Levin Arranges 193,000 Sq. Ft. in Leasing in Three-Month Period
Big-Box Backfill, Active Dining Category and More are Positive Signs for Market
NORTH PLAINFIELD, N.J., Dec. 4, 2019 – Levin Management Corporation (LMC) has arranged approximately 193,000 square feet of new leases, renewals and expansions over the past 90 days, the North Plainfield-based commercial real estate services firm announced. The activity reflects steady demand within LMC’s 105-property, 15 million-square-foot leasing and management portfolio.
LMC’s largest new lease involved a 46,000-square-foot commitment by off-price chain Burlington Stores, which will take over the free-standing box formerly occupied by Toys “R” Us/Babies “R” Us at Somerville Circle Shopping Center in Raritan, N.J. LMC’s recent leasing velocity also reflects strong activity among dining tenants. Of six new restaurant commitments, the largest involved Hook & Reel Cajun Seafood and Bar (8,350 square feet) at Twin City Shopping Center in Jersey City, N.J. Lease renewal activity remains robust within LMC’s portfolio as well – illustrated by automotive parts and accessories retailer AutoZone extending its 12,700-square-foot commitment at 214 Rahway Ave. in Elizabeth, N.J.
“The post-Labor-Day period has been particularly robust,” noted Matthew K. Harding, LMC’s chief executive officer. “We continue to observe high levels of activity in the off-price, dining and personal services categories, with healthy movement among traditional retailers as well. All of this is propelling 2019 toward a strong finish.”
Harding notes that the Burlington lease not only exemplifies the market’s momentum but also provides a strong example of how anchor transitions can ultimately benefit brick-and-mortar properties. “While we never want to see major retailers close their doors, this is an unavoidable part of our cyclical industry,” he said. “And, at the same time, anchor vacancies create opportunities – for landlords to strengthen a property’s tenant mix, and for high-performing retailers looking to expand their presence. Burlington’s commitment illustrates this reality, as nationally recognized off-price retailers continue to shape the industry and our marketplace.”
For nearly seven decades, 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; 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.
LMC today maintains a diversified, retail-focused portfolio 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. The company specializes in repositioning, retenanting and renovating real estate – areas that have become vital in an increasingly competitive market. LMC’s capabilities continue to evolve with new technologies, efficiencies and sustainability-focused initiatives to serve a new generation of properties, investors and tenants.