North Plainfield-based Levin Management Corp. said Thursday it secured 165,000 square feet of new commitments and renewals over the past four months, even among the unprecedented challenges for the commercial real estate industry brought on by COVID-19 pandemic.
“Although we experienced a pause in business in conjunction with the initial store closures in March, our leasing team has remained focused on keeping activity alive and successfully bringing these deals to fruition,” said LMC Vice President of Lleasing Sidney Singer. “This has been the most trying time any of us have seen, yet experienced real estate practitioners and retailers have moved forward, working through these uncertain circumstances.”
LMC’s largest lease involved a 47,000-square-foot commitment by off-price retailer Burlington Stores, which will take over the space formerly occupied by Sports Authority at Mill Creek at Harmon Meadow in Secaucus.
The firm’s recent transactions also include commitments from America’s Best Contacts & Eyeglasses in Raritan, Popeye’s Louisiana Kitchen in Woodbridge, Blue Foundry Bank in Chatham and Charlie’s Pizza in Philadelphia.
“Essential” retail categories, such as grocers, home improvement stores, pharmacies and fast-casual restaurants, by nature, have been continually active, according to Singer, who noted that the current retail climate also is proving to be one of opportunity.
“We are seeing movement involving retailers looking for locations where they can best serve customers in a world that has changed,” he said. “For example, pad sites that can accommodate drive-through service are particularly attractive for restaurant tenants.”