Countertrends: 70-year-old retail real estate operator sets construction record in 2024
Strong leasing activity propelled LMC’s building boom. Harding reported that, over the past four years, the company signed 4.6 million sq. ft. of new leases, expansions, renewals, and license agreements.
“Tenants are rising to the demands of a shifting industry,” he said. “And landlords are working to strengthen their tenant mixes with exciting brands and diverse new uses.”
Recreation and fitness were the standouts at LMC properties in 2024, Harding noted. Leases were signed by Ace Pickleball Club, Planet Fitness, KidStrong, and Club Pilates at diverse locations. After several quiet years in the apparel sector, LMC made a comeback with leases executed by J.Crew Factory and DXL Big + Tall.
Food and beverage tenants continued on a strong expansion pace. LMC did deals with Raising Cane’s Chicken Fingers, Dave’s Hot Chicken, Bubbakoo’s Burritos, Nothing Bundt Cakes, and Tropical Smoothie Café.
Two late-2023 commitments with Target propelled redevelopment investment, as well. At the 32-acre West Orange Plaza in West Orange, N.J., LMC launched center-wide renovations that included the ground-up construction of an 8,400-sq.-ft. building and a 5,500-sq.-ft. addition to one of the property’s existing outparcel structures.
“We are seeing the momentum redevelopment generates first-hand in the form of sustained leasing interest among additional best-in-class, expanding retailers,” Harding noted.