Firm Managing Festival Plaza in Edison, Leasing Eatontown Plaza in Eatontown
EDISON AND EATONTOWN, N.J., Dec. 2, 2013 – Retail real estate services firm Levin Management has added two shopping centers – on behalf of two new clients – to its portfolio. According to Joseph Lowry, Levin’s director of acquisitions and business development, the assignments stem from a strategic growth campaign that is capitalizing on renewed momentum in the New Jersey retail market.
In Edison, Levin Management has been named managing agent for Festival Plaza, a 151,000–square–foot, Asian–themed, grocery–anchored property. The firm also is marketing two proposed, 10,000–square–foot pad sites at the shopping center for lease. Festival Plaza is located at 1711–1783 Route 27 in the heart of a densely populated trade area. Tenants include H Mart Supermarket, which is the leading high–end Asian supermarket brand, Edison Healthcare, BBQ Buffet, Great Clips, and China Trust Bank, among others.
“Festival Plaza enjoys strong positioning in an infill location with excellent demographics,” Lowry said. “H Mart Supermarket is a very strong anchor for the center and draws customers from a great distance. The property was completely redeveloped in 2011; the ownership did a tremendous job with the project. The incorporation of high– end finishes distinguishes it from the competition.”
In Eatontown, Levin was selected as leasing agent for the 30,000–square–foot Eatontown Plaza. Strategically located at the intersection of Routes 35/36, the property sits directly across from Monmouth Mall. Levin is marketing a 7,700–square–foot space; Eatontown Plaza is otherwise fully occupied by national tenants including Men’s Wearhouse, The Vitamin Shoppe, Leisure Fitness, Beach Bum Tanning and Sprint.
“Eatontown Plaza is a well–located smaller strip center,” Lowry noted. “The owner wanted a firm with a strong local presence involved in leasing and stabilizing the property. They especially appreciated the fact that our in–house construction management group can work seamlessly with our leasing team to handle interior fit–out work for new tenants.”
According to Lowry, the retail market continues to gain momentum, particularly in the northeast, where the bulk of Levin Management’s 90–property, 12.5 million–square–foot portfolio is based. “Regional and national tenants are expanding again, and credit has freed up somewhat for mom–and–pop retailers,” he said. “As a result, we are seeing a marked increase in new leasing velocity, which is very good news for our clients. We also are seeing stepped–up demand for third–party retail services as landlords focus on repositioning and leasing up their properties.”
Lowry added that his company’s size, market coverage and depth of experience provide advantages when it comes to business development. Levin Management celebrated its 60th anniversary last year. “We have extensive experience and a sterling track record for tenanting and repositioning shopping centers,” he said. “We have received a number of awards for some of the redevelopments we’ve completed. Existing and newer clients appreciate our expertise, the guidance we provide and the fact that we are a landlord– focused real estate services provider.”
Levin Management offers a full range of services, including 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. With headquarters in North Plainfield, N.J., Levin serves properties ranging from neighborhood, community, lifestyle and power centers, to enclosed malls, street retail and mixed–use projects in New Jersey, New York, Pennsylvania, Virginia, and North Carolina.
Levin has earned a long list of coveted awards over the years. Since 2011 alone, the firm was ranked 30th among Top US Real Estate Companies and named three times among the nation’s top property managers by Commercial Property Executive magazine, placed among the nation’s top 10 redevelopers by Chain Store Age, credited as one of the state’s top 10 real estate developers by New Jersey Business magazine, and ranked third on NJBIZ’s Top Property Management Companies list and sixth on NJBIZ’s Top Commercial Real Estate Developers list.