S hopping C enters
Real Estate Journal — Shopping Centers — February 24 - March 9, 2017 — 3A
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M id A tlantic
amilton Twp., NJ — IP Associates, the owners of the In- 2465 South Broad Street in Hamilton Township, New Jersey Houlihan-Parnes Realtors celebrates Independence Plaza Shopping Center opening H
dependence Plaza Shopping Center at 2465 South Broad St. in Hamilton Twp. an- nounced the grand opening of a Regal Multiplex Theatre. The site had been the scene of an extremely long foreclosure. The property was acquired in early 2015 by a partner- ship made up of members of Houlihan-Parnes Realtors, LLC and the Jemal family. At that time, the property was approximately 80% empty. Since acquisition, a major turnaround has occurred. Four new major stores have opened: Ollie’s Bargain Out- let, Crunch Fitness and Save- A-Lot Supermarkets are already open. They are now joined by Regal’s Cinema Multiplex with 12 screens. Leasing activity has picked up dramatically and there are NORTH PLAINFIELD, NJ — Commercial real estate services firm Levin Manage- ment Corporation (LMC) has been named managing agent for two New Jersey shop- ping centers totaling 290,000 s/f, and located in Freehold Township and Hackettstown. The significant assignments – awarded on behalf of an exist- ing LMC client – underscore the strength of the company’s long-time client relationships, according to Robert Carson, executive vice president. In Freehold Township, LMC will manage Raintree Towne Center, a 134,000 s/f property situated on heavily traveled Route 537. Anchored by a Stop & Shop supermarket, the Monmouth County center also includes CVS Pharmacy, Starbucks and a Hallmark store. Raintree Towne Center is located near CentraState Medical Center and Freehold Raceway Mall, proximate to major highways including routes 9 and 33. LMC also was named man- aging agent for Mansfield Plaza in Warren County’s
leases out for signature for an additional 15,000 square
feet. Owners expect the bal- ance of the vacant space to
be rented quickly now that Regal’s is open and drawing
a large amount of traffic to the center. n
LevinManagement expands management portfolio withwith NJ properties
Plaza’s diverse tenant roster,” said Korris. “Retailers are attracted by Rutgers Plaza’s centralized location, excellent daily consumer traffic and two quality anchor tenants – Stop & Shop and Crunch Fitness. T-Mobile brings another valu- able service to the property and to the area.” In addition to its 74,000 s/f Stop & Shop and 29,000 s/f Crunch Fitness locations, Rut- gers Plaza features a comple- mentary lineup of national and regional tenants includ- ing Dollar Tree, Burger King, GameStop, Chase Bank, Plaza Cleaners, GNC and Venus Jewelers, among others. Situ- ated on Easton Ave. at Kenne- dy Blvd., Rutgers Plaza serves a growing residential popula- tion of more than 263,300 people within a five-mile ra- dius. The marketplace offers an average household income of nearly $106,000 within one mile of the property. The daily traffic count on Easton Avenue exceeds 39,000 vehicles. Space availabilities at Rut- gers Plaza range from 1,800 s/f to 20,810 s/f. n
Rutgers Plaza
Hackettstown. The 156,000 s/f shopping center, located on Rte. 57, is anchored by a high- volume ShopRite supermarket and features a tenant mix that includes discount store Dollar Tree and a 14-screen Cinepolis movie theater. These key assignments dem- onstrate how LMC continues to grow by continually exceed- ing clients’ expectations, said Robert Carson, CSM , over- sees coordination for Levin’s client properties. “We’ve been managing shopping centers on behalf of this client for more than 15 years,” he said. “It was because of this relationship – and the client’s satisfaction
and trust in LMC – that we were selected to manage these two properties. We intend to apply our proven manage- ment standards to all aspects of these centers’ operation in order to further maximize both properties’ response to tenants and curb appeal.” LMC is celebrating its 65th anniversary in 2017, and continues to grow its leasing and management portfolio. The firm was awarded several new assignments over the past year, most recently including a shopping center in Delran, NJ. LMC also was retained to continue its role following ownership changes at proper-
ties in Flemington, NJ, and Pottsville, PA. FRANKLIN TWP., NJ — Wireless voice and data com- munications services provider T-Mobile has leased 2,000 s/f of space at Rutgers Plaza in Franklin Township, becom- ing the latest tenant to join the retail mix at this premier Somerset County shopping destination. Levin Manage- ment Corporation serves as leasing and managing agent for the 266,000 s/f center. LMC’s leasing representa- tive Jordan Korris negoti- ated the long-term lease. “T-Mobile represents a high- quality addition to Rutgers
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