Positioning Retail Real Estate for a New Generation

September 23, 2021

  • Posted on:  Monday, 27 September 2021 16:34
  • Written by 
Rate this item
(0 votes)

Levin Management Executes Lease with LL Flooring at Fairground Plaza in Mount Holly, N.J.

Specialty Retailer to Occupy 9,600 SF at Burlington County Shopping Center

MOUNT HOLLY, N.J., Sept. 23, 2021 — LL Flooring (formerly Lumber Liquidators) will open a new location at Fairground Plaza in Mount Holly, bringing another nationally recognized brand to the shopping center’s enviable tenant lineup. The hard-surface flooring specialty retailer this month leased 9,600 square feet at the 179,000-square-foot Burlington County property located on High Street (Route 541) at Woodpecker Lane.

Levin Management Corporation (LMC) serves as exclusive leasing and managing agent for Fairground Plaza. LMC Leasing Representative Fred Younkin negotiated the long-term commitment on behalf of the landlord; Niklas Markley of Metro Commercial was the tenant’s broker in the transaction.

LL Flooring is one of the country’s leading specialty retailers of hard-surface flooring with more than 400 stores nationwide. Offering more than 500 varieties of hard-surface floors, LL Flooring’s extensive selection includes vinyl plank, solid and engineered hardwood, laminate, bamboo, porcelain tile, and cork, along with a wide range of flooring enhancements and accessories.

“Home improvement retailers are a boon to neighborhood shopping centers, driving traffic and providing convenience for local consumers,” Younkin said. “This category is well positioned for strong performance, based on sustained growth in homeowner remodeling and maintenance spending.” According to the most recent Leading Indicator of Remodeling Activity (LIRA) data released by Harvard University, expenditures continue to accelerate – with an anticipated 8.6% annual growth by mid-year 2022.

“LL Flooring is a great fit for Fairground Plaza and will be a go-to resource in this marketplace both for homeowners and professional contractors alike,” Younkin added. Anchored by Acme supermarket and Staples, Fairground Plaza’s well-balanced tenant mix also includes Dollar Tree, Virtua Express Urgent Care, Santander Bank, T-Mobile, Advance Auto Parts and Aaron’s Furniture, along with a complement of local restaurants and service providers.

Fairground Plaza’s location and regional demographics were key to attracting LL Flooring, according to Younkin. The shopping center serves a residential population of more than 82,000 people with an average household income of more than $107,000 within a five-mile radius.

Two inline spaces remain at Fairground Plaza and can combine up to 8,050 square feet. A 4,350-square-foot existing restaurant pad site is also available.

For nearly seven decades, North Plainfield, N.J.-based LMC has served as a trusted single-source commercial real estate services provider for institutional and private owners. The firm today maintains a diversified, retail-focused portfolio of 120 properties totaling almost 16 million square feet in the Northeast and Mid-Atlantic states, offering 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.

Read 168 times Last modified on Monday, 27 September 2021 16:37