HomeGoods to Anchor Edgewater Harbor's Retail Component

Levin Inks 25,000-Sq.-Ft. Ground Floor Lease at Mixed-Use Redevelopment. End Quote

New York, NY (1888PressRelease) June 26, 2012 - HomeGoods, TJX Companies' off-price home fashions concept, has leased 24,000 square feet to anchor the 100,000-square-foot retail component of Edgewater Harbor, a mixed-use waterfront redevelopment on River Road in Edgewater. Levin Management serves as exclusive retail leasing agent for the property.

A project of National RE/sources, Edgewater Harbor sits on a 21-acre former Unilever R&D campus - providing magnificent Hudson River views. Already, CVS Pharmacy, Moe's Southwest Grill, AT&T, Beach Bum Tanning, Epique Massage and Edgewater Dry Cleaners have opened in existing retail-only buildings there. A new town hall for the Borough of Edgewater recently commenced operations on the site as well.

At build-out, Edgewater Harbor also will include 480 high-end loft and townhouse residences and a 1,900-foot river walk along the Hudson. Development is all but complete on the property's first two residential buildings, which feature ground-level retail space along the project's Main Street. HomeGoods was the first tenant committed to that portion of the project. Other tenants include Floris Spa & Nail in 2,000 square feet, European Wax Center in 1,261 square feet, Five Guys in 2,300 square feet and Great Clips in 960 square feet. Delivery of the retail space is imminent.

"Momentum certainly is building," said Levin's Jake Frantzman, who represented his firm in the long-term HomeGoods lease. "With names like Chico's, Whole Foods, Banana Republic, Guess, Barnes & Noble, and Bed Bath & Beyond already doing business in the surrounding market, Edgewater Harbor is well positioned to emerge as a favored Gold Coast retail destination. The HomeGoods commitment validates this appeal - with this lease the property has 'arrived.'"

Jerry Welkis of Welco Realty represented HomeGoods in its lease at Edgewater Harbor.

Frantzman noted that interest in the property remains significant, especially among restaurant operators attracted by the river views. "Edgewater Harbor's retail component is visible to some 45,000 vehicles a day on River Road," he said. "From a tenant's perspective, the location's combination of demographics, aesthetics, visibility and access provide a perfect leasing scenario."

Edgewater Harbor's retail component serves a population of 900,000 within a three-mile radius. Some 380,000 households within that same radius boast an average income exceeding $117,000. "Beyond the immediate neighborhood, River Road's retail offerings attract significant traffic from up and down the Gold Coast, from Fort Lee to Weehawken," Frantzman said. "Our property also sits equidistant from the George Washington Bridge and Lincoln Tunnel, making it easily accessible to shoppers from Manhattan."

Headquartered in North Plainfield, N.J., Levin Management offers a full range of services for its clients, including leasing, property management, accounting, construction management, and marketing. The company's management and leasing portfolio includes more than 90 diverse retail properties totaling more than 12.5 million square feet in New Jersey, New York, Pennsylvania, Virginia, North Carolina and Florida. Properties range from neighborhood, community, lifestyle and power centers, to enclosed malls, downtown stores and mixed-use projects.

Levin's ownership approach to the business has earned it a number of distinguished awards. The company was named "Firm of the Year" by the Institute of Real Estate Management (IREM), New Jersey Chapter No. 1; one of America's five fastest-growing real estate managers by Chain Store Age; Top Retail Company by the Mid Atlantic Real Estate Journal; and one of the nation's Top 10 Redevelopers by Chain Store Age for the second year in a row. In January 2011, Commercial Property Executive magazine ranked Levin 30th among Top US Real Estate Companies. In August 2011, the publication again honored Levin as one of the industry's Top Property Managers.

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