Kearny Square in Kearny — file photo
By Joshua Burd
Levin Management Corp. has added to its portfolio in recent months with six new shopping center assignments in New Jersey and Pennsylvania, the firm announced.
Based in North Plainfield, LMC said this week that the new assignments bring its portfolio to 105 properties totaling 15 million square feet, touting the growth as a sign of demand for third-party commercial real estate services. In New Jersey, the firm’s newest assignments include five properties:
- Kearny Square in Kearny, a 138,895-square-foot, fully leased retail center anchored by BJ’s Wholesale Club
- Oak Tree Center in Edison, a 189,000-square-foot community shopping center anchored by India Grocers
- ITC Crossing South, a power center in Mount Olive
- Festival Plaza in Edison, where LMC will continue to serve as exclusive managing agent after a recent sale of the property
- Wall Towne Center in Wall Township, which also recently sold and is anchored by a newly expanded ShopRite, where LMC will remain exclusive leasing and managing agent.
“Shopping center owners — whether they be institutional or individuals — understand that maximizing the value, improving the efficiency and maintaining the appeal of their properties is becoming increasingly complex,” said Robert Carson, LMC’s executive vice president. “Our newest assignments come on the heels of a record year for new business in 2017. Existing and new clients appreciate our expertise and the guidance we provide.
“This is particularly valuable in the current retail environment, where seamless, expert operation plays a significant role in a property’s success and ongoing competitive positioning.”
A property owner has also picked LMC to lease and manage High Pointe Commons, a 355,000-square-foot regional shopping center in Harrisburg.
“This is a tremendous group of high-quality properties,” Carson said. “Whether we are coming on board to improve and upgrade property operations and image, and/or lease up available space, or simply continue in these capacities following an ownership change, our clients choose LMC because they value our track record and contributions as a landlord-focused real estate services provider.”