Firm Adds More than 1 Million Square Feet to Third-Party Services Portfolio
NORTH PLAINFIELD, N.J. – Jan. 13, 2015 – Retail real estate services firm Levin Management announced it has been awarded three significant new leasing and management assignments totaling more than 1 million square feet in New Jersey and Pennsylvania. The properties include two grocery-anchored shopping centers and a regional mall.
Based in North Plainfield, Levin continues to grow its portfolio as an increasing number of mall and shopping center owners tap into the firm's value-add retail services, according to Joseph Lowry, the company’s director of acquisitions and business development. The latest appointments come on the heels of several new retail assignments awarded to Levin in recent months, and underscore the firm’s continued momentum in the Northeast retail marketplace.
In Pennsylvania, Levin was named managing agent for Cheltenham Mall, a 760,000-square-foot regional shopping destination strategically located at the intersection of Route 309 and Cheltenham Avenue in Cheltenham Township, Montgomery County. The property is just nine miles north of downtown Philadelphia and minutes from the Pennsylvania Turnpike. Anchor tenants Home Depot, ShopRite, Target, Burlington Coat Factory and Conway are complemented by a strong mix of national and regional retailers, restaurants and service providers.
“The center’s new ownership is planning to redevelop and reposition the property, and recognized the high level of detail and depth of knowledge that Levin brings when spearheading this type of assignment,” Lowry said. “Cheltenham Mall has exceptional anchor tenants and is situated in a densely populated trade area. This is a management-intensive project, and we are excited for the opportunity to help reposition and revitalize such an important strategic retail space.”
The Cheltenham Mall assignment is particularly noteworthy because it is the third center Levin has managed for this property owner, Lowry noted. “We pride ourselves on managing properties to a high institutional level, and both existing and newer clients appreciate this expertise. This assignment is a prime example of how we expand our business by continually exceeding our clients’ expectations and increasing value of their assets.”
A NEW ASSIGNMENT AND A NEW OWNER IN NEW JERSEY
In Southern New Jersey’s Burlington County, Levin has been selected as leasing agent for Bordentown Plaza, a 179,000-square-foot, ShopRite-anchored shopping center on Route 206 in Bordentown. Heading up the new assignment for Levin will be Vice-President of Leasing David Reiner and Leasing Agent Gloria Mercado.
Bordentown Plaza’s ShopRite is slated to undergo a complete renovation and expansion, and the entire center will be updated and repositioned. As the property's leasing agent, Levin will be marketing more than 100,000 square feet of existing space as well as proposed pad sites.
“A premier grocery anchor is a boon to any shopping center, attracting continuous traffic that drives business for other merchants,” Lowry said. “The modernized and expanded World Class ShopRite store at Bordentown Plaza will secure the property’s position as a dynamic shopping destination for those who live and work in the community. We look forward to working with the new ownership to reposition the center and bring in quality retailers.”
In Ocean County’s Whiting Township, Levin has been retained by the new ownership of Whiting Town Center to continue its role as managing agent. The firm’s involvement with the 118,000-square-foot, grocery-anchored property dates as far back as 2002. Located off Route 530 at the intersection of Lacey Road and Cherry Street, the shopping center offers a mix of retail, restaurant and service tenants.
Levin is one of the nation's leading retail real estate services firms, with a strong focus in the northeastern United States and an owner's approach to the business. The firm's portfolio and internal resources have grown consistently over the years, responding to a variety of retail and economic climates. Today, Levin offers a full range of services for a diverse portfolio that encompasses approximately 95 properties and more than 13 million square feet. These services include leasing, property management, accounting, construction management and marketing. Levin specializes in repositioning, retenanting and renovating retail properties - areas that have become particularly vital for today's institutional and individual property owners.