Positioning Retail Real Estate for a New Generation

April 9, 2020

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Levin Management Tapped for Grocery-Anchored Leasing and Management Assignment in Newark, N.J.

Agency Transition Launches Amid COVID-19 Business Disruption

NEWARK, N.J., April 9, 2020 – The addition of Springfield Avenue Marketplace in Newark punctuates Levin Management Corporation’s (LMC’s) established position as a go-to services provider for grocery-anchored shopping centers. The North Plainfield, N.J.-based commercial real estate services firm in April took on the role of leasing and managing agent – at a time of significant, COVID-19 related business disruption.

The 112,000-square-foot Springfield Avenue Marketplace, located at 204-234 Springfield Avenue, is anchored by a high-volume 67,000-square-foot ShopRite supermarket. The assignment represents LMC’s first with the property’s ownership.

“Making a management transition is a significant decision for any property owner,” noted Joseph Lowry, LMC’s senior vice president of acquisitions and business development. “In the current retail and economic climate, it also involves a great deal of trust. This appointment is particularly rewarding because it demonstrates confidence in our ability to deliver high-quality real estate services.”

Located in Newark’s desirable University Heights neighborhood, proximate to the city’s institutions of higher education, Springfield Avenue Marketplace serves a dense consumer base of about 215,000 people within a two-mile radius. Its well-rounded tenant mix also includes Snipes, Ashley Stewart, McDonalds, Taco Bell, Popeye’s Louisiana Kitchen, Sarku Japan, H&R Block, T-Mobile, Metro PCS, CityLife Clinic and uBreakiFix, among others.

LMC Leasing Representative E.J. Moawad is heading the Springfield Avenue Marketplace leasing team. Initial efforts will focus on identifying tenants for the center’s remaining vacancies, which include a 2,400-square-foot inline space and an available pad site.

“On the management side, our goal is to uphold and enhance the center’s efficiency and curb appeal,” said Lowry. “Newark is undergoing a significant revitalization and this center, along with other nearby development activity, has been a catalyst for the neighborhood’s ongoing transformation. Springfield Avenue Marketplace is a great addition to our regional portfolio, and we look forward to utilizing our expertise in all aspects of property operations to position this center for long-term success.”

For nearly seven decades, LMC has served as a trusted single-source commercial real estate services provider for institutional and private owners. The company today maintains a diversified, retail-focused portfolio of nearly 110 properties totaling almost 15.5 million square feet in the Northeast and Mid-Atlantic states – including a notable proportion of grocery-anchored centers.

LMC 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 every facet of its business. The firm offers leasing, property management, financial management and reporting, construction 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.

Read 3225 times Last modified on Thursday, 09 April 2020 21:38