemington in Flemington, N.J.
“The current market presents a particularly good – and pressing – opportunity to expand shopping centers,” Harding said. “While contractors are getting busy and pricing is creeping up, financing rates are still at historic lows, making this an ideal time to move projects forward. Investing capital into an asset can help gain the competitive edge needed to attract tenants, consumers and, ultimately, investors.”
Levin specializes in repositioning, retenanting and renovating retail properties – areas that have become particularly vital for today’s institutional and individual property owners. The firm’s capabilities range from fitting out individual tenant spaces, to handling shopping center renovations of any scope, to overseeing property expansions and full redevelopment. Levin has a long track record of successfully managing the design and construction of real estate projects from start to finish, on time and on budget.
Headquartered in North Plainfield, N.J., the firm is one of the nation’s leading retail real estate services organizations, 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 that encompasses approximately 95 properties and more than 13 million square feet. These services include leasing, property management, accounting, construction management and marketing.