Somerville Circle Shopping Center at 300 Route 202 in Raritan — Courtesy: Levin Management Corp.
By Joshua Burd
Off-price brands, dining and personal services have fueled retail leasing since Labor Day, Levin Management Corp. said, touting nearly 200,000 square feet of activity over the past 90 days.
The real estate services firm last week highlighted recent leases, renewals and expansions within its portfolio totaling about 193,000 square feet. The largest among them is Burlington Stores’ 46,000-square-foot commitment at the Somerville Circle Shopping Center in Raritan, where the discount retailer is backfilling a freestanding former Toys R Us store.
“While we never want to see major retailers close their doors, this is an unavoidable part of our cyclical industry,” said Matthew K. Harding, the firm’s CEO. “And, at the same time, anchor vacancies create opportunities — for landlords to strengthen a property’s tenant mix, and for high-performing retailers looking to expand their presence.
“Burlington’s commitment illustrates this reality, as nationally recognized off-price retailers continue to shape the industry and our marketplace.”
LMC, which is based in North Plainfield, also cited six new restaurant commitments within its 105-property, 15 million-square-foot leasing and management portfolio. The largest involved Hook & Reel Cajun Seafood and Bar taking 8,350 square feet at Twin City Shopping Center in Jersey City.
LMC added that renewal activity remains robust, as illustrated by automotive parts and accessories retailer AutoZone extending its 12,700-square-foot commitment at 214 Rahway Ave. in Elizabeth.
“The post-Labor-Day period has been particularly robust,” said Matthew K. Harding, the firm’s CEO. “We continue to observe high levels of activity in the off-price, dining and personal services categories, with healthy movement among traditional retailers as well. All of this is propelling 2019 toward a strong finish.”
