Levin's REO Practice Named Agent For Livingston Town Center

Firm Handling Leasing, Management for Mixed-Use Property's Retail Component. End Quote

New York, NY (1888PressRelease) January 18, 2011 - Retail real estate services firm Levin Management Corporation's REO practice has been named exclusive leasing and managing agent for Livingston Town Center's retail component. The upscale shopping center, located in the heart of downtown Livingston, is part of an established mixed-use project that also includes luxury residences.

Ideally positioned at the intersection of Route 10 (Mt. Pleasant Avenue) and North Livingston Avenue, Livingston Town Center features 65,000 square feet of retail space. The property includes more than 20 shops and restaurants, including Baumgarts Café, Nicole Miller, Omaha Steaks, Marcia's Attic, Menzel Violins, Thavma Mediterranean Grill, Destination Maternity, Imperial Foods Market, Mason Barrister Interior Design, Silverman's Card & Gift, Visionary Fitness, Shoe Inn, and Wachovia Bank.

The new owner selected Levin, which has a long history of servicing and stabilizing REO properties; Bob Carson, CSM, executive vice president and head of the firm's REO practice, is heading the assignment.

"Livingston Town Center enjoys an enviable location and a very affluent local population," Carson said. "We already have launched an aggressive leasing program and a careful review of the property's operations. As is typical with our approach to REO properties, we are focused on maximizing curb appeal and generating cost savings, all of which will benefit Livingston Town Center's new owner and existing tenants, and will attract new tenants to the property. We believe that this property can appeal to a wider market than it now enjoys, and our plan is to make it even more of a shopping destination."

Livingston Town Center is located just one mile south of I-280, at a busy intersection with a daily traffic count of 45,162 vehicles. The population within a three-mile radius of the center is 56,983. The 20,544 households in that same radius boast an average income of $168,966.

ADDRESSING REO CHALLENGES

Declining property values and the impact of mortgage financing completed during the height of the commercial real estate market have given rise to a growing number of retail receivership situations like that of Livingston Town Center, according to Carson. The properties involved frequently are in need of rapid financial and operational analysis, and immediate stabilization.

Levin, which currently maintains a portfolio of more than 90 properties totaling 12.5 million square feet, has managed projects for REO clients during market downturns throughout its near 60-year history. In 2010, Levin was named court-appointed receiver for ITC Crossing North, a 180,000-square-foot shopping center anchored by Sam's Club and Staples in Mount Olive Twp., N.J. Within the first three months of that assignment, the firm achieved an actual cost reduction of nearly 14 percent of ITC Crossing North's operating budget.

"With all REO properties, our initial priorities include assessing the center's physical, financial and marketing conditions, in order to develop short- and long-range plans," Carson said. "We examine each property financially, physically and in terms of tenant relations. Our end objectives are to achieve efficiencies without sacrificing quality and to provide an attractive, well-run and marketable asset."

The firm's full range of services employed in this process include accounting and financial reporting, leasing and lease administration, property management and maintenance, marketing and market analysis, dispositions, and construction management.

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