Improvements are Key to Attracting Tenants, Shoppers and Investors
Current market conditions present a strong incentive to evaluate the repositioning of a retail property. Most important, financing rates are – at least for now – at historic lows. The number of tenants looking for space is increasing and construction pricing remains competitive. Whether it’s a full redevelopment or a simple cosmetic “facelift,” investing capital in retail real estate assets can help gain that competitive edge needed to attract tenants, consumers and, ultimately, investors.
Levin Turns Spotlight on Its Construction Management Services
Levin Management is spearheading expansion efforts and renovations at several shopping centers. This multi-venue initiative includes adding square footage at St. Georges Crossing in Woodbridge, N.J., where we will be building 23,000 square feet of space for TJ Maxx on a newly acquired adjacent parcel of land. Similarly, at Mid-Town Plaza in Middletown, Pa., we have orchestrated the purchase of an adjacent parcel to accommodate the construction of a 7,381-square-foot AutoZone.
Additionally, at Clifton Plaza in Clifton, N.J., we are delivering a 15,000-square-foot newly built building for Blink Fitness. And, at Twin City Shopping Center in Jersey City, N.J., we completed a full renovation to enhance that property’s curb appeal.
Last September, HomeGoods at The Shoppes at Flemington held its grand opening. Levin’s leasing representative Jake Frantzman negotiated the transaction, which included construction of a new 22,000-square-foot building for the home fashions retailer. In addition to providing full-service management and creating marketing events for the center, Levin served as construction manager for development of the new retail space. Levin also directed the process to secure the land development appraisals for the project.
HomeGoods at Flemington is a great example of the broad scope of services that Levin provides, from securing a tenant and assisting in lease negotiations to providing the land development approval and construction expertise required to get a project designed, built and delivered on time. Levin’s property management group coordinated with the construction department to ensure that construction of this new building had little, if any, impact on the center’s existing retailers. All of these in-house resources are invaluable throughout the leasing process.
At a time when expansion in commercial retail real estate is driving stellar results, our construction management capabilities are serving our portfolio properties well. We have a long track record of successfully managing the design and construction of real estate projects from start to finish, and a reputation for completing them on time and on budget. Our construction management capabilities cover every aspect of construction project management from fitting out individual tenant spaces, to handling shopping center renovations of any scope, to overseeing property expansions and full redevelopments. Levin will be building on these capabilities in the coming months as the appetite for expansion and renovation continues to grow.
