Specialty Value Retailer Leases 8,200 SF at Mixed-Use Ocean County Development
MANAHAWKIN, N.J. - Feb. 26, 2016 - Five Below - a specialty value retailer offering a range of merchandise targeted at teen and pre-teen customers - has leased 8,200 square feet of space at Stafford Park Shopping Center in Manahawkin. North Plainfield, N.J.-based Levin Management serves as exclusive leasing agent for the 650,000-square-foot center, which is the retail component of Stafford Park, a 350-acre mixed-use redevelopment in southern Ocean County.
Levin Leasing Representative Marcia Minton negotiated the long-term lease, which includes ground-up construction of the new in-line retail store. Rick Schuch from CBRE represented the tenant in the transaction.
"Five Below is relocating to Stafford Park from another area shopping center, where it has outgrown its space," said Minton. "This popular retailer already has a strong local presence along with a loyal customer base, and we are pleased to have been able to accommodate its larger space requirements at Stafford Park Shopping Center. We are confident that families will find Five Below an exciting new addition to the center's vibrant tenant mix."
Headquartered in Philadelphia, Five Below offers an assortment of products, all priced at $5 and below, in a fun and differentiated store environment. Select brands and licensed merchandise are grouped into eight in-store worlds: style, room, sports, tech, crafts, party, candy and now.
Located at 209 Stafford Park Boulevard, at the intersection of Route 72 and the Garden State Parkway, Stafford Park Shopping Center already houses Target, Costco, Best Buy, Dick's Sporting Goods, PetSmart, Olive Garden and Ulta. Directly accessible from the Garden State Parkway, the center serves a growing residential population of more than 87,000 people within a 10-mile radius. The marketplace offers an average household income of more than $84,000 and an impressive daily traffic count of 48,000 vehicles on Route 72 and more than 48,000 on the Garden State Parkway.
Remaining inline space availabilities in Phase I of Stafford Park Shopping Center total approximately 20,000 square feet, along with two pad sites. Phase II features up to 143,000 square feet to be leased and built. Stafford Park Shopping Center is being built to LEED® standards, according to Ed Walters Jr., president and founder of Walters Group, its developer.
Levin Management 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 firm offers a full range of services for a diverse portfolio that encompasses approximately 95 properties and more than 13 million square feet, including leasing, property management, accounting, construction management and marketing. 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.