Pearle Vision has New Ownership, New Lease at Somerset Shopping Center
Levin Management Arranges 2,000-SF Commitment at Bridgewater, N.J., Property
BRIDGEWATER, N.J., April 1, 2021 – Optical retailer Pearle Vision is under new ownership and has signed a new lease at Somerset Shopping Center in Bridgewater, announced Levin Management Corporation (LMC), exclusive leasing and managing agent for the 219,000-square-foot property. LMC Senior Leasing Representative Vanessa Fernandez-Kelty arranged the 2,000-square-foot transaction with franchisee Optical Group of NJ LLC (dba Pearle Vision); David Townes of Cushman & Wakefield represented the tenant.
With a presence at Somerset Shopping Center since 1997, Pearle Vision is one of the largest optical retailers in North America. The brand has more than 500 eyecare centers across the United States and Canada, many of which are owned and operated locally by franchise owners. Founded in 1961, Pearle Vision is built around a doctor-centered business model with a focus on becoming the neighborhood trusted source for patients and all their eye care and eyewear needs.
“Shoppers have long appreciated the presence of Pearle Vision at Somerset Shopping Center, and this quality optical retailer will continue to provide outstanding care for consumers under its new ownership,” said Fernandez-Kelty. “Healthcare concepts that combine medical use with a retail component, as is the case with Pearle Vision, are excellent traffic drivers and contribute significantly to a retail property’s overall ‘destination’ appeal.”
Located at the junction of Route 202/206 and Route 28, Somerset Shopping Center features a mix of retailers, restaurants and service providers including Christmas Tree Shops, Barnes & Noble, Gap, Eastern Mountain Sports, Norman’s Hallmark, Pupcakes and Pawstries Barkery and Shoppe, Hand & Stone Massage and Facial Spa, Rite Aid, TGI Fridays and Men’s Wearhouse, among others. For more information and current promotions, visit http://www.shopsomersetshoppingcenter.com.
Somerset Shopping Center serves a growing residential population of 118,000 people with an average household income of $140,000 within a five-mile radius. About 72,000 vehicles pass the property each day. Remaining space availabilities at Somerset Shopping Center range from 1,100 square feet to 22,000 square feet.
For nearly seven decades, North Plainfield, N.J.-based LMC has served as a trusted single-source commercial real estate services provider for institutional and private owners. The firm today maintains a diversified, retail-focused portfolio of 110 properties totaling almost 15.5 million square feet in the Northeast and Mid-Atlantic states, offering 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.