Positioning Retail Real Estate for a New Generation

July 31, 2013


Leading Retail Pharmacy Chain Occupies 7,940 Square Feet at Levin–Managed Center

PARKESBURG, PA., July 31, 2013 – Answering consumer demand for convenience and affordability, the retail pharmacy industry has proven virtually recession proof, growing at an annual rate of 1.6 percent during the five years ending prior to December 2012. CVS/pharmacy illustrates this trend with its newly opened 7,940–square–foot store at Parkesburg Shopping Center in Parkesburg, Pa. The 56,652–square–foot center is exclusively leased and managed by Levin Management.

CVS/pharmacy is located in the space formerly occupied by Longenecker Pharmacy, an independent pharmacy chain that was a Parkesburg staple since 1988. “After many years of serving the community, the owners of Longenecker decided to retire and sell their business to a quality operator like CVS/pharmacy, ” said Robert Carson, Levin’s executive vice president. “We are excited to have anationally recognized brand such as CVS/pharmacy join the tenant mix at Parkesburg Shopping Center. The confidence that CVS/pharmacy has in this center solidifies its standing as a convenient retail location. ”

CVS/pharmacy, the retail division of CVS Caremark Corp. is one of America’s leading retail pharmacy chains with more than 7,400 locations nationwide. Each CVS/pharmacy location provides accessible and personalized expertise, unparalleled product assortment, and best–in–class value and service. In addition to pharmacy services, stores offer a complete line of health and beauty products, general merchandise and convenience food items.

Located at the intersection of routes 10 and 372, other tenants at Parkesburg Shopping Center include Family Dollar, the United States Postal Service, Fulton Bank, Polk’s Florist, Pizza Villa and a Chinese restaurant. The center serves a growing residential population of more than 34,600 people within a five–mile radius. The marketplace offers an average household income of more than $67,500, and the daily traffic count is about 23,800 vehicles.

Current space availabilities start at 2,000 square feet and include a 15,432–square–foot anchor location. A 9,300–square–foot store can be subdivided to five spaces of 1,860 square feet apiece.

Having celebrated its 60th year in 2012, 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–squarefoot 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 NorthCarolina. Levin specializes in repositioning, retenanting and renovating retail properties – areas that have become particularly vital for today’s institutional, fiduciary and individual property owners/p>