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Levin Signs Big Lots as Anchor for Bayshore Plaza, Barnegat, N.J.
With Consumer Focus on Value, Closeout Retailer Ideal Match for Property
Located on Route 9 at the intersection of Bay Shore Drive, Bayshore Plaza serves as a popular local shopping destination, and an ideal location for a wide range of uses, according to Matthew K. Harding, Levin Management's president and chief operating officer. Additional tenants at the 59,232-square-
Levin serves as leasing and managing agent for Bayshore Plaza, and Harding noted that the addition of a value-oriented anchor is an excellent match for the property. "Now, more than ever, consumers are interested in stretching their dollars as far as possible," he said. "Big Lots not only is a leader in value retailing but offers a wide range of products - a level of variety that shoppers at Bayshore Plaza will appreciate."
Big Lots offers an assortment of brand-name closeouts and bargain merchandise, including consumables, seasonal products, furniture, housewares, toys and gifts. With annual revenues approaching $5 billion, the retailer operates more than 1,400 stores serving 48 states. The publicly traded company , founded in 1967, maintains its headquartered in Columbus, Ohio.
Harding noted that Bayshore Plaza's busy location, and the Barnegat area's rapid growth in both population and income drew Big Lots. The population within a five-mile radius of the property grew 26.9 percent from 2000 to 2010, increasing to 48,687 within a 5 mile radius, with another 12.6 percent growth expected by 2015. Average household income within five miles grew 27.3 percent during the same time period, to $76,014, and is projected to increase another 9.4 percent by 2015.
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. The firm's portfolio and internal resources have grown consistently over the years, responding to a variety of retail and economic climates. Today, Levin offers a full range of services for a diverse 95-property, 12.5 million-square-