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


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


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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