Amid the challenges of 2020, North Plainfield-based Levin Management Corporation (LMC) achieved tangible progress – a promising sign for the industry moving into a new year. Over the past 12 months, LMC secured nearly 700,000 square feet of new leases and renewals, added new leasing and management assignments, solidified its staff with new hires/promotions, and garnered several industry recognitions.
Highlights of LMC’s retail leasing activity included an anchor lease with off-price retailer Burlington Stores at Mill Creek at Harmon Meadow (Secaucus), a 24,000-square-foot lease with Aqui Market at Twin City Shopping Center (Bayonne) and a 20,000-square-foot lease with Planet Fitness at Mayfair Shopping Center (Commack, N.Y.). LMC’s transactional activity also brought a host of renewals as well as new retailers and service providers to the region, punctuated by nearly one dozen leases with restaurant tenants – several of which have already launched operations. Other openings involved high-profile anchors like Lidl (North Brunswick) and Burlington Stores (Raritan).
Non-retail leasing highlights within LMC’s diversified portfolio included a 135,000-square-foot renewal by Hall’s Warehouse Corp. at Rutgers Industrial Center (Piscataway).
“Despite the economic uncertainty and business-related disruptions facing our industry since March, there has been progress – with certain key dynamics coming into sharpened focus,” said LMC’s Matthew K. Harding, chief executive officer. “For example, positive landlord/tenant relations have always been important. During 2020, as tenants worked to navigate an incredibly difficult environment, we approached everything on a very granular basis, reviewing the distinctive needs and nature of each business. Likewise, we have done the same with our landlord clients and their individual properties to help them best respond to tenant requests and operational needs.
“This customized approach has always been central for our team; however, this year has intensified the practice to a new level that we will sustain moving forward,” Harding added. “This is an advantage we can provide over some of our larger, nationally focused peers.”
LMC also continued to expand its leasing and management portfolio, which today totals 110 properties totaling nearly 15.5 million square feet. The firm was appointed leasing and managing agent for Springfield Avenue Marketplace, a 112,000-square-foot supermarket-anchored property at 204-234 Springfield Avenue in Newark. In Bergen County, LMC was named exclusive managing agent for Marketplace at Edgewater, a 73,000-square-foot shopping center located at 725 River Road in Edgewater.
“Making a management transition is a significant decision for any property owner,” noted Joseph Lowry, LMC’s senior vice president of acquisitions and business development. “In the current retail and economic climate, it also involves a great deal of trust. These appointments are particularly rewarding because they demonstrate confidence in our ability to deliver high-quality real estate services.”
To support this business momentum, LMC focused on staff growth initiatives, including several strategic promotions and new hires in the leasing, accounting, property management and construction departments. At the executive level, Sidney Singer, formerly a senior leasing representative, was promoted to vice president of leasing. “Our internal promotions and new staff additions ensure that we will consistently meet, and exceed, client expectations as we strengthen Levin Management’s presence in key markets throughout the Northeast,” Harding commented.