In the transaction, Capitol Plaza was represented by Dale Mulartrick of the North Plainfield, NJ-based Levin Management Co., which has the property's exclusive. Sav-A-Lot was represented by Michael Murray of Metro Commercial. Terms, including rental price, were not released. Located at Route 206 and N. Olden Ave. within the complex, the latest tenant is a wholly owned subsidiary of Supervalu Inc.
"This value-oriented retailer will be an excellent source of well-priced grocery items for consumers, who are becoming increasingly cost-conscious," says Matthew Harding, president and COO of Levin. The latest transaction is part of a larger re-tenanting that Levin launched at Capitol Plaza after an existing supermarket shut down. That plan calls for subdividing the multi-level center's 70,000-sf spaces.
"The Sav-A-Lot lease restores the center's grocery component, but with a smaller space requirement," Mulartick says. "Ultimately, this enables us to further diversify Capitol Plaza.'s broad tenant mix."
Along the same lines, Harbor Freight Tools recently opened a 15,500-sf store elsewhere within the center's former shopping center space.
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