Positioning Retail Real Estate for a New Generation

April 27, 2018

  • Posted on:  Monday, 30 April 2018 14:49
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Ulta Beauty, Sport Clips Leases Mark Next Milestone for North Brunswick, NJ, Retail Property

Levin Management Spearheads Transformation at North Village Shopping Center

NORTH BRUNSWICK, N.J., April 27, 2018 – A 13,000-square-foot lease signing with national beauty retailer Ulta Beauty and a 1,594-square-foot commitment by hair care franchise Sport Clips at North Village Shopping Center mark another significant milestone for this Middlesex County shopping destination. As exclusive managing and leasing agent, commercial real estate services firm Levin Management Corporation (LMC) has spearheaded the ongoing evolution of the 128,000-square-foot property, situated directly on Route 1 in North Brunswick.

Headquartered in Bolingbrook, Ill., Ulta Beauty is the largest beauty retailer in the United States and a premier beauty destination for cosmetics, fragrance, skin, hair care products and salon services. The company offers more than 20,000 products from approximately 500 beauty brands across all categories and price points.

National franchise Sport Clips, headquartered in Georgetown, Texas, caters to men and boys by providing hassle-free hairstyling in a unique sports-themed environment. Hair care services range from trims to the “MVP Experience,” which includes a haircut, steamed towel, massaging shampoo, and neck and shoulder treatment.

LMC Leasing Representative Vanessa Fernandez arranged both long-term leases at North Village Shopping Center. David Szabo from BKR Lamar Retail Services served as Ulta Beauty’s tenant broker; David Townes of Cushman & Wakefield represented Sport Clips.

Over the past year, North Village Shopping Center has seen a marked transformation – one that was instrumental in attracting Ulta Beauty and Sport Clips, according to Matthew K. Harding, LMC president. It began in late 2016, when Barnes & Noble vacated a 25,000-square-foot anchor space at the property.

“We recognized that carving out a portion of the Barnes & Noble space to accommodate a specialty grocer would better serve the needs of the surrounding community,” Harding noted. “We secured a lease with Trader Joe’s, and allocated the balance of the vacant space for additional retail units – at a time of strong demand for well-located, quality retail in the New Jersey marketplace.”

According to Harding, North Village Shopping Center’s reinvention demonstrates how a strategic and creative approach can bolster a property’s competitive position. “The additions of Ulta Beauty and Sport Clips – two more high-quality national tenants – complement our current retail roster and will further enhance North Village Shopping Center’s position as a preeminent regional shopping destination.”

With its enviable lineup of national and community tenants, North Village Shopping Center is anchored by Trader Joe’s, Bed Bath & Beyond, Michaels Arts & Crafts and Staples, with other retailers including Panera Bread, Smashburger and Chili’s. The center serves a residential population of almost 263,000 people within a five-mile radius, and the daily traffic count passing the property exceeds 100,000 vehicles.

LMC’s involvement with North Village Shopping Center dates back decades. And, in fact, the latest “reinvention” is the second the firm has orchestrated at the property. In 1999, the center faced an even larger vacancy challenge when an A&P supermarket moved to a competing property and Bradlees closed. LMC directed an extensive renovation – shaving 40 feet of depth off the front of the building to accommodate a retenanting with big box retailers. Barnes & Noble was among the first “new” tenants to commit.

“Retail is an industry of constant change,” Harding said. “In a sense, North Village Shopping Center has come full circle – and today is positioned for the next generation of retailers that will serve the North Brunswick community for years to come.”

For more than 65 years, LMC has served as a trusted single-source commercial real estate services provider for institutional and private owners. The firm helps its clients evaluate options, operate properties and create case-specific solutions to protect and improve asset value. LMC today maintains a diversified, retail-focused portfolio of approximately 100 properties totaling 14 million square feet in the Northeast and Mid-Atlantic states, offering leasing, property management, financial management and reporting, construction 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.

Read 4811 times Last modified on Monday, 30 April 2018 14:53