Larken says leasing grew 20% in 2018

Real estate firm also noted several major acquisitions in year-end update

By Eric Strauss
Branchburg | Jan 15, 2019 at 10:42 am

Branchburg-based Larken Associates announced that its leasing volume in 2018 grew more than 20 percent over the prior year, with 378 commercial transactions closed for a total of approximately 700,000 square feet.

The residential and commercial developer, builder and property manager said the square footage total rose 111,000 square feet from 2017 numbers, with a 10 percent increase in total transactions.

The company said it acquired two major commercial properties during the year, the Bayonne Shops in Hudson County — a joint venture with Gallium Real Estate — and the Village at Hawk Pointe in Washington Township. It also added two residential complexes to its rental portfolio, Geraldine Street Apartments and the Pinnacle @ 65, both in Bethlehem, Pennsylvania.

In addition, Larken’s 550,000-square-foot Hillsborough Business Center joined the Village at Hawk Pointe at 100 percent occupancy in 2018.

Commercial lease retention stood at 93 percent, the company added.

Eric Strauss | estrauss@roi-nj.com | acerimrat