By Joshua Burd
Levin Management Corp. is marking a record year in leasing, thanks in part to a continued bounce back for brick-and-mortar retail in its regional footprint and across the U.S.
The real estate services firm, which is based in North Plainfield, said its team hit a new annual record in 2022 after closing more than 1.4 million square feet in new leases, renewals and extensions and license agreements. That included healthy leasing in the final months of the year, helping to drive down vacancies, as it enters 2023 with a robust deal pipeline.
“Industry momentum — and our talented leasing team — propelled LMC to its strongest-ever leasing performance portfolio-wide in 2022, following a record year in 2021,” said Matthew K. Harding, the firm’s CEO. “This significant accomplishment coincided with our company’s milestone 70th year in business.”
In a news release, LMC said its activity showed continued expansion among national brands and franchisees, including discount retail, entertainment concepts, pharmacies and home furnishings stores. The firm’s 2022 deal highlights included deals with a combination Family Dollar and Dollar Tree in South Plainfield, CVS in Manasquan, children’s play concept Catch Air in Jersey City, Fortunoff Backyard Store in Bridgewater and Mattress Warehouse in North Brunswick.
Fast-casual restaurants, personal care and fitness concepts also are actively growing, the news release said, while an influx of startups and expansions by established concepts are fueling momentum among independent retailers. To that end, LMC pointed to a deal with SETS Hybrid Training in Old Bridge and two leases with Jersey Mike’s Subs in Delran and Hicksville, New York, while grocery tenants such as ShopRite and Tropical Supermarket provided another source of deal volume in 2022.
The firm said retailers continue to open more stores than they close, pointing to 55 new store openings within its leasing and management portfolio in 2022, including Ulta Beauty in Woodbridge, The Goodwill Store in Hamilton, Brooklyn Delicatessen at The Paramount Building in Manhattan, ShopRite in Pelham Manor, New York and Planet Fitness and Lidl in Commack, New York.
Meantime, LMC continued to expand its management portfolio in 2022, with a record 1.1 million square feet added for new clients across New Jersey, Long Island and New York City. In the office sector, the firm assumed the role of managing agent for 222 Bridge Plaza South, an office building in Fort Lee, while its construction management team is spearheading the development of two speculative warehouse buildings in Piscataway.
The firm is supporting its growth with several strategic promotions and new hires within its executive leadership, leasing and corporate administration teams. It expects continued viability for brick-and-mortar retail overall, Harding said, noting that retailers remain focused on responding to shifting consumer priorities and expectations, despite ongoing economic headwinds, inflation and supply chain issues.
“It’s an exciting time at Levin Management,” Harding said. “2022 proved to be another banner year for our company in terms of both business growth and leasing volume. LMC’s new hires and organizational advancements will uphold and strengthen our services as we work to deliver the highest-quality expertise to new and existing clients.”