Matthew K. Harding is CEO of Levin Management Corp.
By Joshua Burd
Sustained demand for modernized, well-located retail space remains a driving force for Levin Management Corp., fueling more than 1 million square feet in deal volume last year across the firm’s portfolio of client properties.
The North Plainfield-based commercial real estate services firm said it closed more than 100 new leases, renewals and extensions and license agreements in 2023, as the dining, beauty, fitness, specialty retail and service sectors showed their strength during the year. That activity coincided with a growing trend of landlords reinvesting in their properties, seeking to fill vacancies while ensuring their assets remain competitive for years to come.
“We saw continued expansion and commitments involving anchor tenants, national retailers and franchise brands of all sizes and across multiple categories,” said Sidney Singer, LMC’s vice president of leasing. “We also witnessed movement among independently owned retailers, from creative startups to established businesses.”
To that end, LMC’s 2023 deal highlights included transactions with specialty grocer Subzi Mandi in Clifton, KPOT Korean BBQ & Hot Pot in Woodbridge and beauty concept Strand Salon Studios in Bridgewater. The firm’s agents also secured leases with Target at an undisclosed location, Fortunoff Backyard Store and Charleys Cheesesteaks & Wings in Falls Church, Virginia, AMVETS Thrift Store and Erie Gymnastics Center in Erie, Pennsylvania, and NovaCare Rehabilitation in West Chester, Pennsylvania.
According to Matthew K. Harding, the firm’s CEO, dealmaking velocity has justified reinvestment in properties and sparked continued business for LMC’s in-house construction management team. In 2023, the company launched a major redevelopment at Blue Star Shopping Center in Watchung, which was catalyzed by an in-center relocation and a new 72,000-square-foot lease with longtime tenant ShopRite.
“Our talented leasing team’s achievements demonstrate that well-located, quality open-air shopping centers are attracting desirable tenants,” Harding said. “Repositioning space and filling it with the right users — brands that complement an existing retail mix and add to a property’s dynamic — are the keys to sustained success.”
Part of last year’s activity came from efforts to backfill vacant spaces, LMC said. At Mayfair Shopping Center in Commack, New York, the firm last year welcomed PGA Tour Superstore as its new anchor as well as Sephora, Champions Martial Arts and MiMi’s Coffee and Bubble Tea. Over the past two years, the property has also added top-ranked grocer Lidl and Planet Fitness as well as several dining and specialty retail tenants, helping to grow year-over-year traffic by 51 percent, according to data from Placer.ai.
LMC added that, in Harrisburg, Pennsylvania, leases with Five Below, cookie shop Crumbl, LensCrafters and hobby store Warhammer extended a period of leasing momentum at High Pointe Commons. At Aldrich Plaza in Howell, Nothing Bundt Cakes and MY SALON Suite added national brands to the center’s evolving tenant roster.
LMC also pointed to data from Coresight Research, which said retailers were on track to open almost 5,500 stores in the U.S. over the past 12 months.
“With strong leasing over the past two years and through 2023, more stores opened than closed in the past 12 months, a significant achievement amid high-profile bankruptcies,” Harding said.
The firm recorded 54 store openings within its 125-property, 16 million-square-foot leasing and management portfolio last year, including notable names like Raising Cane’s at New York City’s Paramount Building, along with CVS Pharmacy in Manasquan, Catch Air in Jersey City, Mattress Warehouse in North Brunswick and JBBQ & Shabu Shabu in Commack, New York.
Beyond retail, LMC spearheaded the ground-up construction of two industrial buildings to expand Rutgers Industrial Center, an established campus in Piscataway. According to the firm, both buildings were leased prior to their completion by Carrier and RCF USA, which took 78,000 and 30,000 square feet, respectively.
