Marketplace at Edgewater at 725 River Road in Edgewater — Courtesy: Levin Management Corp.
By Joshua Burd
Levin Management Corp. has landed a new assignment in Edgewater, marking the expansion of its management portfolio of grocery-anchored centers and of properties in Bergen County.
The North Plainfield-based firm announced it’s working on behalf of Capstone Realty Group at Marketplace at Edgewater, a 73,000-square-foot complex at 725 River Road. As managing agent, it will work alongside Ripco Real Estate to oversee a property that is nearly 100 percent leased and anchored by Trader Joe’s.
“Marketplace at Edgewater is a well-occupied, service-oriented center with an internet-resistant tenant mix — including one of the most desirable specialty grocers,” said Joseph Lowry, LMC’s senior vice president of acquisitions and business development. “In addition to its high-profile nature, this appointment is particularly rewarding because it represents our first assignment with Capstone Realty Group.
“We intend to apply our proven management standards to all aspects of the center’s operation, to further enhance the property’s operational efficiency and maximize its strong curb appeal. Capstone was particularly looking for our expertise and guidance to optimally navigate through the current COVID-19 retail environment.”
Set on almost six acres, Marketplace at Edgewater is also home to tenants such as Orangetheory Fitness, Harmon Face Values, Pet Valu, Massage Envy and River Pet Resort & Rehab, among others, along with eight privately owned restaurants. LMC noted that all of the eateries are open with outdoor dining.
“Marketplace at Edgewater, which has 33 tenants, has been more than 98 percent leased for the past six years,” said Rob Friedberg, managing partner of Capstone. “We chose Levin to manage our property due to their extensive experience and expertise with properties like this. Additionally, we felt that Levin will make a great partner with our leasing agents at Ripco.”