Levin Reports Brisk Leasing Volume Heading into Final Months of 2018
"We are seeing the type of sustained transactional activity that propelled us to our healthiest leasing performance in recent years portfolio-wide in 2017,” says Matthew K. Harding, Levin's president.
NORTH PLAINFIELD, NJ—Commercial real estate services firm Levin Management Corporation continues to record strong leasing volume, having executed nearly 533,000 square feet of transactions through October. The company maintains a diversified, retail-focused leasing and management portfolio of approximately 105 properties totaling 15 million square feet in the Northeast and Mid-Atlantic states.
“As we head into the final months of 2018, we are seeing the type of sustained transactional activity that propelled us to our healthiest leasing performance in recent years portfolio-wide in 2017,” says Matthew K. Harding, Levin’s president. “This lasting momentum reflects the viability of bricks and mortar retail overall.”
Highlights of the firm’s recent leasing activity include a 43,000-square-foot commitment with sporting goods chain Dunham’s Sports at Fairlane Village Mall in Pottsville, PA; a 13,000-square-foot lease with national beauty retailer Ulta Beauty at North Village Shopping Center in North Brunswick, NJ; a 4,000-square-foot lease with Comcast Xfinity at St. Georges Crossing in Woodbridge, NJ; and a 1,800-square-foot lease with Macchiato Espresso Bar at 1501 Broadway in New York City’s Paramount Building. Lease renewal activity also remains robust – illustrated by health club chain LA Fitness renewing its 62,400-square-foot lease at Brunswick Shopping Center in North Brunswick, NJ.
Besides serving retail property owners, Levin also manages diverse commercial property types, including industrial and office assets. The firm’s year-to-date leasing activity includes a 103,350-square-foot commitment by shoe wholesaler R&J Warehouse at 140 Circle Drive North in Piscataway, NJ, part of a five-building industrial/warehouse complex.
Restaurants—particularly fast-casual concepts—comprise a larger percentage of typical shopping center tenant mixes than ever before, according to Harding.
“We recognize the value that fresh dining concepts add in terms of driving consumer traffic and creating a sense of ‘destination,’” he says. “To that end, much of our restaurant leasing activity this year has involved up-and-coming brands and independent restaurant owners looking to establish or expand their presence in the regional marketplace.”
Among them, Levin secured leases with farm-to-table restaurant brand Dig Inn (Brooklyn, NY), Patsy’s Pizzeria (35-71 South Ocean Ave., Patchogue, NY), Frutta Bowls (Flemington Marketplace, Flemington, NJ), Bobby Chez Seafood (Hartford Corners, Delran, NJ), Pork Chop’s BBQ (Capitol Plaza, Ewing, NJ), Fractured Prune Doughnuts (West Chester, PA) and Tea Kettle Gourmet (Westbrook Outlets, Westbrook, CT).
LMC also continues to grow its leasing and management portfolio. The firm was awarded several new agency assignments in recent months, including shopping centers in Kearny, Edison, Wall and Mt. Olive, NJ; New Hyde Park, NY; and Harrisburg, PA.