Levin Management Corp. has signed nearly 200,000 square feet worth of retail leases in the past three months, the North Plainfield-based real estate services firm announced this week.
The largest new lease was signed with Burlington Stores, which is moving into a 46,000-square-foot freestanding space formerly occupied by Toys R Us at the Somerville Circle Shopping Center in Raritan. LMC also signed a half-dozen new restaurant leases, as well as a series of renewals.
“The post-Labor Day period has been particularly robust,” Matthew K. Harding, LMC’s CEO, said in a prepared 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.”
Harding noted that the Burlington lease exemplified the idea that a retail closure, no matter how disappointing, can be an opportunity for another, stronger retailer.
“While we never want to see major retailers close their doors, this is an unavoidable part of our cyclical industry,” he said. “And, at the same time, anchor vacancies create opportunities — for landlords to strengthen a property’s tenant mix, and for high-performing retailers looking to expand their presence. Burlington’s commitment illustrates this reality, as nationally recognized off-price retailers continue to shape the industry and our marketplace.”