Levin Management Arranges 165,000 SF in Leases, Renewals Over Four Months
Firm Keeps Deals Moving Portfolio Wide Amid COVID-19 Business Disruptions
NORTH PLAINFIELD, N.J., July 30, 2020 -- The universal, pandemic-sparked business interruption has brought unprecedented challenges for the commercial real estate industry, with the retail sector among the hardest hit. Yet despite the hurdles facing the marketplace, deals are being made, according to Levin Management Corporation (LMC). In fact, the North Plainfield-based services provider has secured 165,000 square feet of new commitments and renewals over the past four months throughout its retail-focused portfolio.
“Although we experienced a pause in business in conjunction with the initial store closures in March, our leasing team has remained focused on keeping activity alive and successfully bringing these deals to fruition,” said LMC Vice President of Leasing Sidney Singer. “This has been the most trying time any of us have seen, yet experienced real estate practitioners and retailers have moved forward, working through these uncertain circumstances.”
LMC’s largest new lease involved a 47,000-square-foot commitment by off-price chain Burlington Stores, which will take over the space formerly occupied by Sports Authority at Mill Creek at Harmon Meadow in Secaucus, N.J. The firm’s recent transactions also include commitments from America’s Best Contacts & Eyeglasses (Raritan, N.J.), Popeye’s Louisiana Kitchen (Woodbridge, N.J.), Blue Foundry Bank (Chatham, N.J.) and Charlie’s Pizza (Philadelphia).
“Essential” retail categories, such as grocers, home improvement stores, pharmacies and fast-casual restaurants, by nature have been continually active, according to Singer, who noted that the current retail climate also is proving to be one of opportunity. “We are seeing movement involving retailers looking for locations where they can best serve customers in a world that has changed,” he said. “For example, pad sites that can accommodate drive through service are particularly attractive for restaurant tenants.”
For 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 diversified, retail-focused portfolio of 110 properties and totaling almost 15.5 million square feet in the Northeast and Mid-Atlantic states – including a notable proportion of grocery-anchored centers.
LMC helps clients 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. 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.