M id A tlantic Real Estate Journal — Retail Development Reimagined —February 18 - March 17, 2022 — 17A M id A lAntic Real Estate Journal — Retail Development Reimagined — M ch 19 - April 5 1 33
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R etail D evelopment R eimagined D 700,000 s/f of transactions & new agency assignments among 2020 Levin Mgmt. ushers in 2021 with a look back on progress Transaction b i gs The Prom n d at Summit to full occupancy Di ersifiednegotiates 2 retail leases at mixed-use building
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ORTH P L A I N - FIELD, NJ — Amid the chal lenges of UMMI , NJ — Diver sified Properties has signed two retail leases with Envy Lash and The Sh p of You at The Promenade at Summit l cated 545Morris Ave. in Summit. 2020, commercial real estate services firm LevinManage- ment Corporation (LMC) achieved tangible progress – a promising sign for the industry moving into a new year. Over the past 12months the North Plainfield based organization secured nearly 700,000 s/f of new leases and renewals, added new leasing and management assign- ments, 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 s/f lease with Aqui Market at Twin City Shopping Center (Bayonne) and a 20,000 s/f lease with Planet Fitness at Mayfair Shopping Cen- ter (Commack, NY). 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 opera- tions. Other openings involved Standing at 35,000 s/f and three stories, The Pr me ade at Summit is a mixed-use build - ing constructed by Diversifi P operties i 2010. The leases with Envy L sh and The Shap of You br the buildi g’s co mercial occu pancy to 100%. Envy L sh and The S ap of Y u will be joini g an alr ady impressive roster of N S
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Burlington Stores at Mill Creek at Harmon Meadow
The Promenade at Sum it
high-profile anchors like Lidl (North Brunswick) and Burl- ington Stores (Raritan). Non-retail leasing highlights within LMC’s diversified port - folio included a 135,000 s/f renewal by Hall’s Warehouse Corp. at Rutgers Industrial Center (Piscataway). “Despite the economic un- certainty and business-related disruptions facing our indus- try since March, there has been progress – with certain key dynamics coming into sharpened focus,” said LMC’s Matthew Harding , chief ex- ecutive officer. “For example, positive landlord/tenant rela- tions have always been impor- tant. During 2020, as tenants worked to navigate an incred- ibly difficult environment, we approached everything on a very granular basis, review- ing the distinctive needs and nature of each business. Like - wise, we have done the same with our landlord clients and their individual properties to dive se tena ts such s Dunkin Donuts, Kumon, The Little Gym and ConnectOne Bank t at cur - rently call the property home. “In bringing The Promenade at Summit to fu l ret il capac - ity, our team has ucceeded yet Ken Richardson , execu - tive director at Vantage Com - mercial, worked closely with Reed Wrisley of Practice Real Estate Group . The two
help them best respond to ten- ant 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 ad- vantage we can provide over some of our larger, nationally focused peers.” LMC also continued to ex - pand its leasing and manage- ment portfolio, which today totals 110 properties total- ing nearly 15.5 million s/f. The firm was appointed leas - ing and managing agent for Springfield Avenue Market - place, a 112,000 s/f supermar- ket-anchored property at 204- 234 Springfield Ave. in New - ark. In Bergen County, LMC was named managing agent for Marketplace at Edgewater, a 73,000 s/f shopping center located at 725 River Rd. in Edgewater. MAREJ firms worked together to sign Opal Dental to the 10-year lease after several months of negotiations and compromise. Eastampton Place West, managed by Urban Re - newal . MAREJ gain in showc sing ou ability to create value from strategic real e tate investment nd nds-on a set management,” said Nicholas Minoia , founde and managing par n r of Diver - sified Properti s. MAREJ
Mid Atlantic Real Estate Journal
Eastampton Place West Vantage Commercial represents landlord with new dentist EASTAMPTON, NJ — Vantage Commercial an- nounced another successful retail lease in Eastampton. The brokerage represented Eastampton PlaceWest Urban Renewal, LLC in the transac - tion. Vantage Commercial was engaged to represent both the Marlton and Eastampton projects for the landlord and successfully filled the retail in both locations.The Eastamp - ton location is easily accessible from Rte. 38, the NJ Tpke., and I-295. Opal Dental has leased 2,675 s/f of retail space to open a new practice. This should be a great addition for not only the community, but the residents in the mixed-use property as well.
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