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Manchester Plaza at 1001 Route 70 in Manchester Township — Courtesy: Levin Management Corp.
By Joshua Burd
Levin Management Corp. has secured two new clients to start the year, having been tapped to manage nearly 584,000 square feet of commercial space in New Jersey and Pennsylvania.
The firm, which is based in North Plainfield, said the assignments include a portfolio highlighted by Manchester Plaza, a ShopRite- and Lowes-anchored shopping center on Route 70 in Manchester Township. The assignment also involves office buildings at 1433 Hooper Ave. in Toms River and 4000 Route 66 in Tinton Falls.
For the second client, LMC is managing four neighborhood retail plazas in the region, including Park East Plaza and North Mall Plaza on Haddonfield Road in Cherry Hill. The other properties are Ridley Town Plaza and RJ Vista Plaza, both on MacDade Boulevard in Folsom, Pennsylvania.
With the new assignments, which LMC took on to start the year, the firm has expanded its commercial real estate management business by 2 million square feet of gross leasable area in the last 24 months.
“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,” said Joseph Lowry, LMC’s senior vice president of acquisitions and business development. “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.”
Lowry added that both portfolios “have been operated by organizations that care about quality and curb appeal — and it shows.” And the new assignments reflect a stepped-up movement toward outsourcing by private owners, which dovetails with LMC’s long-held management business for retail, office and industrial properties.
LMC Vice President of Property Management Erika Toscani, who has more than 20 years of diverse industry experience, leads that business segment. The firm also noted that Greg Tocco, a seasoned asset management executive, recently joined its team as executive vice president and is playing a pivotal role in its property operations and strategic growth oversight.
“For many years the lion’s share of our new business came from institutional investors, which traditionally seek third-party real estate service providers,” Lowry 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 is an outgrowth of Levin Properties, a pioneering development firm founded by the late Philip J. Levin and subsequently led by the late Janice Levin, his wife. They created an extensive suburban retail real estate portfolio beginning in 1952, while LMC originated as the organization’s management arm.
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