Latest Additions Cap 2 MSF of New CRE Management Business in 24 Months
With two new portfolio assignments to start the year, Levin Management Corporation (LMC) has expanded its commercial real estate management business by 2 million square feet of GLA in the last 24 months. The latest assignments – on behalf of new clients – include five retail properties and two office assets totaling nearly 584,000 square feet in New Jersey and Pennsylvania.
“These assignments are particularly rewarding because they represent our first projects with two established and knowledgeable private owners who previously were managing their assets in-house,” said Joseph Lowry, LMC’s senior vice president of acquisitions/business development. “Both are familiar with Levin’s depth of knowledge and capabilities in delivering high-quality commercial real estate services, and entrusted us to bring that same level of consistency to their portfolios.”
The first portfolio includes three New Jersey properties, highlighted by Manchester Plaza, a ShopRite- and Lowes-anchored shopping center on Route 70 in Manchester Township. The assignment also involves two Class A office buildings: 1433 Hooper Ave. in Toms River and 4000 Route 66 in Tinton Falls.
Four neighborhood retail centers comprise the second portfolio. LMC is managing two properties on Haddonfield Road in Cherry Hill: Park East Plaza and North Mall Plaza. In Folsom, Pa., LMC is managing Ridley Town Plaza and RJ Vista Plaza, both located on MacDade Boulevard.
According to Lowry, both portfolios have been impeccably maintained by their owners. “These properties have been operated by organizations that care about quality and curb appeal – and it shows,” he said. “We look forward to continuing their legacy as we work to maintain appeal and maximize value.”
Private Owners Drawn to Proprietary Approach
The January launches of both new management agencies continue an active growth period for the North Plainfield, N.J.-based LMC, which provides comprehensive services for retail, office and industrial assets. According to Lowry, these assignments also reflect a stepped-up movement toward outsourcing by private owners.
“For many years the lion’s share of our new business came from institutional investors, which traditionally seek third-party real estate service providers,” he said. “Private owners tend to self-manage. Those who do choose to outsource management tend to be highly discerning when it comes to entrusting their properties. In that sense, it is a true honor to be selected and a testament to our track record, capabilities and long-time experience with boots on the ground.”
LMC helps its clients operate properties and create case-specific solutions to protect and improve value. The firm’s growing property management team excels under the leadership of Erika Toscani, vice president of property management, who has more than 20 years of diverse industry experience. Additionally, Greg Tocco, a seasoned asset management executive, recently joined the LMC team as executive vice president and is playing a pivotal role in the firm’s property operations and strategic growth oversight.
LMC’s landlord-focused approach is founded in its roots. The firm is an outgrowth of Levin Properties, a pioneering development firm founded by the late Philip J. Levin and subsequently led by the late Janice Levin, his wife. They created an extensive suburban retail real estate portfolio beginning in 1952. LMC originated as the management arm of the organization.
Today, LMC’s clients are institutional, family office and high-net-worth investors/owners – for which the firm leases and manages a diverse portfolio of 125 properties totaling more than 16 million square feet in the Northeast and Mid-Atlantic states. LMC serves as a single-source provider offering property management, leasing, construction management and development, accounting and financial reporting, lease administration, marketing, and acquisition and disposition consulting services.
The company 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. LMC’s capabilities continue to evolve with new technologies, efficiencies and sustainability-focused initiatives to serve a new generation of properties, investors and tenants.
