8B — March 29 - April 11, 2013 — Shopping Centers — Mid Atlantic Real Estate Journal
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R etail e xpeRts
Levin Management Retail Landscape in New Jersey for 2013 “MOViNG iN A MORE pOSiTiVE DiRECTiON” 2013.”
W
OODBRIDGE, NJ — Citing the re- sults of Levin Man-
new tenants is clouded by the uncertainty of whether you’re actually going to get the space back.” Another challenge involves fast-growth retail groups, ev- erything from gyms to yo- gurt concepts, which are often driven by franchising. While the format and brand might be tried and true, “the questions focus on the experience and financial backing of the franchi- see,” she said, noting that many franchisees often have other or previous careers before opting to get into the retail business. The success or failure of a fran-
chise “has a direct impact on a center’s space.” As to the dealmaking climate, rents are “diverse” statewide, ranging anywhere from the single digits to $30 or more per square foot triple net, depend- ing upon the submarket and the property,” Horbach said. “Other factors are location within the shopping center, tenant improvements and/or any concessions tenants are looking for, all of which have an impact on the economics of the deal as a whole.” All that said, “things seem to be moving in a positive direc-
tion,” she concluded. Horbach shared the panel with moderator Marta Person Villa, vice president of CBRE; Yolanda Holmes, area real es- tate manager for McDonald’s; and Mary Elizabeth Warner, Esq., corporate counsel for Quick Chek Corp. In addition – The Children’s Place will join the tenant roster at Blue Star Shopping Center in Watchung this spring, an- nounced Levin Management , the property’s managing and leasing agent. The popular kids’ clothing and accessories retailer leased 4,307 square feet at the 419,000 s/f property. Levin’s leasing representative Alison Horbach negotiated the lease, and Jerry Rockoff with RKF served as the tenant’s broker in the transaction. “Blue Star Shopping Center already is home to a Toys “R” Us, Becker’s School Supplies and GameStop, and The Chil- dren’s Place is a great comple- ment to these youth-oriented retailers,” noted Michael Co- hen, Levin Management’s vice president of leasing. “It also rounds out a strong mix of ap- parel stores, making Blue Star a one-stop clothing destination for the entire family.” “Blue Star Shopping Center, through its 50-year history, consistently has drawn high- quality tenants – The Chil- dren’s Place is no exception,” noted Levin Management’s Matthew Harding, president. “The property’s prominent loca- tion in the heart of the Route 22 retail corridor, excellent daily consumer traffic and strong regional demographics all con- tribute to its appeal.” Levin Management is one of the nation’s leading retail real estate services firms, with a strong focus in the north- eastern United States and an owner’s approach to the busi- ness. Today, the North Plain- field, N.J., company offers a full range of services for a diverse 90-property, 12.5 million s/f portfolio. These assets include neighborhood, community, lifestyle and power centers, as well as enclosed malls, down- town stores and mixed-use projects in New Jersey, New York, Pennsylvania, Virginia, and North Carolina. Levin specializes in repositioning, retenanting and renovating retail properties – areas that have become particularly vital for today’s institutional, fidu- ciary and individual property owners. n
But challenges remain, noted Horbach, who oversees the leasing effort for one million square feet of space for the retail real estate services com- pany. Among those properties are Blue Star Shopping Center in Paramus, The Hills Village Center in Union. One of those challenges is tied to retailers restructur- ing and consolidating and the impact on tenancy. “There remains uncertainty about the potential of creating vacancies as a result,” Horbach said. “The process of hunting for
a g e m e n t ’ s post-holiday survey, “we s e e t h i ng s moving in a more positive direction,” the firm’s leasing representa- tive, Alison
Alison Horbach
Horbach, told attendees of CREW NJ’s February meet- ing at the Woodbridge Hilton. The program’s title was “Retail Landscape in New Jersey for
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