Positioning Retail Real Estate for a New Generation

August 17, 2017

  • Posted on:  Thursday, 17 August 2017 19:05
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Levin to Construct, Manage and Lease New Retail Center on Morris Avenue in Union, N.J.

Assignment Underscores Firm’s Redevelopment Expertise

UNION, N.J., Aug. 17, 2017 – Commercial real estate services firm Levin Management Corporation (LMC) has been retained to construct, manage and lease a new, 19,500-square-foot neighborhood retail center on Morris Avenue in Union. The appointment underscores the firm’s expertise in redeveloping underutilized properties.

Situated at 2332 Morris Ave., the redevelopment parcel is located at the busy, signalized intersection with Rahway Avenue. LMC’s efforts will include constructing the new site improvements and retail buildings, which were approved earlier this year. This assignment illustrates the firm’s broad scope of interrelated, value-add retail services, according to Joseph Lowry, LMC’s senior vice-president of leasing and acquisitions.

“LMC has extensive experience and a proven track record for successfully tenanting new shopping center space,” he said. “The Morris Avenue property’s ownership recognizes the value our company brings to this type of management-intensive assignment. We look forward to revitalizing and leasing this commercial property, which formerly housed an auto repair shop and several small, non-retail businesses.”

As the property’s exclusive leasing agent, LMC is marketing in-line retail availabilities ranging from 1,200 square feet to 9,500 square feet, as well as a 2,240-square-foot end cap with excellent street visibility. LMC leasing representatives Andrea Kyriacou and E.J. Moawad are heading the assignment.

“We anticipate a great deal of interest in the new shopping center due to the area’s superb retail market demographics, and the property’s excellent visibility and location,” Lowry noted. “It will be a great fit for a variety of retailers. For example, a bank and service-oriented tenants would do particularly well there.”

The Morris Avenue property will serve a growing residential population of more than 176,000 people, with an average household income of $110,000, and a daytime population of 86,000 within a three-mile radius. More than 33,000 vehicles pass the property daily, and its immediate neighborhood features many of the largest names in retailing, including Aldi, CVS, Dollar Tree and Club Metro USA, among others.

The Union assignment highlights LMC’s continued momentum in the Northeast retail marketplace. In recent months, the firm was awarded leasing and/or management agencies in New Jersey’s Delran, Freehold, Hackettstown, Madison and Secaucus, as well as in Westbrook, Conn. LMC also was retained to continue its role following ownership changes at properties in Flemington, N.J., and Pottsville, Pa.

For 65 years, LMC has served as a trusted single-source commercial real estate services provider for institutional and private owners. The firm helps its clients evaluate options, operate properties and create case-specific solutions to protect and improve asset value; it has distinguished itself as a firm large enough to excel in assignments of any scale while continuing to employ a hands-on, proprietary approach in all its activities. The company specializes in repositioning, retenanting and renovating real estate – areas that have become particularly vital in an increasingly competitive market.

LMC today maintains a diversified, retail-focused portfolio of approximately 95 properties totaling 13 million square feet in the Northeast and Mid-Atlantic states, offering leasing, property management, financial management and reporting, construction and development, lease administration, marketing services, and acquisition and disposition consulting services. LMC’s services continue to evolve with new technologies, efficiencies and sustainability-focused initiatives to serve a new generation of properties, investors and tenants.

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