M id A tlantic Real Estate Journal — Retail Development Reimagined —January 21 - February 17, 2022 — 25A M id A tlAntic Re l Estate Journal — Retai Dev lopment Reimagined — March 19 - Ap il 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 Lombardi completes sale of the BrunswickDesign building Horvath&Tremblay sells three retail properties in NewJersey E ORTH P L A I N - FIELD, NJ — Amid the chal lenges of AST BRUNSWICK, NJ — Michael Lom bardi of Horvath & Tremblay has success - fully pl ted the sale of N
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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 Brunswick D sign in East Bru swick. Horvath & Trem - blay represented the seller to complete the transaction at a ale price of $1,215,000. Brunswick Design is loca ed at 513 NJ Rte. 18 South in East Brunswick. Brunswick Design has been at this loca - tio since 2017, a d recently elected to extend their lease early. Brunswick Design has 3+ years of te m remaining on their double-n t (NN) Lease with one, 5-year renewal option. Brunswick Design is r spo sible for all operating expenses and repairs and maint nance of the prope ty except for roof and structural rep irs and replacements, providing for an attractiv in - vestmen for the assiv real estate investor. Brunswick Design is situated on a corner parcel at the heavily travelled intersection of NJ Rte. 18 and Milltown Rd. Lombard i and Dav id McLaughlin of Ho v th & Tr mblay have success - fully completed the s le of th Shoppes at Matawan in Ma - aw , NJ. Horv th & Trem - blay represented the buyer o complete the transaction
Burlington Stores at Mill Creek at Harmon Meadow Brunswick D sign
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 Lombardi also facilitated the sale of 125-131 East Broad St eet in Westfield, NJ. Hor - vath & Tremblay represented he buy r to ompl t the tra saction at a sale price of $2 million. 125-131 East Broad St. is comprise of two adjacent mixe -use Prop r ties that onsists of seven suites, three, vacant commer c al uites on the first floors, and fo , vacant re idential units. The two buildi gs have a total of 7,022 s/f on 0.14 cres of land. The property offers a rare opportunity to renovate and lease up prime real state in the heart of Westfi ld. The prop rty is situated 500 feet from the signalized intersection of East at a sale price of $6,825,000. The Shoppes at Matawan are located at 1008 d 1016 NJ Rte. 34. The S oppes at Matawan is a two-building shoppi g center comprised o 16-ten nts in 33,729 s/f n a 5.79-acre parc l of land.
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 corridor. The property is with - in walking distance of St p & Shop, Shop Rit , Trade Joe’s. Walgreens, Chipotle, Five Guys, a d Starbucks. Th property is also within walk - ing distance of seve al area schools inclu ing Westfiel High School. 125-131 East Broad St. is 0.3-miles from the Westfield Train Station with service to Manha tan’s Pe n Station on the R ritan Valley Line. The property also benefits from its proximity to nume ous interstates and state high ys (Garden St te Parkway, Interstates 95 & 78, and US Routes 22 and 9). Horvath & Tremblay is one of the most ac ive and successful Investment R al Estate rokerage firms in the Unit St tes. Our ad - visors speci lize in the sale of single tenant et-l ase assets and retail shopping cent rs. MAREJ Broad St. and N Ave. W, the rea’s primary c mmerci
BORRUS ASSOCIATES Investment Real Estate
For more information call or email Lea Christman today! 781.740.2900 lea@marejournal.com marej.com for ore information contact: P: 781-740-2900 lea@marejournal.com
Julius Borrus Broker & President Borrus Associates
P.O. BOX 8357, REDBANK, NJ 07701 P: 908-839-0052 | borruscommre@aol.com A Member Of The International Council Of Shopping Centers NY, NJ, CT, PA INVESTMENT REAL ESTATE
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