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PHILADELPHIA-Levin Management Corp. arranged a $22 million acquisition of a shopping center in the northeast part of town here for its part owner Levin Properties and a family owned investment group. The 103,244-square-foot Morrell Plaza was purchased from Midland Development Group, of Jacksonville, FL.

Though favorable deals are hard to come by, “we’re certainly looking for more,” Matthew Harding, president of third-party services firm Levin Management. “We’re doing it on a case-by-case basis. What’s out there is limited and quite varied.”

Since the center, anchored by a ShopRite grocery store, underwent a major renovation in 2008, not much additional work needs to take place on the asset, which is located at Frankford Avenue and Morrell Way. However, Harding says, his firm will try to fill the property’s 10% vacancy rate.

Levin Management, of North Plainfield, NJ; operates about 80 centers in the Northeast and Mid-Atlantic for various clients, and 40% of those assets are owned by Levin Properties. Colliers Lanard & Axilbund’s Richard Soloff brokered the deal for Midland. That firm has developed about 100 centers across the country.

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