Strategy: Ikea

LEVIN MANAGEMENT SELECTED BY IKEA TO MANAGE 1,180,000 SQUARE FEET AT TWO NEW JER

By Mel Fabrikant Wednesday, November 28 2007, 12:24 PM EST Views: 14

Levin Management of North Plainfield, New Jersey's largest third party retail property operator, has been chosen to provide its full range of management services at two major properties for IKEA, the worldwide Swedish home furnishings retailer.

The properties are the 630,000-square-foot Elizabeth Center in Elizabeth, N.J., at exit 13A of the New Jersey Turnpike where the IKEA Elizabeth store is also located, and a 550,000-square-foot property in Paramus, N.J., just off the Garden State Parkway at Route 4, where the IKEA Paramus store is located. Besides the IKEA stores on each property, Toys R Us is a co-anchor in Elizabeth, while Bed Bath & Beyond, Christmas Tree Shops and Sports Authority are the co-anchor tenants in Paramus.

"We chose Levin for these properties based on their strong track record of managing for third-party retail owners," said David Garonzik, IKEA Asset Manager. "We are a very high-profile client with land developed for a very unique use, and we believe Levin's standards are an excellent match with our own."

Matthew Harding, Levin's president and chief operating officer, said of the twin assignments: "We are very pleased to have been entrusted with these high quality properties by this excellent company. We have assigned two highly experienced property managers, supported by our accounting, construction management, legal and marketing departments."

Levin Management is the largest third party retail property services company in New Jersey, with a statewide portfolio of nearly 8,000,000 square feet of GLA. The company also has a major presence in New York and Pennsylvania, and a total portfolio of more than 12,000,000 square feet. Founded in 1952, the company is one of the nation's leading