Positioning Retail Real Estate for a New Generation

November 16, 2016

  • Posted on:  Thursday, 17 November 2016 21:04
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Levin Awarded New Shopping Center Assignment in Burlington County, N.J.

Firm Named Managing/Leasing Agent for Hartford Corners in Delran Township

DELRAN, N.J., Nov. 16, 2016 – Levin Management Corporation (LMC) has been named exclusive leasing and managing agent for Hartford Corners, a 215,000-square-foot, grocery-anchored shopping center located at 1320 Fairview Street in Burlington County’s Delran Township. Principal Real Estate Investors recently purchased the property in a joint venture with Levin Properties.

LMC was chosen for this key assignment by Hartford Corners’ new ownership to ensure the center will remain well leased and maintained to the high standards for which the commercial real estate services firm is known, according to Joseph Lowry, LMC’s senior vice-president of leasing and acquisitions. Hartford Corners currently is 93 percent occupied and Lowry said LMC’s efforts initially will focus on filling the center’s two remaining vacancies. Heading up the leasing assignment for LMC is Andrea Kyriacou.

Ideally situated on the Delran/Cinnaminson Route 130 corridor, Hartford Corners is anchored by ShopRite and Lowe’s Home Improvement. The well-rounded tenant mix includes national and regional retailers such as Staples, Planet Fitness, Five Below, Sleepy’s, Smashburger and Starbucks. The center offers excellent visibility and highway access, and is proximate to several nearby residential developments. It sits at a traffic-controlled intersection with a daily traffic count of 52,000 vehicles. Hartford Corners serves a growing population of about 62,000 people within a three-mile radius, and the average household income is $96,000 within those same three miles.

“Hartford Corners is an exciting addition to our leasing and management portfolio,” noted Lowry. “This is a quality property that is performing extremely well within the greater Philadelphia area marketplace. A premier grocery anchor is beneficial to any shopping center, and ShopRite-anchored centers, in particular, are in high demand and relatively scarce supply. Hartford Corners benefits from the presence of a high-volume store, which drives considerable traffic to the center.”

LMC maintains a Burlington County presence with other leasing and management assignments including Fairground Plaza, a 179,000-square-foot, ACME-anchored center located on High Street (Route 541) at Woodpecker Lane in Mt. Holly. LMC also is exclusive leasing agent for Bordentown Plaza, a 179,000-square-foot grocery-anchored shopping center on Route 206 in Bordentown.

Hartford Corners is the latest of several significant new leasing and management assignments awarded to LMC in recent months. The firm also added properties in West Orange and Flemington, N.J.; and Pottsville, Pa.

For more than six decades, LMC has been 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. LMC today maintains a diversified, retail-focused portfolio of approximately 95 properties totaling 13 million square feet in the Northeast and Mid-Atlantic states, offering leasing, property management, accounting, construction management and marketing. LMC’s services continue to evolve with new technologies, efficiencies and sustainability-focused initiatives to serve a new generation of properties, investors and tenants.

Read 1806 times Last modified on Thursday, 17 November 2016 21:14