Branchburg-based Larken Associates on Monday announced that 2023 proved to be a successful year across its nearly 4 million-square-foot commercial portfolio. Led by Executive Vice Presidents Rob Marek and Victor Kelly of Raider Realty, the in-house brokerage of Larken Associates, the firm completed a total of 420 transactions spanning 942,815 square feet of space.
Of the transactions, 122 were new leases covering 287,100 square feet and 298 were renewals comprising 655,715 square feet. At year-end, Larken Associates achieved a portfolio-wide occupancy rate of 92% and a retention rate of 89.72%.
“Our success has been driven by a long-term ownership strategy and strategic approach to asset management that sets us apart in the industry,” David Gardner, CEO and president of Larken Associates said. “I am excited to build upon our momentum in 2024 and continue to create places where businesses of all types across New Jersey and Pennsylvania can thrive.”
Complementing the firm’s commercial leasing success in 2023 is the continued growth of its portfolio with the acquisition of Westfall Town Center, a 203,907-square-foot grocery-anchored shopping center situated on 32 acres at 111 Hulst Drive in Matamoras, Pennsylvania. The company also celebrated the completion and full lease-up of a brand-new 19,000-square-foot office building at Branchburg Centre, located at 3040 Route 22 W. in Branchburg.
Larken Associates achieved several other construction and renovation milestones across its portfolio, including the creation of 150,000 square feet of warehouse space at Flemington Junction Business Center in Flemington, which is currently 85% leased; a 4,200-square-foot outparcel at Carbon Plaza in Lehighton, Pennsylvania; a 2,000-square-foot expansion of the professional office space at Suite Life at Branchburg Commons in Branchburg and full interior and exterior renovations at 3 West in Bethlehem, Pennsylvania.
Looking to the year ahead, the firm plans to continue to bolster its commercial portfolio and add to its roster of office, industrial and retail tenants.
