Eatontown Plaza on Route 36 in Eatontown — Courtesy: Levin Management Corp.
By Joshua Burd
Levin Management Corp. has secured a new assignment to oversee a sprawling portfolio of shopping centers and net-leased property in and around New Jersey.
The firm, which is based in North Plainfield, said the assets comprise more than 700,000 square feet and include the 183,000-square-foot Eatontown Plaza on Route 36 in Eatontown and the 149,000-square-foot Edison Crossroads property on Route 1 in Edison. LMC will serve as managing agent for both sites on behalf of the owner, a new client.
“These two properties are great additions to Levin’s regional management portfolio,” said Joseph Lowry, the firm’s senior vice president of acquisitions and business development. “Our efforts initially are focused on maintaining and enhancing curb appeal, and maximizing operational efficiency. We also will collaborate with our client to orchestrate strategic, longer-term capital reinvestments moving forward.”
LMC noted that Eatontown Plaza, which sits opposite the Monmouth Mall, is undergoing a major renovation and expansion. The center recently welcomed Party City and Total Wine as tenants, which joined anchors Best Buy and a fully renovated T.J.Maxx, among others, while new freestanding Chick-fil-A and Sleep Number locations are opening soon and construction is underway on a Target store.
Edison Crossroads, for its part, is anchored by Home Depot and Stop & Shop.
Meantime, LMC said it will provide lease administration and accounting services for a 29-property, triple-net-leased portfolio of some 380,000 square feet across multiple states.
“The decision to outsource these services to Levin demonstrates confidence in our ability to deliver high-quality real estate services,” Lowry said. “We look forward to providing our expertise and guidance as a landlord-focused real estate services provider.”
The announcement Wednesday marked the latest in several new assignments for LMC, which also recently took over as managing agent for 222 Bridge Plaza South, a 108,000-square-foot, seven-story office building in Fort Lee. It also landed new assignments to manage The Shoppes at Old Bridge in Old Bridge and a 25-property portfolio of net-leased assets located primarily on Long Island.