Levin Management Arranges 50,000 SF Lease with Supermarket Chain
BARNEGAT, N.J., Mar. 3, 2016 – ACME Market has officially opened its newest Ocean County store at Barnegat Village Square in Barnegat. In conjunction with the owner of the center, the 50,000-square-foot lease was negotiated by North Plainfield, N.J.-based Levin Management, one of the nation’s leading retail real estate services firms.
ACME Market opened in the space once occupied by Genuardi’s supermarket, which closed in 2012, becoming the new anchor retailer at Barnegat Village Square, according to Joseph Lowry, Levin’s senior vice-president of leasing and acquisitions. The 88,000-square-foot neighborhood shopping center – which includes Burger King and an additional 22,000 square feet of inline retail space – is located on West Bay Avenue adjacent to the Garden State Parkway.
“ACME is a very significant addition to Barnegat Village Square,” noted Lowry. “This is a well-located shopping center that relies heavily on the presence of a quality anchor tenant. The opening of ACME is huge both for members of the community – who have been without a local supermarket for several years – as well as for the center’s co-tenants, which will benefit from the increased consumer traffic generated by ACME.”
With many shopping centers in Levin’s portfolio anchored by grocery chain stores – including such brand names as ACME, ShopRite, Stop ’N Shop, Fairway Market, Best Market, Whole Foods and Giant, among others – the lease transaction underscores Levin’s track record of success in filling supermarket vacancies.
“We routinely are involved in these types of transactions, and have developed very close relationships with many national and regional shopping center companies,” Lowry noted. “Because of Levin’s existing relationships with this particular company and landlord, it allowed us to reach out and discuss the great opportunity that existed here. Ultimately, the decision was made to bring ACME to this space.”
The new ACME at Barnegat Village Square boasts an expanded variety of fresh produce, top quality meats and seafood, along with a large selection of natural, gluten- free, organic and local products. The store also includes a signature bakery; a floral department; seasonal items; and a large selection of home meal solutions including fresh cheese and pizza offerings, and a salad bar.
Levin Management is one of the nation’s leading retail real estate services firms, with a strong focus in the northeastern United States and an owner’s approach to the business. The firm offers a full range of services for a diverse portfolio that encompasses approximately 95 properties and more than 13 million square feet, including leasing, property management, accounting, construction management and marketing. Levin serves properties ranging from neighborhood, community, lifestyle and power centers, to enclosed malls, street retail, downtown stores and mixed-use projects in New Jersey, New York, Pennsylvania, Massachusetts, Virginia and North Carolina.