Positioning Retail Real Estate for a New Generation

March 6, 2013

LEVIN MANAGEMENT REPORTS GOOD START FOR 2013 AT CAPITOL PLAZA

Nursing School Grand Re–Opening, New Dollar Tree Lease Highlight Activity

EWING, N.J., March 6, 2013 – A March grand re–opening for the expanded Center for Allied Health & Nursing Education and a newly signed lease with Dollar Tree have kicked off 2013 at Capitol Plaza in Ewing. The recent activity follows several 2012 tenant openings and renewals at the 357,000–square–foot retail property, which is leased and managed by retail real estate services firm Levin Management.

Michael Cohen, Levin Management’s vice president of leasing, served as in–house representative for each transaction.

Soon to be named Jersey College School of Nursing, the Center for Allied Health & Nursing Education tripled its space at Capitol Plaza to currently occupy 30,000 square feet. The private, post–secondary institution, which prepares students for careers in the professional nursing field, has been a tenant at the property since 2002. The organization expanded into contiguous space, including a unit formerly occupied by an auto parts store as well as a portion of the property’s 1001 Spruce Office Center component. The Center for Allied Health & Nursing has five East Coast locations, more than 1,000 enrolled students and 2,000 nurse graduates.

In January, Dollar Tree, North America’s leading operator of discount variety stores selling everything for $1 or less, signed a 13,810–square–foot lease at Capitol Plaza, with a planned spring opening. A Fortune 500 Company, Dollar Tree operates more than 4,600 stores in 48 states and 5 Canadian provinces. Michael Murray from Metro Commercial represented Dollar Tree in negotiating its Capitol Plaza lease.

“We congratulate the nursing school on its impressive growth and are gratified that Capitol Plaza has provided an environment that has both supported its prosperity and accommodated its changing needs,” Cohen noted. “And we welcome Dollar Tree as the latest national tenant to choose this property as part of its strategic plan. With consumers focused so highly on value, the store will provide a welcome addition for local shoppers.”

The early 2013 activity follows a busy 2012 at Capitol Plaza. During the past 12 months, long–time tenant American Furniture expanded and relocated into a 24,983–square–foot space, Planet Fitness opened a 17,380–square–foot gym, and Rainbow and Dots renewed their respective 4,872–square–foot and 3,600–square–foot commitments at the property.

“The long list of well–established Capitol Plaza tenants who have chosen to locate, stay and grow here testifies to the property’s appeal,” noted Matthew K. Harding, Levin Management’s president. “The property’s location on the heavily traveled North Olden Avenue at the junction of Route 206 always has made it a vital regional shopping destination. Consumers from the surrounding, highly populated area – not to mention the daytime population at 1001 Spruce Office Center – appreciate the well–rounded mix of shops and services there.”

Capitol Plaza’s roster also includes anchor tenants Marshalls, Save–A–Lot, Harbor Freight Tools and Forman Mills. Other national and regional retailers include Ashley Stewart, Kicks USA, Foot Locker and GNC. The property also is home to a U.S. Armed Forces Career Center, and 1001 Spruce Office Center houses a number of professional and service businesses as well.

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. Today, the North Plainfield, N.J., company offers a full range of services for a diverse 90–property, 12.5 million–square–foot portfolio. These assets include neighborhood, community, lifestyle and power centers, as well as enclosed malls, downtown stores and mixed–use projects in New Jersey, New York, Pennsylvania, Virginia and North Carolina.