NORTH PLAINFIELD, NJ-Levin Management tells GlobeSt.com that the evidence from its New Jersey portfolio indicates a much livelier retail real estate market has developed lately: Over the past few months, the company handled more than two dozen lease deals totaling 395,639 square feet.
Matthew K. Harding, CEO of the retail real estate firm, which is based in North Plainfield, says activity was elevated across the spectrum. “We see increased involvement by a variety of tenants, from local shops to national chains, with commitments ranging from a few hundred to hundreds of thousands of square feet,” Harding says.
For the past year or two, leasing activity had been dominated by discount stores and “value-oriented” shops throughout Levin's 12.5 million-square-foot service portfolio in the Northeast, Harding says. “We are seeing more new restaurants and personal services shops opening now,” he adds “This speaks to renewed confidence in consumer spending and continued economic improvement.”
Here are the recent deals in New Jersey:
- Hibachi Grill & Supreme Buffet leased 8,500 square feet at Blue Star Shopping Center in Watchung and Marshall's renewed its 27,000-square-foot commitment.
- At Capitol Plaza in Ewing, Allied Health Nursing School expanded to 30,000 square feet, and Rainbow apparel renewed its 7,872-square-foot lease.
- Somerset Tire Service renewed its 7,625-square-foot lease at West Orange Plaza.
- Sleepy's committed to 7,473 square feet at the newly renovated Hamilton Plaza.
- Tansmania tanning salon leased 3,751 square feet, and Rutgers Wine & Liquors renewed for 3,525 square feet at Shopping Center in New Brunswick.
- Panera Bread renewed its 4,400-square-foot lease at Somerville Circle Shopping Centers in Raritan.
- Woodbridge Wax leased 2,641 square feet at St. Georges Crossing in Woodbridge
- Hand & Stone Massage & Facial Spa signed for 2,166 square feet at The Shoppes at North Brunswick.
- Spa W renewed its 2,000-square-foot lease at Montvale Center.
- Also, True Colors Hair Salon leased 1,800 square feet at Fair Ground Plaza in Mt. Holly, EZ Nails renewed for 1,200 square feet at Bayshore Plaza in Barnegat, Top Score Tutors leased 964 square feet at The Hills Village Center in Bedminster, and Top Nails renewed its 650-square-foot lease at Galloping Hill Center in Union.
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