Leading Off-Price Retailer Brings Great Merchandise Values to Area Residents
National off-price retailer Burlington Stores is now open at Mill Creek at Harmon Meadow in Secaucus. The 306,000-square-foot power center, for which Levin Management Corporation (LMC) serves as property manager, is part of the 200-acre mixed-use Harmon Meadow development.
Burlington occupies the big box retail space formerly occupied by sporting goods chain Sports Authority. “Off-price brands are among the strongest sub-sectors in retailing today,” said LMC Vice President of Leasing Sidney Singer, who arranged the lease transaction on behalf of the property owner, an institutional client of New York Life Real Estate Investors (NYLREI). “Burlington is a quality addition to Mill Creek’s tenant lineup, which also includes Kohl’s, T.J.Maxx, and Bob’s Discount Furniture.”
Burlington, headquartered in New Jersey, is a nationally recognized off-price retailer with Fiscal 2020 net sales of $5.8 billion. Burlington is a Fortune 500 company, and its common stock is traded on the New York Stock Exchange under the ticker symbol “BURL.” The company operated 784 stores as of the end of the first quarter of Fiscal 2021, in 45 states and Puerto Rico, principally under the name Burlington Stores. Its locations offer an extensive selection of in-season, fashion-focused merchandise at up to 60% off other retailers' prices, including women’s ready-to-wear apparel, menswear, youth apparel, baby, beauty, footwear, accessories, home, toys, gifts, and coats.
For nearly seven decades, North Plainfield, N.J.-based LMC has served as a trusted single-source commercial real estate services provider for institutional and private owners. The firm today maintains a diversified, retail-focused portfolio of 120 properties totaling almost 16 million square feet in the Northeast and Mid-Atlantic states, offering leasing, property management, financial management and reporting, construction management and development, lease administration, marketing services, and acquisition and disposition consulting services. LMC’s capabilities continue to evolve with new technologies, efficiencies and sustainability-focused initiatives to serve a new generation of properties, investors and tenants.
New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company. For more information please visit: http://www.newyorklife.com/realestateinvestors. New York Life Real Estate Investors is a full service, fully-integrated real estate enterprise with more than 100 professionals. The division has market-leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans and commercial mortgage backed securities. With over $61.5 billion in assets under management as of March 31, 2021.(1) New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
