Record Business Growth Punctuates Milestone Year for Levin Management
Commercial Real Estate Services Firm Adds 10 Retail Assignments Totaling 1.5 Million Square Feet
NORTH PLAINFIELD, N.J., Nov. 16, 2017 – Commercial real estate services firm Levin Management Corporation (LMC) is enjoying a record period for new business in 2017 – a significant accomplishment coinciding with the company’s milestone 65 years of leadership and progress. LMC has added 10 retail assignments totaling 1.5 million square feet year-to-date, bringing its diversified leasing and management portfolio to 100 properties totaling 14 million square feet.
The firm’s new agencies – on behalf of new and repeat clients – reflect heightened demand for LMC’s comprehensive third-party commercial real estate services, according to Matthew K. Harding, president. “The retail and retail real estate landscapes are changing, illustrated by stepped-up competition, increased transactional complexity and the ongoing transformation of shopping center tenant mixes,” he said. “Our clients benefit from using a company that provides a full scope of services to strengthen the value of their assets. As this business becomes more complicated, they are turning to experienced providers – like us – that handle management, construction,leasing and marketing day in and day out.”
LMC’s 2017 assignments involve nine properties in New Jersey and one in Connecticut – including neighborhood, community and power shopping centers, and an open-air outlet center. The firm’s goals are property-specific, ranging from strategic retenanting and rebranding, to improved operational efficiency, to full renovations, other capital improvements and complete ground-up redevelopment – and everything in between.
The Resiliency of Bricks-and-Mortar
Additionally, LMC is experiencing its healthiest leasing volume in recent years portfolio-wide. The firm’s properties are concentrated in the Northeast and Mid-Atlantic states.
“At a time when digital technology has transformed our industry, this year is proof-positive that traditional ‘bricks-and-mortar’ retail remains resilient,” Harding said. “Shopping centers are transitioning from places that offer goods and services to sources of entertainment, recreation and community engagement. Meanwhile, traditional retailers are finding new ways to serve and attract customers.”
This has translated into increased activity among entertainment concepts, restaurants, personal services and fitness brands – with multiple leases in each sector throughout the LMC portfolio in 2017. Grocery tenants have also contributed to an active year, with expansions and store renovations by long-time regional brands, notable new entrants, and ongoing activity among specialty and ethnic grocers.
Still, today’s world of tenant prospects is smaller than in the past, and complacency is not an option, according to Harding. “Property owners must stay on top of managing their assets and engaging tenants,” he said. “Forward-thinking owners are laser-focused on projects that enhance curb appeal and energy efficiency, and are working harder than ever before to help their retailers succeed. The more their tenants thrive, the better off their properties will be.”
Leveraging Deep Roots
LMC is an outgrowth of Levin Properties, a pioneering developer that created an extensive suburban retail real estate portfolio beginning in 1952. This included New Jersey’s first open-air center, the still-thriving, 220,000-square-foot Somerset Shopping Center in Bridgewater. LMC originated as the management arm of the organization, evolving to deliver a full range of third-party services to other retail property owners beginning in the 1980s.
Led by seasoned executives with long-term company affiliations, LMC has experienced consistent growth and today serves as a trusted single-source commercial real estate services provider for institutional and private owners. LMC helps its clients evaluate options, efficiently 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 of its activities.
LMC offers leasing, property management, financial management and reporting, construction and development, lease administration, marketing services, and acquisition and disposition consulting services. LMC’s offerings continue to evolve with new technologies, efficiencies and sustainability-focused initiatives to serve a new generation of properties, investors and tenants.