With two new portfolio assignments to start the year, Levin Management Corp. has expanded its commercial real estate management business by 2 million square feet of gross leasable area in the last 24 months. The latest assignments — on behalf of new clients — include five retail properties and two office assets totaling nearly 584,000 square feet in New Jersey and Pennsylvania.
“These assignments are particularly rewarding because they represent our first projects with two established and knowledgeable private owners who previously were managing their assets in-house,” Joseph Lowry, LMC’s senior vice president of acquisitions/business development, said. “Both are familiar with Levin’s depth of knowledge and capabilities in delivering high-quality commercial real estate services and entrusted us to bring that same level of consistency to their portfolios.”
The first portfolio includes three New Jersey properties, highlighted by Manchester Plaza, a ShopRite- and Lowe’s-anchored shopping center on Route 70 in Manchester Township. The assignment also involves two Class A office buildings: 1433 Hooper Ave. in Toms River and 4000 Route 66 in Tinton Falls.
Four neighborhood retail centers comprise the second portfolio. LMC is managing two properties on Haddonfield Road in Cherry Hill: Park East Plaza and North Mall Plaza. In Folsom, Pennsylvania, LMC is managing Ridley Town Plaza and RJ Vista Plaza, both located on MacDade Boulevard.
According to Lowry, both portfolios have been impeccably maintained by their owners. “These properties have been operated by organizations that care about quality and curb appeal — and it shows,” he said. “We look forward to continuing their legacy as we work to maintain appeal and maximize value.”
The January launches of both new management agencies continue an active growth period for the North Plainfield-based LMC, which provides comprehensive services for retail, office and industrial assets. According to Lowry, these assignments also reflect a stepped-up movement toward outsourcing by private owners.
“For many years, the lion’s share of our new business came from institutional investors, which traditionally seek third-party real estate service providers,” he said. “Private owners tend to self-manage. Those who do choose to outsource management tend to be highly discerning when it comes to entrusting their properties. In that sense, it is a true honor to be selected and a testament to our track record, capabilities and long-time experience with boots on the ground.”
LMC helps its clients operate properties and create case-specific solutions to protect and improve value. The firm’s growing property management team excels under the leadership of Erika Toscani, vice president of property management, who has more than 20 years of diverse industry experience. Additionally, Greg Tocco, a seasoned asset management executive, recently joined the LMC team as executive vice president and is playing a pivotal role in the firm’s property operations and strategic growth oversight.