FRANKLIN (Somerset) – The 67,500-square-foot Somerset Plaza Shopping Center in the Franklin Park section of the township is under new management.
North Plainfield-based Levin Management Corp. has been named exclusive managing agent for the retail property located at 3151 Route 27.
“Re-tenanting efforts currently are underway for a former supermarket space at the property, which will further bolster its appeal and competitive positioning in the marketplace,” Levin Management President Robert Carson in a statement. “Our efforts here initially will focus on maintaining and enhancing the center’s curb appeal.”
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Levin manages two other properties for the private investor who purchased Somerset Plaza last year for nearly $13 million, according to NJBiz.
The portfolio expansion underscores the strength of the firm’s client relationships, Carson said.
“This ownership is familiar with our capabilities in delivering high-quality commercial real estate services and wanted to bring that same level of consistency to Somerset Plaza,” he said. “This assignment is particularly rewarding because it demonstrates how our ability to continually provide a high level of customer service fosters long-term business partnerships.”
Somerset Plaza tenants include Dollar General, PNC Bank, Western Union, Dimples Bombay Talk restaurant, Papa John's Pizza, Joe's Italian Deli & Restaurant and Pho 99 Vietnamese restaurant.
Levin maintains a diversified retail portfolio from Massachusetts to North Carolina, also offering leasing, financial management and reporting, construction and development, lease administration, marketing services, and acquisition and disposition consulting. The company specializes in re-positioning, re-tenanting and renovating real estate within an increasingly competitive market.
The firm recently announced that it has signed nearly 200,000 square feet worth of retail leases within the last three months and 2.8 million during the past two years, upping its portfolio to more than 100 properties totaling more than 15 million square feet.
“The post-Labor Day period has been particularly robust,” CEO Matthew K. Harding said in a statement. “We continue to observe high levels of activity in the off-price, dining and personal services categories, with healthy movement among traditional retailers, as well. All of this is propelling 2019 toward a strong finish.”
Other recent assignments include the relocation of Burlington Stores into a 46,000-square-foot freestanding space formerly occupied by Toys R Us at Somerville Circle Shopping Center in Raritan Borough. Levin also developed a 23,000-square-foot T.J. Maxx to expand St. Georges Crossing in Woodbridge, which was chosen among the region's best retail projects by Mid-Atlantic Real Estate Journal.
Named a top retail manager for the past six years by NJBiz and National Real Estate Investor, Levin also recently was named exclusive management and leasing agent for Flemington Marketplace. Visit levinmgt.com/.
Bob Makin has won 11 New Jersey Press Association Awards and four Best of Gannett Awards. A news veteran of nearly 40 years, Makin covers business and redevelopment. Contact him at 732-565-7319 and [email protected].