Levin Management to Manage and Lease Grocery-Anchored Center in Newark, N.J.

by Katie Lee

Newark, N.J. — The addition of Springfield Avenue Marketplace in Newark, N.J., punctuates Levin Management Corporation’s (LMC’s) established position as a go-to services provider for grocery-anchored shopping centers. In April, the North Plainfield, N.J.-based commercial real estate services firm took on the role of leasing and managing agent — at a time of significant, COVID-19 related business disruption.

The 112,000-square-foot Springfield Avenue Marketplace, located in Newark’s desirable University Heights neighborhood, is anchored by a 67,000-square-foot ShopRite supermarket. The assignment represents LMC’s first with the property’s ownership.

“Making a management transition is a significant decision for any property owner,” says Joseph Lowry, LMC’s senior vice president of acquisitions and business development. “In the current retail and economic climate, it also involves a great deal of trust. This appointment is particularly rewarding because it demonstrates confidence in our ability to deliver high-quality real estate services.”

Lowry continues: “On the management side, our goal is to uphold and enhance the center’s efficiency and curb appeal. Newark is undergoing a significant revitalization and this center, along with other nearby development activity, has been a catalyst for the neighborhood’s ongoing transformation. Springfield Avenue Marketplace is a great addition to our regional portfolio, and we look forward to utilizing our expertise in all aspects of property operations to position this center for long term success.”

Today, the company maintains a diversified, retail-focused portfolio of nearly 110 properties totaling almost 15.5 million square feet in the Northeast and Mid-Atlantic states, including a notable proportion of grocery-anchored centers.

LMC helps its clients evaluate options, operate properties and create case-specific solutions to protect and improve asset value. The firm offers leasing, property management, financial management and reporting, construction and development, lease administration, marketing services, and acquisition and disposition consulting services.



SOURCE: Levin Management Corporation

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