10A — October 22 - November 18, 2021 — Retail Development Reimagined — M id A tlantic Real Estate Journal www.marej.com
www.marej.com M id A tlAntic Real Estate Journal — Retail De
R etail D evelopment R eimagined Campbell, Kostelac & Gasper handle the transaction CAMPBELL inks 5,600 +/- s/f lease in Lwr. Allen Commons L D ORTH P L A I N - FIEL , NJ — Amid the chal lenges of 700,000 s/f of transactions & new agency assignments mong 2020 Levin Mgmt. ushers in 2021 with a look back on progres N
OWERALLENTWP., PA — DKP Ventures, LLC has purchased a 1.92-acre site in Lower Allen Commons from the Lower Allen Township Develop- ment Authority. The 5,600 +/- s/f Bonefish Grill recently extended their lease on the property. Joining Bonefish and Texas Road- house in the center is a 124- room Springhill Suites by Marriott which has recently started construction. The newly announced Trader Joe’s is also part of 2020, ommercial real estate services firm LevinManag - ment C rporation (LMC) achieved tang ble progress – a promising sign for the industry moving i to a n w y r. Over the past 12mo ths the North Plainfield based organization s cured nearly 700,000 s/f of new leases and renewals, added new leasing and management assign- ments, solidified its staff with new hires/promoti ns, 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 SALIS URY, MD —Senior dvisor Wesl y Cox, CCIM of The Hanna Team, with SVNMiller closed on the “Mr. ire” property located at 909 S. Salisbury Blvd., Salisbury. Within six-hours of putting the property on the market Cox gener ted multiple of- fers with a buyer in place within he first 24-hours. The prop rty was sold o an out of tate investor and M . Tire will continue to operate ut of the prop rty. The property was sold as a net leased invest- ment p operty with a publicly raded national credit tenant
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Burlington Stores at Mill Creek at Harmon Meadow
Bonefish Grill
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 the center. Two remaining lots of 1.01 and 1.02 acres are schedul d for develop- ment and negotiations are ong ing with several national t ants. in place which v the inv s tor confidence n their new investment. This is the 3rd net leased vestmen Wesl y has sol recently wit in thr e-blocks of one anoth r totaling $2.5 milli n. After the transaction was completed, Wesl y said,
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 “My client’s best interests re my top priority and after cre ating an asset isposit on plan for my client I immediately implemented a natio wide ag- g essive mark ting camp ign nd I wa able to secur the best deal for my client with 24-hours.” MAREJ A t Campbell , Larry Kostelac, and Jessica Gas- per of CAMPBELL Commer- ci l Real E tat , Inc. handled the r nsaction and market- ing of the center. MAREJ
Cox, CCIMof SVNMiller closes net leased investment property in Salisbury, MD
909 S. Salisbury Blvd., Salisbury, MD
BORRUS ASSOCIATES Investment Real Estate
Fo
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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