600,000+ Square Feet in Activity YTD Reflects Northeast Market Momentum
NORTH PLAINFIELD, N.J., Oct. 21, 2014 – Retail real estate services firm Levin Management has inked more than three dozen new leases, renewals and expansions totaling 277,000 square feet during the past four months, announced Matthew K. Harding, president of the North Plainfield, N.J., company. Levin’s year-to-date activity total now exceeds 600,000 square feet, marking continued momentum for the Northeast retail market, where the majority of its 13 million-square-foot, 95-property leasing and management portfolio is located.
Levin’s largest new lease in the period from June through September involved a 30,808-square-foot commitment by Stein Mart, which will open its first Long Island location at Mayfair Shopping Center in Commack, N.Y. In New Jersey, T.J.Maxx leased 23,000 square feet at St. Georges Crossing in Woodbridge, while Staples signed on for 14,249 square feet at North Village Shopping Center in North Brunswick. At Mid-Town Plaza in Middletown, Pa., a 7,400-square-foot lease to AutoZone represented Levin’s largest recent Keystone State transaction.
“Leasing has picked up markedly among tenants looking to establish or expand their footprints in the Northeast,” Harding said. “Grocers, affordable fitness chains, off-price retailers and fast-casual restaurants are among the most active categories, with strong demand from national, local and franchise companies.”
Harding noted that vacancies are declining and rents are trending up at quality properties, sparking stepped-up new development and expansion/renovation work at well-located shopping centers. In fact, both the T.J.Maxx and AutoZone leases will be accommodated by property expansions at St. Georges Crossing and Mid-Town Plaza, respectively.
“The success of recently completed construction projects are bright spots in the Northeast retail real estate market,” he said. “And while we will continue to see quality inventory added to meet growing demand, the maturity of the market, combined with lengthy approval and building processes, will keep the supply/demand ratio in check. Looking ahead, we expect the market’s stability to increase – gradually, not rapidly – over the next couple of years.”
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.
Levin 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 seventh on NJBIZ’s Top Commercial Real Estate Developers list.