Retail Leasing Remains Strong Through Summer Months
Healthy retail leasing activity continued through the spring and summer months, according to Levin Management, which executed more than 295,000 square feet of renewals and transactions from Easter through Labor Day. One of the nation's leading retail real estate services firms, Levin maintains a 90-property, 12.5 million-square-foot shopping center portfolio in New Jersey, New York, Pennsylvania, Virginia and North Carolina.
"Following 2012's marked improvement in leasing volume, 2013 has seen a continuation of that momentum," said Michael Cohen, Levin Management's vice president of leasing. "We are seeing demand from national, local and franchise companies. The category base reflects broad variety as well, with restaurants, apparel, pet supplies, gyms and personal services tenants among the most active tenant types - following several years in which value-oriented retailers dominated."
-Somerset Countyhas been an especially active market for Levin Management. At Somerset Shopping Center in Bridgewater, New York & Company leased 7,446 square feet, while four tenants renewed their commitments, including Rite Aid (14,175 square feet), Eastern Mountain Sports (8,000 square feet), Payless ShoeSource (2,990 square feet) and Merle Norman Cosmetics (508 square feet). In addition, Meridian Evolution of Energy LLC signed a 16,473-square-foot lease. Blooms at the Hills renewed for 960 square feet at The Hills Village Center in Bedminster, and Mane Appeal Hair Salon renewed for 750 square feet at Hamilton Street Shopping Center in Franklin Township.
-In Mercer County, Let's YO! Yogurt leased 2,530 square feet at Hamilton Plaza in Hamilton Twp. joining newly opened Petco and ShopRite. Vito's Pizza re-committed for 2,400 square feet there as well. At Capitol Plaza in Ewing, three tenants renewed including Jersey College (which also expanded from 10,000 to 30,000 square feet), Ashley Stewart (5,240 square feet) and Victorian Beauty Supply (4,598 square feet).
-Further south in Burlington County, Fairground Plaza in Mt. Holly also saw several tenant renewals. Acme re-committed to its 64,917-square-foot lease, while the State of NJ - DMV will remain in 10,000 square feet, and Beneficial Mutual Savings Bank will remain in 2,607 square feet.
-Moving north to Middlesex County, Duds ‘N Suds renewed for 2,500 square feet at St. Georges Crossing in Woodbridge, while Apple Hill Academy renewed for 11,690 square feet at 2500 Route 9 Plaza Old Bridge. In North Brunswick at North Village Shopping Center, Smashburger leased 1,607 square feet, while Panera renewed for 5,114 square feet. Additionally, Tansmania signed a 3,571-square-foot lease at Brunswick Shopping Center in North Brunswick.
-In Union County, Hallmark signed a 5,200-square-foot renewal at Galloping Hill Center in Union. Church of Latter-Day Saints renewed for 2,684 square feet at the QuickChek Center in Bayonne (Hudson County). Two tenants renewed at Paramus Place in Paramus (Bergen County), Modell's (15,330 square feet) and Panera (5,842 square feet).
-In Essex County, Chipotle Mexican Grill signed a new lease for 2,557 square feet at West Orange Plaza in West Orange. In Clifton (Passaic County), Work ‘N Gear renewed its 3,247-square-foot lease at Clifton Plaza. Two transactions at Chatham Plaza in Chatham (Morris County) included a new, 2,601-square-foot lease by C2 Education Center and a 1,401-square-foot renewal by Chatham Cleaners. In Sussex County, Frank's Pizza renewed for 3,260 square feet at CVS Plaza in Sparta.
-Two new tenants joined the roster at Centre Plaza in Bensalem, including Philly It Cheesesteaks (1,700 square feet) and MGM Financial Strategies, Inc. (1,700 square feet). Additionally, Tako Japanese Restaurant renewed its 3,400-square-foot commitment there, while Star Nails renewed for 1,700 square feet.
-Levin Management orchestrated several renewals at other Pennsylvania properties as well. They included H&R Block at Midtown Plaza in Middletown (2,080 square feet) and Supercuts at Morrell Plaza in Philadelphia (1,227 square feet).
-In Commack, Chico's leased 2,971 square feet, and three tenants renewed at Mayfair Shopping Center, including GameStop (2,000 square feet), Original Brooklyn Pizza (1,400 square feet) and Stride Rite (1,200 square feet). Additionally, Bravo Cleaners renewed for 2,550 square feet at Stateline Plaza II in Tappan, while We the People recommitted to 1,376 square feet at 35-71 South Ocean Ave. in Patchogue.
-At Crossroads Place in Falls Church, Virginia ABC (4,446 square feet) and Visionary Properties (2,852 square feet) both renewed leases at the property.
-Finally, in North Carolina at Hickory Plaza in Hickory, Save-A-Lot renewed in 15,074 square feet.
Headquartered in North Plainfield, Levin Management serves properties ranging from neighborhood, community, lifestyle and power centers, to enclosed malls, downtown stores and mixed-use projects. The company taps into the associated, expansive tenant roster to conduct Retail Tenant Surveys three times each year that provides insight on industry trends and sales performance.
Having celebrated its 60th year in 2012, Levin Management offers a full range of services including leasing, property management, accounting, construction management and marketing. The company specializes in repositioning, re-tenanting and renovating retail properties - areas that have become particularly vital for today's institutional, fiduciary and individual property owners.