"This lease reflects a continuing trend in which major grocery chains like Acme are closing their older, smaller locations in favor of opening larger, more modern superstores," according to Alan Gott of Levin Management Corp. of North Plainfield, NJ. Gott arranged the transaction for Levin, which counts the facility as part of its portfolio of almost 10 million sf of retail properties owned and managed in New Jersey, New York, Pennsylvania, Virginia and North Carolina.
"In turn, niche companies like Great Farmers Market are absorbing the vacancies and expanding their presence in key markets," Gott adds. For this site in particular, he points to a population of more than 288,000 and an average household income of more than $94,000 within a five-mile radius of 1260 Park Ave.
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