The Millburn Village Mall at 2993 Vauxhall Road in the Vauxhall section of Union Township — Courtesy: Levin Management Corp.
By Joshua Burd
The owner of a nine-property, 840,000-square-foot portfolio in New Jersey and Pennsylvania has tapped Levin Management Corp. to manage the mix of mostly retail assets.
According to the North Plainfield-based real estate services firm, the portfolio includes five New Jersey properties: the Browntown Shopping Center in Old Bridge, the Millburn Village Mall in the Vauxhall section of Union Township, Newbridge Plaza in Bergenfield and the Matawan Mall in Matawan, along with an office property at 1985 Cedarbridge Ave. in Lakewood. In Pennsylvania, LMC will manage Shillington Plaza in Reading, 25th Street Plaza in Easton, Monroe Plaza in Stroudsburg and Mountainville Plaza in Allentown.
The firm will do so on behalf of a private owner, with initial plans calling for maintaining and enhancing curb appeal as well as working with the client to orchestrate strategic, longer-term capital reinvestments.
“This assignment is a great addition to our management portfolio and marks a milestone for LMC — representing the largest total number of properties we have taken on in one assignment throughout our decades-long history,” said Joseph Lowry, LMC’s senior vice president of acquisitions and business development. “We pride ourselves on managing all assets at an institutional level, and both existing and newer clients appreciate our expertise and guidance as a landlord-focused real estate services provider.”
With the assignment, LMC’s third-party services portfolio has grown to 120 properties spanning more than 16 million square feet.
“Although this is our first assignment with this client, they are familiar with our capabilities in delivering high-quality commercial real estate services and wanted to bring that same level of consistency to this group of assets,” Lowry said. “Organizations look to us to establish, maintain and improve competitive positioning for their assets. This is particularly valuable in the current real estate environment, where expert operation plays a significant role in ensuring a property’s success.”