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NORTHEAST RETAIL A RECORD YEAR


S U M M A RY 4-5

Record Year New Assignments

6-9

Featured New Properties

10

2017 Awards and Rankings

11

Retail Today - and Tomorrow (article)

12

Record New Business Signals a Growing Interest in Outsourcing (article)

13

Commercial Real Estate Services

14

Property Management Services

15-17

Featured Portfolio Properties

18-21

Leasing Services - Notable Transactions/Openings

22-23

Dig Inn Feature

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Acquisition and Disposition Consulting Services

26-27

Construction/Development Services

28-31

Paramount Building - NYC

32-33

Property Marketing Services

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Westbrook Outlets

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Leadership

Levin Management 975 US Hwy 22, North Plainfield, N.J. 908.755.2401 www.LevinMgt.com VP, Marketing/Editor of Northeast Retail Magazine Melissa Sievwright msievwright@levinmgt.com 908.226.5275

NEWS MAGAZINE

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At the end of the day, commercial property owners want service providers that are accountable and experienced, and act as true partners offering sound guidance and strategy. These are the cornerstones of our company.

- William Farber, Chief Executive Officer

The past 12 months have confirmed the ongoing relevance and endurance of bricks-and-mortar properties, as shopping centers continue to transition from places that simply offer goods and services to sources for recreation and community.

- Matthew K. Harding, COO & President NORTHEAST RETAIL

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RECORD YEAR

10 NEW PROPERTIES 1.5M SQUARE-FEET IN RETAIL Flemington, NJ - Flemington Marketplace - Leasing/Management Assignment Freehold, NJ - Raintree - Management Assignment Hackettstown, NJ - Mansfield Plaza - Management Assignment Madison, NJ - Rose Hall - Leasing Assignment Manasquan, NJ - ACME - Leasing/Management Assignment Secaucus, NJ - The Plaza at Harmon Meadow - Management/Marketing Services Secaucus, NJ - Mill Creek at Harmon Meadow - Leasing/Management Assignment Toms River, NJ - Hooper at Commons - Leasing/Management/Construction/Development Services Union, NJ - Morris Avenue Center - Leasing/Management Assignment Westbrook, Conn. - Westbrook Outlets - Leasing/Management/Marketing Services

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featured new properties. FLEMINGTON MARKETPLACE I GLA 239,000 SF 325 US Highway 202, Flemington, NJ 08822

JUST OPENED!

ROSE HALL I MIXED-USE PROPERTY 33 Green Village Road, Madison, NJ 07940

New Construction Mixed-Use Property 1Q18 Completion 4,282 SF Restaurant/Retail Available

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featured new properties. MILL CREEK AT HARMON MEADOW I GLA 306,000 SF 1 Mill Creek Drive, Secaucus, NJ 07094

THE PLAZA AT HARMON MEADOW I GLA 192,000 SF 700 Plaza Drive, Secaucus, NJ 07094

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featured new properties. ACME CENTER I GLA 19,000 SF 71 Taylor Avenue, Manasquan, NJ 08736

COMMONS AT HOOPER I GLA 120,300 SF 1350 Hooper Avenue, Toms River, NJ 08753

REDEVELOPMENT

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featured new properties. MORRIS AVENUE CENTER I GLA 19,500 SF 2332 Morris Avenue, Union, NJ 07083 COMPLETE REDEVELOPMENT

WESTBROOK OUTLETS I GLA 290,000 SF 314 Flat Rock Place, Westbrook, CT 06498 REBRANDED CENTER

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“2017 Top Property Managers” National Real Estate Investor

“Business of the Year” finalist!

NJBiz

“Top Commercial Real Estate Developers” 5 consecutive years!

NJBiz

“N.J. Property Management Companies” top 3 ranking!

NJBiz

“Best of 2016” Industrial Lease Armouth International – 110,000 SF at Rutgers Industrial Center (Piscataway, N.J.)

Mid-Atlantic Real Estate Journal

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Retail Today - and Tomorrow by Matthew K. Harding At a time when digital technology has transformed our industry, current activity is proofpositive that bricks-and-mortar retail remains resilient. On one side of the equation, we are seeing increased activity among entertainment concepts, restaurants, personal services and fitness brands – with multiple leases in each sector throughout the LMC portfolio in 2017. Looking ahead we anticipate continued growth among experience-based retail – think Eataly – as consumers again embrace shopping as a pastime. At the same time, traditional retailers are finding new ways to serve and attract customers. Technology-centered marketing is playing a key role as physical stores work to compete in an increasingly digital world. This includes leveraging a variety of platforms to engage customers before they shop, and to provide real-time, in-store incentives and conveniences. Our most recent Retail Sentiment Survey shows many are taking advantage of aspects of the bricks-and-mortar environment that cannot be duplicated online. Beyond sales and specials, we are seeing everything from in-store fashion shows, performances and demos, to CPR classes and fundraisers for local charities. The survey also revealed a strong emphasis on enhanced customer service – the cornerstone of successful retail. Activity among grocery tenants also continues to shape our marketplace, with expansions and store renovations by long-time regional brands, notable new entrants, and ongoing activity among specialty and ethnic grocers. With heightened competition, grocers are working to distinguish themselves with enhancements like online ordering, in-store demonstrations, more proprietary and prepared foods, and café-style seating. Overall, they are working to provide better experiences for their customers. Saker ShopRites, Inc., a major owner of ShopRite stores in our area, provides a benchmark example. At the LMC-leased and managed Wall Towne Center in Manasquan, N.J., the company recently opened an expanded, 71,000-square-foot store featuring larger produce and natural foods departments, and a cooking classroom. Need further evidence that bricks-and-mortar is alive and well? Amazon’s acquisition of Whole Foods – arguably the most high-profile example of online retailers getting into the bricks-and-mortar game – is a great endorsement of the key role physical stores play in overall retail strategy. Still, today’s world of tenant prospects is smaller than in the past, and complacency is not an option. Property owners must stay on top of managing their assets and engaging tenants. Forward-thinking owners are laser-focused on projects that enhance curb appeal and energy efficiency, and are working harder than ever before to help their retailers succeed. The more their tenants thrive, the better off their properties will be.

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Record New Business Signals a Growing Interest in Outsourcing by Robert Carson

Levin broke business development records in 2017, with the addition of 10 new assignments – totaling 1.5 million square feet. While this speaks to growing demand for third-party commercial real estate services in general, clients are drawn to Levin, in particular, because we offer a complete package – from retail leasing and management to construction management, and everything an owner needs to effectively run their properties. We also offer: Longevity – 65-plus years of industry leadership Expertise – executives with long-time industry and company affiliations Market knowledge and connections Scope of services – we’re a one-stop shop Individualized service model Reputation for excellence and integrity For institutional investors, the decision to go with a third-party service provider is simple. They are asset managers who always hire third-party management and leasing firms, and they make their selections based mostly on past experience and the level of service provided. On the other hand, private owners that are currently doing management in house are turning to third-party managers to help address a number of concerns in today’s challenging retail environment. The most common issues are: Rising vacancies Increasing competition from other centers Insufficient recovery of billable expenses Need for better control of CAM costs Keeping pace with an increasingly digital world, and opportunities to leverage technology in property marketing The burdens of day-to-day property management, such as emergency response to tenants The need for institutional-level financial reporting to other investors or lenders Expert third-party resources – like Levin – that can address every challenge provide an efficient solution. Additionally, like institutional investors, many private owners no longer want to handle operations. This is especially true in our increasingly complex environment. Many private owners are also facing a generational shift. Younger family members are assuming leadership and often want to shed the responsibilities of in-house management entirely. Switching third-party providers is another story. I find that neither private firms nor institutional investors want to get lost in a large national management provider portfolio. Major brand-name property management firms with huge client rosters and global reach seem to be attractive initially, but they often fall short in delivering individualized attention. These big players also tend to lack smaller market expertise. Being well-connected locally means a better sense of the market, which creates a clear advantage when it comes to property strategy. Levin delivers that competitive advantage plus economies of scale in purchasing services, and has strong connections to the best professionals, such as tax appeal attorneys, architects, engineers, insurance consultants, and environmental experts. Still, many owners are wary of changes that may interrupt property operation. Levin has decades of experience smoothly onboarding new properties and ensuring seamless transitions. This has been another factor in our successfully securing new assignments this year. NORTHEAST RETAIL 12


commercial real estate services. Levin Management is widely recognized as one of America’s leading commercial real estate services firms, and we offer clients the full range of services needed to successfully operate any retail venue. No two shopping centers are alike, and our team approaches each assignment with a customized, integrated strategy that focuses on maximizing asset value through operational efficiency, strong curb appeal and the ideal tenant mix. Our services are customizable and easily scalable to meet changing requirements in today’s evolving retail real estate environment.

Property Management Leasing Financial Management and Reporting Construction and Development Lease Administration Acquisition and Disposition Consulting Property Marketing Services

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property management.

Levin Management offers commercial real estate services for over 100 retail properties encompassing 14 million square feet throughout New Jersey, New York, Pennsylvania, Connecticut, Virginia and North Carolina. Our talented property management team ensures that buildings and grounds meet the highest standard for maintenance and curb appeal, and tenant needs are addressed as a top priority. We have an excellent track record for working with budget, competitively bidding maintenance services and leveraging strong vendor relationships to secure the best pricing for repairs and upgrades.

100 “

PROPERTIES

14M

SQUARE FEET

We are seeing a strong appetite for third-party commercial real estate services right now. The evolving retail landscape, increased competition for fewer retailers and growing transactional complexity are bringing more private owners and institutional investors to our door.

�

- Robert Carson, Executive Vice President NORTHEAST RETAIL 14


featured properties. IKEA DRIVE PLAZA I GLA 550,000 SF 200 Ikea Drive, Paramus, NJ 07652

BLUE STAR SHOPPING CENTER I GLA 419,939 SF 1701 US 22, Watchung, NJ 07069

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featured properties. ST. GEORGES CROSSING I GLA 343,199 SF 855 St. Georges Avenue, Woodbridge, NJ 07095

CROSSROADS PLACE I GLA 336,249 SF 3516 South Jefferson Street, Falls Church, VA 22041

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featured properties. ESSEX GREEN I GLA 336,249 SF 2332 Morris Avenue, Union, NJ 07083

POST ROAD PLAZA I GLA 267,979 SF 847 Pelham Parkway, Pelham Manor, NY 10803

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leasing. 2017 saw Levin’s healthiest leasing volume. Our deep relationships with national and regional retailers, and more than 1,100 tenants portfolio-wide provide real advantage when it comes to matching opportunities and occupiers.

- Joseph Lowry, Senior Vice President of Leasing/Acquisitions

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notable transactions & openings. 24 HOUR FITNESS 41,000 SF

TRADER JOE’S 13,253 SF

OPENS DEC 2017

OPENED OCT 2017

MCDONALD’S 3,500 SF

SHERWIN WILLIAMS 4,500 SF

OPENED SEPT 2017

OPENED JAN 2017

ZOO HEALTH FITNESS 16,473 SF

SPRINT 1,992 SF

OPENING SOON

OPENED OCT 2017

JERSEY MIKE’S 1,121 SF

T-MOBILE - SIX LEASES DONE

North Village SC, North Brunswick, NJ

Post Road Plaza, Pelham Manor, NY

Middlesex ACME, Middlesex, NJ

Brunswick Shopping Center, North Brunswick, NJ

Somerset Shopping Center, Bridgewater, NJ

Somerville Circle Shopping Center, Raritan, NJ

Post Road Plaza, Pelham Manor, NY

Fairground Plaza, Mt. Holly, NJ Fairlane Village Mall, Pottsville, PA Hamilton Plaza, Hamilton Township, NJ Hartford Corners, Delran, NJ Rutgers Plaza, Franklin Township, NJ Twin City Shopping Center, Jersey City, NJ

OPENED JAN 2017

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notable transactions & openings. POPEYE’S 2,000 SF

SALLY BEAUTY SUPPLY 1,950 SF

OPENING SOON

OPENED JUNE 2017

THE MAX CHALLENGE 2,992 SF

CHEEBURGER CHEEBURGER 3,365 SF

OPENING SOON

OPENING SOON

CHERRYBROOK PET SUP 4,360 SF

JAMES JOYCE PUB 4,244 SF

OPENED SEPT 2017

OPENING SOON

MORALS VILLAGE HOT POT 4,000 SF

KIDS VILLAGE 14,000 SF

OPENING SOON

OPENING SOON

Blue Star Shopping Center, Watchung, NJ

Twin City Shopping Center, Jersey City, NJ

Blue Star Shopping Center, Watchung, NJ

Aldrich Plaza, Howell, NJ

Warren Plaza, Washington, NJ

Rutgers Plaza, Franklin Township, NJ

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South Ocean Avenue, Patchogue, NY

Twin City Shopping Center, Jersey City, NJ


notable transactions & openings. BUBBAKOO’S BURRITOS 1,990 SF Aldrich Plaza, Howell, NJ

CORK & BOTTLE 7,548 SF Fairground Plaza, Mt. Holly, NJ OPENING SOON

OPENED JUNE 2017

CHERRY BLOW DRY BAR 1,400 SF

HOUSE OF WINE & LIQUOR 5,500 SF

OPENING SOON

NOW OPEN

COMMUNITY DENTAL 3,400 SF

QUEEN BEE SALON 2,556 SF

OPENED SEPT 2017

OPENED OCT 2017

Wall Towne Center, Manasquan, NJ

Brunswick Shopping Center, North Brunswick, NJ

St. George Crossings, Woodbridge, NJ

Hamilton Plaza, Hamilton Township, NJ

NU IMAGE BODY SCULPTING 1,551 SF

CHIROPRACTIC HEALTH 1,589 SF

OPENING SOON

OPENING SOON

Paramus Place, Paramus, NJ

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West Orange Plaza, West Orange, NJ


Dig Inn is looking for sites in New Jersey, the Boroughs of NYC, Long Island and Westchester! Location Criteria:

Heavy office and daytime population An affluent and educated consumer 7 day business

Site Criteria:

+/- 3,000 sf Exclusive outdoor patio space Minimum 25’ frontage Upscale co-tenancy


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acquisition and disposition consulting.

With limited institutional-quality retail real estate coming to market the Northeast, finding the right shopping center investment – or deciding whether to take a property to market – can be challenging. If your organization is in buying or selling mode, we can help. We are experts in sourcing acquisition and disposition opportunities involving core, core plus, value-added and opportunistic properties.

We know our primary markets on a granular level, and our in-depth involvement and industry-leading position enable us to provide valuable guidance and identify opportunities based on our clients’ specific criteria.

- Joseph Lowry, Senior Vice President of Leasing/Acquisitions

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construction and development. Levin’s skilled and experienced construction team manages the design, approval and construction processes for complex real estate projects from beginning to end, handling every detail on behalf of our clients. This ranges from fitting out individual tenant spaces to complete shopping center renovations, as well as the redevelopment and expansion of existing centers – and everything in between.

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“

Tenant improvement requirements have become increasingly sophisticated, especially among national retailers. Landlords that offer turnkey services through Levin have a clear advantage, and they benefit from our teamwork-centered, client-focused culture.

�

- Roy Vice, Vice President of Construction

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beyond retail. Levin’s Construction and Development team oversees $50 million capital improvement project at the Paramount Building - including a lobby relocation for this Times Square landmark office property.

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history remastered New 43rd Street lobby captures the original art deco style.

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property marketing. Levin’s marketing professionals offer deep consumer engagement experience – a critical component of increasing sales and foot traffic at shopping centers. Our property marketing services integrate with Levin’s full range of offerings to support our clients’ overall objectives. Custom-built programs generate influential marketing content, provide insights to target populations, and effectively promote properties to key audiences.

Technology-centered marketing is playing a key role as bricksand-mortar retail works to compete in an increasingly digital world. Our landlords and tenants are leveraging a variety of platforms to engage customers before they shop, and provide real-time, in-store incentives.

- Melissa Sievwright, Vice President of Marketing NORTHEAST RETAIL 32


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TAKE A NEW LOOK

LOCATED ON I-95 (EXIT 65) IN WESTBROOK • THE HEART OF COASTAL CONNECTICUT

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leadership.

WILLIAM A. FARBER CHIEF EXECUTIVE OFFICER

MATTHEW K. HARDING

CHIEF OPERATING OFFICER & PRESIDENT

ROBERT CARSON

EXECUTIVE VICE PRESIDENT

(ADVERTISING)

JOSEPH LOWRY

PAUL TAVAGLIONE

MELISSA SIEVWRIGHT

ROY VICE

GILBERT BANKSTON

GERALD O’BRIEN

SVP, LEASING & ACQUISITIONS

VICE PRESIDENT, CONSTRUCTION & DEV.

VP, CHIEF FINANCIAL OFFICER

35 NORTHEAST RETAIL MANAGEMENT VICE PRESIDENT, PROPERTY

VICE PRESIDENT, MARKETING

DIRECTOR OF DEVELOPMENT


975 US Highway 22, North Plainfield, NJ 07060 • 908.755.2401 • www.levinmgt.com

Licensed Real Estate Broker NORTHEAST RETAIL 36

NORTHEAST RETAIL | RECORD YEAR  
NORTHEAST RETAIL | RECORD YEAR  
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