Dale Mulartrick, director of leasing for Levin Management Corp., exclusive leasing and managing agent for the center, negotiated all of the leases. Most recently, in late March, Pedigree Pet Supplies opened in 4,184 square feet. Big East Wireless also welcomed customers to its 1,000-square-foot store in March. Somerset Valley Urgent Care, which started treating patients at its Hills Village Center clinic in late 2008, occupies 3,892 square feet.
Other recently arrived tenants include Starbucks, Yamamomo Japanese restaurant, Cold Stone Creamery, Salad Creations and Beadluxe. The Hills Village Center is anchored by a Kings supermarket.
"The Hills Village Center is located in the heart of Somerset County, one of the nation's wealthiest population centers and a region that is experiencing significant population growth," Mulartrick says. "When we first became involved here, the Hills Village Center included mostly local retailers," he says, adding that while many of these popular shops are still here, Levin has successfully added a nice range of national and regional tenants as well. "The result, is a broad range of services, amenities and conveniences for area residents."
According to the 2008 census projections, 60,011 people live within a five-mile radius of the Hills Village Center. That same radius boasts an average annual household income of $172,990--with nearly three-quarters of the households earning $75,000 or more.
Built as the retail segment of the Hills, an upscale 5,200-home planned unit development, the Hills Village Center is located on Route 206, just off Interstate 287. "Because of its location and excellent highway access, the Center attracts a steady stream of shoppers from the area," says Matthew Harding, Levin's president and COO. "In addition, there is an office component at the center and two large office buildings directly across Hills Drive."
While financing is tough to come by these days, Harding tells GlobeSt.com that mixed-use provides certain advantages to developers. "The combination of residential, retail, hotel and office can mitigate risk somewhat because if one part of the market slows, emphasis can be shifted to the others," he says.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
