Positioning Retail Real Estate for a New Generation

February 17, 2015

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Levin Arranges Retro Fitness Lease at Twin City Shopping Center in Jersey City

Affordable Gym Chain to Occupy 16,000 Square Feet

JERSEY CITY, N.J., Feb. 17, 2014 – Affordable gym chain Retro Fitness – known for its low-cost, high-value fitness concept – has leased 16,000 square feet at Twin City Shopping Center in Jersey City. The announcement was made by retail real estate services firm Levin Management, exclusive managing and leasing agent for the 98,000-square-foot shopping center.

Levin’s Senior Leasing Representative Jake Frantzman negotiated the long-term lease, which fills just more than half of a 30,000-square-foot, former big-box space at the property. Hugh Scullin of Katz & Associates represented the tenant.

Retro Fitness was attracted to Twin City Shopping Center’s excellent visibility in a dynamic Hudson County submarket, according to Frantzman. Recent renovations to the center – including a new façade, new stonework and sidewalk refurbishments – have significantly enhanced the property’s curb appeal, making it more appealing to both tenants and shoppers alike.

“Twin City Shopping Center’s outstanding demographics, convenient on-site parking and proximity to major highways were a tremendous upside for this tenant,” said Frantzman. “Retro Fitness is a high-traffic retailer that will greatly benefit the center’s existing tenant base. We are confident Retro Fitness, with its high quality club experience and lower price point, will become a wonderful amenity for those who live and work in the community.”

With state-of-the-art equipment, bright décor and a variety of membership options starting as low as $19.99 a month, Retro Fitness sets the pace for an energetic, action-packed workout. All Retro Fitness locations offer cardio movie theaters, group classes, a Retro Blends Juice Bar, tanning, child care and personal training. Founded in 2004, the chain now boasts more than 100 locations in 12 states.

Located at the Jersey City/Bayonne border on Garfield Avenue and West 55th Street, Twin City Shopping Center serves a growing residential population of more than 550,000 people within a five-mile radius. The marketplace offers an average household income of more than $88,000 and a daily traffic count of 35,000 vehicles. Retro Fitness joins a tenant mix that includes Twin City Supermarket, Wendy’s, Dunkin Donuts, Buy Rite Liquor and Good Year, along with a host of typical neighborhood conveniences. Levin currently is marketing the 14,000-square-foot balance of the big-box vacancy, as well as an 8,350-square-foot inline unit.

Levin 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’s portfolio and internal resources have grown consistently over the years, responding to a variety of retail and economic climates. Today, Levin offers a full range of services for a diverse portfolio that encompasses approximately 95 properties and more than 13 million square feet. These services include leasing, property management, accounting, construction management and marketing. Levin specializes in repositioning, retenanting and renovating retail properties – areas that have become particularly vital for today’s institutional and individual property owners.

With headquarters in North Plainfield, N.J., 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. In business for six decades, the company taps into its associated, expansive tenant roster to conduct Retail Sentiment Surveys three times each year that provide insight on industry trends and sales performance.

Levin has earned a long list of coveted awards over the years. Since 2011 alone, the firm was ranked 30th among Top US Real Estate Companies and named three times among the nation’s top property managers by Commercial Property Executive magazine, placed among the nation’s top 10 redevelopers by Chain Store Age, credited as one of the state’s top 10 real estate developers by New Jersey Business magazine, and ranked third on NJBIZ’s Top Property Management Companies list and seventh on NJBIZ’s Top Commercial Real Estate Developers list.

Read 8710 times Last modified on Tuesday, 17 February 2015 17:19