Levin Ready To Launch Renovation At Pioneering Hamilton Plaza Retail Property
ShopRite Expansion, Center Reconfiguration and Upgrades Highlight Project.
- Newark, NJ (1888PressRelease) July 01, 2010 - Retail real estate services firm Levin Management Corporation will launch a major renovation at Hamilton Plaza Shopping Center in conjunction with the expansion of the property's long-time anchor tenant, ShopRite. The project will reconfigure, expand and update the 184,272-square-foot retail property located on Route 33 at the intersection of White Horse-Hamilton Square Road in Hamilton Twp.
At the heart of the plan, a portion of the front section of the current building will be removed, and additional square footage will be added to the rear, allowing the expanded ShopRite to reach nearly 86,000 square feet. The World Class ShopRite superstore that will emerge in the new space will also have additional parking in front of it as a result of the partial demolition. The store will remain open during the expansion.
The plan by Levin Management, which serves as exclusive retail leasing and managing agent for Hamilton Plaza, includes installing prominent new pylon signage and a modern building façade, reconfiguring the parking lot, and redesigning and adding to the center's landscaping. The firm also will add a 10,000-square-foot end cap to the building, as well as two new pad sites, for a net gain of approximately 5,000 square feet of GLA.
"Hamilton Plaza will be like a brand-new shopping center," noted Matthew K. Harding, Levin's president and chief operating officer. "The project will provide a modern look and feel while making practical improvements for traffic flow and parking.
In addition to ShopRite, Hamilton Plaza serves as home to A.C. Moore, Fashion Bug, Dollar Tree, Gold Crown Hallmark, Vito's Pizza, and Hair Cuttery. "All of our existing stores have indicated that they want to remain in place, which testifies to this property's appeal," Harding said. "We also will be working to enhance Hamilton Plaza's tenant mix by marketing newly created space opportunities to local, regional and national retailers."
Two units adjacent to the new end cap space offer 11,000 and 7,000 square feet. They are available individually or can be combined to house up to a 28,000-square-foot requirement. The repositioning plan also includes the creation of two new pad sites - one ideally configured for a bank and the other for a restaurant. An already existing, highly visible pad building of 5,200 square feet is currently available for lease.
"This repositioning will upgrade everything but Hamilton Plaza's location - which needs no improvement," Harding said. "This center sits in a high-traffic corridor, and draws from a population that is growing increasingly affluent." The property is located on busy Route 33, where it is intersected by White Horse-Hamilton Square Road and Yardville-Hamilton Square Road.
More than 48,000 cars pass Hamilton Plaza each day. The median household income within a three-mile radius currently is $81,676 and is projected to reach $88,238 by 2014. The average household income within the same radius currently is $94,381 and is expected to grow to $112,309 by 2014.
Levin currently maintains a growing portfolio of more than 90 diverse retail properties totaling 12.5 million square feet. Properties range from downtown stores to lifestyle centers, and from neighborhood and community centers to power centers in New Jersey, New York, Pennsylvania, Virginia, North Carolina and Florida. Levin offers a full range of services for its clients, including leasing, property management, accounting, construction management, marketing and risk management.
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