Two retail lease agreements have been recently signed, resulting in full occupancy for shopping centers in Somerset and Monmouth counties, according to a statement by Levin Management Corp. The company, responsible for arranging the transactions, revealed that the total combined space covered by the leases amounts to 7,150 square feet. This development highlights the ongoing trend of decreasing vacancies in well-situated open-air shopping centers across the state.
Hamilton Street Center, an expansive neighborhood shopping center located in Franklin Township, has secured a commitment from Red Tag Furniture Outlet for 5,750 square feet of space. The new furniture store venture, led by the same operator responsible for All Brands Furniture, will offer discounted furniture items, accessories, and mattresses for every room of the home. LMC Senior Leasing Representative Vanessa Kelty played a crucial role in this lease agreement.
Additionally, Wall Towne Center in Manasquan has secured a lease with Nicholas Creamery, a locally owned small-batch ice cream shop. The store will occupy 1,400 square feet of space, adding to its existing locations in Atlantic Highlands, Tinton Falls, Fair Haven, Long Branch, and Middletown. The deal, facilitated by Sidney Singer, LMC’s Vice President of Leasing, marks a rapid backfilling of a recently available unit within the 100,000-square-foot community retail property.
Singer expressed satisfaction with the open-air sector’s performance during the first quarter of the year, highlighting the continued engagement of retailers in the market. At present, the company’s leasing and management portfolio boasts several retail properties with only one or two vacancies remaining, while an increasing number of centers are reaching full occupancy. This ongoing success in leasing is enhancing the tenant mix within these properties by incorporating a diverse range of retail, dining, experiential, and service concepts that are proving beneficial to local communities.
LMC’s New York and New Jersey portfolios now include the fully occupied Hamilton Street Center and Wall Towne Center. As the leasing and managing agent for both properties, the company continues to expand its list of successful operations in the region.
FAQ Section:
1. What is the total combined space covered by the recently signed lease agreements?
The total combined space covered by the leases is 7,150 square feet.
2. Where is Hamilton Street Center located?
Hamilton Street Center is located in Franklin Township.
3. Which retailer has secured a commitment from Hamilton Street Center?
Red Tag Furniture Outlet has secured a commitment from Hamilton Street Center.
4. What will Red Tag Furniture Outlet offer at Hamilton Street Center?
Red Tag Furniture Outlet will offer discounted furniture items, accessories, and mattresses for every room of the home.
5. How much space will Nicholas Creamery occupy at Wall Towne Center?
Nicholas Creamery will occupy 1,400 square feet of space at Wall Towne Center.
6. Where are the existing locations of Nicholas Creamery?
The existing locations of Nicholas Creamery are in Atlantic Highlands, Tinton Falls, Fair Haven, Long Branch, and Middletown.
7. Who facilitated the lease agreement between Wall Towne Center and Nicholas Creamery?
The lease agreement was facilitated by Sidney Singer, LMC’s Vice President of Leasing.
8. How is the open-air sector performing in the first quarter of the year?
The open-air sector is performing well, with ongoing success in leasing and an increasing number of centers reaching full occupancy.
9. What kind of concepts are being incorporated into the retail properties by LMC?
LMC is incorporating a diverse range of retail, dining, experiential, and service concepts into the properties.
10. Which properties are now included in LMC’s New York and New Jersey portfolios?
The fully occupied properties now included in LMC’s portfolios are Hamilton Street Center and Wall Towne Center.
Definitions:
– Lease agreements: Contracts between a landlord (property owner) and a tenant (renter) for the rental of a property.
– Vacancies: Empty or available spaces in a property that are not currently rented.
– Open-air shopping centers: Shopping centers that have outdoor walkways and storefronts instead of enclosed malls.
– Tenant mix: The combination of different types of tenants (retailers, dining, experiential, service, etc.) within a property.
– Experiential: Relating to or providing an experience, usually in the context of retail where customers can engage with the brand or product in a unique way.
Related Links:
– levinmgt.com
– Hamilton Street Center
– Wall Towne Center