Transactions Total Approximately 531,000 Square Feet in Nine Months
NORTH PLAINFIELD, N.J. Nov. 18, 2016 – Commercial real estate services firm Levin Management Corporation (LMC), which maintains a 95-property, 13 million-square-foot leasing and management portfolio, is experiencing healthy leasing volume in several Northeast and Mid-Atlantic markets. During the past nine months the company completed approximately 531,000 square feet in leasing activity, closing nearly 421,000 square feet of retail transactions and spearheading a 110,000-square-foot industrial lease.
“The retail real estate industry is again in expansion mode, with strengthened tenant leasing activity boosting occupancies at well-located properties,” said Matthew K. Harding, LMC president. “While traditional retail segments – such as grocery and discount stores – continue as active shopping center mainstays, fitness chains, healthcare tenants and fast-casual restaurants are emerging as significant players in our market area as well.”
Highlights of LMC’s most recent New Jersey retail lease transactions include a 41,300-square-foot commitment by national furniture chain Raymour & Flanigan at Paramus Place in Paramus and a 15,650-square-foot lease by West Marine at St. Georges Crossing in Woodbridge. Top Pennsylvania transactions included a 6,723-square-foot lease with Fred’s Furniture at Liberty Center in Erie and a 4,050-square-foot lease with Orangetheory Fitness at Bradford Plaza in West Chester.
In New York, LMC arranged leases with New Wonders Learning Center (10,000 square feet) and Dolson Avenue Medical (6,000 square feet) at Middletown Commons in Middletown. Other noteworthy transactions include a 9,975-square-foot commitment by Golden Buffet at Crossroads Place in Falls Church, Va.
Industrial Lease Underscores Depth of Commercial Platform
In addition to delivering third-party real estate services to retail property owners, Levin also excels at managing diverse commercial property types, including industrial and office assets. The firm’s recent leasing activity includes a 110,000-square-foot commitment by apparel and fashion company Armouth International Inc. at 170 Circle Drive North in Piscataway. The property is part of Rutgers Industrial Center, a five-building LMC-managed industrial/warehouse complex. As managing agent for the property LMC retained and worked closely with Cushman & Wakefield in negotiating the long-term transaction, which brought the complex to 100 percent occupancy.
LMC also continues to grow its leasing and management portfolio. The firm was awarded several new assignments in recent months, including shopping centers in Paramus, West Orange and Delran, N.J., and was retained to continue its role following an ownership change at a property in Flemington, N.J. To support the firm’s growth and expansion, LMC has added key personal and promoted several employees within in its leasing, property management, marketing, and accounting and lease administration departments.
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; 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 all of its activities. LMC today maintains a diversified, retail-focused portfolio in the Northeast and Mid-Atlantic states, offering leasing, property management, accounting, construction management and marketing.