Levin Management inks three dozen retail leases in 4 months

North Plainfield, N.J. --Retail real estate services firm Levin Management has inked more than three dozen new leases, renewals and expansions totaling 277,000 sq. ft. during the past four months, announced Matthew K. Harding, president. Levin’s year-to-date activity total now exceeds 600,000 sq. ft., marking continued momentum for the Northeast retail market, where the majority of its 13 million-sq.-ft., 95-property leasing and management portfolio is located.



Levin’s largest new lease in the period from June through September involved a 30,808-sq.-ft. commitment by Stein Mart, which will open its first Long Island location at Mayfair Shopping Center in Commack, N.Y.



In New Jersey, T.J. Maxx leased 23,000 sq. ft. at St. Georges Crossing in Woodbridge, while Staples signed on for 14,249 sq. ft. at North Village Shopping Center in North Brunswick. At Mid-Town Plaza in Middletown, Pennsylvania, a 7,400-sq.-ft. lease to AutoZone represented Levin’s largest recent Keystone State transaction.



“Leasing has picked up markedly among tenants looking to establish or expand their footprints in the Northeast,” Harding said. “Grocers, affordable fitness chains, off-price retailers and fast-casual restaurants are among the most active categories, with strong demand from national, local and franchise companies.”



Harding noted that vacancies are declining and rents are trending up at quality properties, sparking stepped-up new development and expansion/renovation work at well-located shopping centers. In fact, both the T.J. Maxx and AutoZone leases will be accommodated by property expansions at St. Georges Crossing and Mid-Town Plaza, respectively.



“The success of recently completed construction projects are bright spots in the Northeast retail real estate market,” he said. “And while we will continue to see quality inventory added to meet growing demand, the maturity of the market, combined with lengthy approval and building processes, will keep the supply/demand ratio in check. Looking ahead, we expect the market’s stability to increase--gradually, not rapidly--over the next couple of years.”