Positioning Retail Real Estate for a New Generation

April 26, 2013


Nation’s Leading Pet Supply Retailer Leases 13,640 Square Feet of Space

NORTH PLAINFIELD, N.J., April 26, 2013 – Offering one–stop shopping for premium pet food, supplies and services, Petco has joined the tenant roster at Hamilton Plaza in Hamilton Township announced Levin Management, the property’s managing and leasing agent. The leading pet supply retailer has leased 13,640 square feet at the 175,515–square–foot center.

Levin was represented by Michael Cohen, vice present of leasing, and Brian Schuster with Ripco served as the tenant’s broker in the transaction.

“Hamilton Township and the surrounding area has a growing diverse population including students, families, retirees and professionals, making Hamilton Plaza a perfect fit for Petco’s further expansion in Mercer County,” said Cohen. “Local residents now will have all the products, professional services and expertise they need to ensure their pets live healthier, happier lives.”

Launched in 1965, Petco has more than 1,150 stores nationwide, including more than 30 Unleashed by Petco locations and more than 22,000 associates. Offering more than 10,000 pet–related products for dogs, cats, fish, reptiles, amphibians, birds and small animals, the retailer is focused on delivering outstanding customer service; a fun and convenient shopping environment; and a range of products, services and knowledgeable associates to help customers be great “pet parents.”

Anchored by a newly expanded ShopRite and A.C. Moore, other tenants at Hamilton Plaza include Sleepy’s, Dollar Tree, Hallmark, New Wave Wireless, Moe’s Southwest Grill and Texas Roadhouse. Situated at the intersection of Route 33 and White Horse – Hamilton Square Road in Hamilton Township, Hamilton Plaza serves a growing residential population of more than 170,000 people within a five–mile radius. The marketplace offers an average household income of more than $88,099, and the daily traffic count is about 48,000 vehicles. Recent renovations – including significant common area upgrades, and the addition of two pad sites and a 10,000–square–foot end cap – have made the center even more appealing to tenants and shoppers.

Consistently proving to be one of the most recession–proof retail sectors, pet industry spending reached an all–time high in 2012 surpassing $53 billion according to the American Pet Products Association (APPA). The APPA projects a steady 4.1 percent growth rate through 2013, with more than $55 billion in overall pet spending anticipated. With almost 82.5 million pet owning households in the United States, pet ownership also has reached an all–time high, according to the APPA.

“Big box specialty pet stores offer customers the best of both worlds by providing a broad selection of premium pet products at affordable prices. Petco’s unique business model caters to the pet–friendly nature of local shoppers, and will further enhance the retail element of this center,” said Matthew K. Harding, Levin’s president.

Having celebrated its 60th year in 2012, 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. Today, the North Plainfield, N.J., company offers a full range of services for a diverse 90–property, 12.5 million–square– foot portfolio. These assets include neighborhood, community, lifestyle and power centers, as well as enclosed malls, downtown stores and mixed–use projects in New Jersey, New York, Pennsylvania, Virginia, and North Carolina. Levin specializes in repositioning, re–tenanting and renovating retail properties – areas that have become particularly vital for today’s institutional, fiduciary and individual property owners.