Drive for Cost Savings and Improved Performance Generates Strong Demand for Third-Party Solutions
Commercial real estate services firm Levin Management Corporation (LMC) has secured a nine-property, 840,000-square-foot management assignment with a privately held ownership entity. This significant appointment, which includes eight retail properties and one office asset in New Jersey and Pennsylvania, brings the North Plainfield-based firm’s third-party services portfolio to 120 properties totaling more than 16 million square feet.
“This assignment is a great addition to our management portfolio and marks a milestone for LMC – representing the largest total number of properties we have taken on in one assignment throughout our decades-long history,” said Joseph Lowry, LMC’s senior vice president of acquisitions and business development. “We pride ourselves on managing all assets at an institutional level, and both existing and newer clients appreciate our expertise and guidance as a landlord-focused real estate services provider.”
The management assignment includes five New Jersey properties: Browntown Shopping Center in Old Bridge, Millburn Mall in Vauxhall, Newbridge Plaza in Bergenfield and Matawan Mall in Matawan, as well as an office property located at 1985 Cedarbridge Ave. in Lakewood. Pennsylvania assets include Shillington Plaza in Reading, 25th Street Plaza in Easton, Monroe Plaza in Stroudsburg and Mountainville Plaza in Allentown.
LMC will apply its best-in-class management standards to these properties’ operations, noted Lowry. Efforts initially will focus on maintaining and enhancing curb appeal as well as working with the client to orchestrate strategic, longer-term capital reinvestments.
“Although this is our first assignment with this client, they are familiar with our capabilities in delivering high-quality commercial real estate services and wanted to bring that same level of consistency to this group of assets,” said Lowry. “Organizations look to us to establish, maintain and improve competitive positioning for their assets. This is particularly valuable in the current real estate environment, where expert operation plays a significant role in ensuring a property’s success.”
For nearly seven decades, LMC has served as a trusted single-source commercial real estate services provider for institutional and private owners. The company today maintains a diversified, retail-focused portfolio – including a notable proportion of grocery-anchored shopping centers, as well as industrial and office assets.
LMC helps its clients operate properties and create case-specific solutions to protect and improve 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 every facet of its business. The firm offers 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.
