Larken Associates marks another year of tremendous growth in 2018 with approx. 700,000 sf (+/-) of new and renewed commercial leases, a more than 20% increase over the 2017 business year. The residential and commercial developer, builder and property manager based in Branchburg, New Jersey closed 378 commercial transactions for approx. 700,000 sf (+/-) of prime mixed-use real estate. It represents a 111,000 sf (+/-) increase over 2017’s impressive commercial leasing numbers and a 10% increase in total transaction volume.
Larken Associates is proud to have acquired two major commercial properties in 2018 - the Bayonne Shops in Hudson County, New Jersey, a joint venture with Gallium Real Estate, and The Village at Hawk Pointe in Washington Township, New Jersey. The Village at Hawk Pointe is a fully leased, 106,416 sf (+/-) three building complex offering mixed-use retail and medical office space for lease anchored by a highly successful 65,000 sf (+/-) ShopRite. Backed by Village Supermarkets, one of the most successful ShopRite operators, the supermarket is a long-term, stable anchor for The Village at Hawk Pointe, boasting a 43% sales market share in Warren County. The complex is also home to many other successful local and national brands including Hunterdon Healthcare at 25,000 sf (+/-), Anytime Fitness at 3,907 sf (+/-) and Visions Federal Credit Union at 1,968 sf (+/-).
Larken Associates’ Hillsborough Business Center experienced 100% occupancy in the 2018 business year. This thriving 550,000 sf (+/-) center features 27 separate commercial rental buildings on 100 acres in Somerset County, NJ; warehouses are leased for office, lab, R&D, distribution, assembly and manufacturing purposes. During this prosperous year for the center, Primus Green Energy, a global leader in small scale conversion of natural gas to methanol or gasoline, renewed their lease agreement for 34,388 sf (+/-).
The real estate firm’s successes are mirrored in their excellent retention rate. The commercial leasing team experienced a 93% retention rate across all product types. Grocery Outlet Bargain Market renewed its 15,499 sf (+/-) lease at Tilghman Square Shopping Center, a 35.75 acre power commercial shopping center in South Whitehall, PA. Staples also renewed its 20,000 sf (+/-) space at this 248,533 sf (+/-) retail center while Dollar Tree and Thai Origin restaurant signed new leases for 13,600 sf (+/-) combined. At Branchburg Commons office/medical complex in Somerset County, NJ, Robert Wood Johnson Physician Enterprise PA renewed their lease agreement for seven more years. Schatzman Baker PA, a professional corporation law firm, has secured a new lease in 2018 at Montgomery Commons in Princeton, NJ offering office/medical space.
Larken Associates caps off another fantastic expansion year with the acquisition of two residential complexes to its rental portfolio. The team acquired the Geraldine Street Apartments, a cluster of one and two-bedroom units for rent located just off Stefko Boulevard in Bethlehem, PA. The Pinnacle @ 65, another acquisition in Bethlehem, PA, is the only 5-star multi-family asset in the Lehigh Valley, offering 48 newly constructed luxury apartments for rent. The ten-story building also offers 38,000 sf (+/-) of fully renovated commercial retail and office/medical space for lease. It represents a Class A value-add opportunity for Larken Associates in one of the fastest growing submarkets in the United States.
Larken Associates is looking forward to another fantastic year of growth in 2019. For leasing information or for more information about their commercial and residential portfolio, call 908-874-8686 or visit www.LarkenAssociates.com.
About Larken Associates
A two-generation, family-owned business since 1965, Larken Associates is widely recognized as one of the region’s fastest growing and most well-respected real estate firms. Based in Branchburg, NJ, Larken is responsible for developing and managing prominent residential and commercial projects throughout New Jersey, New York and Eastern Pennsylvania.