Levin's leasing representative Jordan Korris negotiated the long-term lease, which brings retail occupancy at the center to 100 percent. Brian Bruzek of Fameco served as tenant broker in the transaction.
With more than 240 stores in 23 states, PSP is recognized for its convenience and value, offering a wide variety of name-brand food, treats, toys and supplies as well as year-round in-store events. The store is scheduled to occupy its new space at The Shops at Blue Bell later this year.
"In order to accommodate PSP's long-term lease requirement, Levin Management orchestrated a repositioning of an existing tenant, Supercuts. Pet supplies is a new retail category for the center, and we are confident PSP will enhance The Shops at Blue Bell's reputation as a premier ‘one stop shopping' destination,'' said Michael Cohen, Levin's vice-president of leasing.
Pet Supplies Plus' expansion to The Shops at Blue Bell is indicative of nationwide trends in this retail sector, with pet-related sales demonstrating steady growth even in a difficult economy. The American Pet Products Association (APPA) cited overall spending in the pet industry was at an all-time high in 2011, surpassing $50 billion. APPA also projects a steady 3.8 percent growth rate through 2012, with nearly $53 billion in overall pet spending.
Situated at 1750 Dekalb Pike/Route 202, The Shops at Blue Bell boasts a diverse tenant mix anchored by a Giant supermarket along with other retail, restaurant and service tenants including IHOP, Sovereign Bank, GNC, Supercuts and Planet Beach, among others.
"PSP was attracted to the center by its strong tenant mix and location on one of the area's main thoroughfares with plenty of drive-by traffic and proximity to an abundance of residential neighborhoods. Giant is the area's dominant grocer and a great anchor for The Shops at Blue Bell. The modern store generates a substantial amount of daily traffic into the center," added Cohen.
The Shops at Blue Bell is located in one of Pennsylvania's most affluent counties, serving a full-time population of 161,378 within a five-mile radius. The area boasts a median household income of more than $68,000 and an average household income of more than $97,000.
Celebrating its 60th year in 2012, Levin Management is one of the nation's leading retail real estate services firms, with a strong focus in the northeastern United States and an owner's approach to the business. Today, the North Plainfield, N.J., company offers a full range of services for a diverse 95-property, 12.5 million-square-