Sustained Volume Tops Pre-Pandemic Levels Heading into Final Months of 2021
With transactional volume topping pre-pandemic levels, Levin Management Corporation (LMC) continues to record healthy activity heading in the final months of 2021. The commercial real estate services firm closed nearly 1 million square feet in new leases, renewals/extensions and license agreements during the first three quarters of the year – with many more new leases in the pipeline.
According to LMC Chief Executive Officer Matthew K. Harding, transactions are coming together quickly – reflecting confidence and assertiveness among tenants. “This is an exceptional time for retailers to take advantage of opportunities to lease well-located space at attractive pricing,” he said. “And activity is diverse. National brands and franchisees are expanding their brand footprints, while momentum among independent retailers speaks to an influx of start-ups as well as established concepts expanding operations or moving to improve location. Across the board, tenants are capitalizing on space availabilities that came online due to the pandemic.”
Third-quarter highlights within LMC’s retail-focused leasing and management portfolio include a 20,400-square-foot lease with The Goodwill Store at Hamilton Plaza (Hamilton Twp., N.J.), a 9,600-square-foot transaction with LL Flooring (formerly Lumber Liquidators) at Fairground Plaza (Mt. Holly, N.J.), and a 9,000-square-foot deal with beauty supply store KC Beauty at Crossroads Place (Falls Church, Va.). LMC’s dealmaking also shows strong movement among dining tenants, most recently with leases by Poke Café at Flemington Marketplace (Flemington, N.J.) and Jersey Mike’s Subs at St. Georges Crossing (Woodbridge, N.J.).
“Levin’s sustained transactional activity reflects the continued viability and resilience of brick-and-mortar retail,” Harding said. “It also speaks to the talent comprising our in-house leasing team. This group’s hard work, expertise and superior dealmaking capabilities are exemplary.”
LMC team members have garnered 2021 industry honors acknowledging outstanding performance. Leasing Representative E.J. Moawad orchestrated new leases with Ulta Beauty (St. Georges Crossing) and German grocer Lidl (Mayfair Shopping Center, Commack, N.Y.), both of which were cited by CoStar as second-quarter “Top Retail Leasing” deals. Vice President of Leasing Sidney Singer was recognized with CoStar “Top Retail Leasing” honors for two renewals, including a second-quarter recommitment by Bed, Bath & Beyond (North Village Shopping Center, North Brunswick, N.J.) and first-quarter recommitment by Christmas Tree Shops (Somerset Shopping Center, Bridgewater, N.J.). Additionally, earlier this year Senior Leasing Representative Vanessa Fernandez-Kelty was awarded the CoStar Group Northern NJ Retail Power Broker designation for the second consecutive year.
For nearly seven decades, LMC has served as a trusted single-source commercial real estate services provider for institutional and private owners. The company today maintains a 120-property, 16 million-square-foot leasing and management portfolio – including a notable proportion of grocery-anchored shopping centers and other retail properties, as well as industrial and office assets.
LMC helps its clients operate properties and create case-specific solutions to protect and improve value; it 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. The firm offers 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.
