Despite the challenges posed by the pandemic, restaurant rental business has remained high for Levin Management Corp., a commercial real estate company based in North Plainfield.
The company has recorded nearly two dozen restaurant concept engagements in the past 18 months, and restaurants remain among the busiest retail rental sectors, the company said in a press release Tuesday.
Rental activity has been particularly strong among fast-paced, casual concepts and in open-air retail centers where it is easier to adapt to disruptions from the pandemic, the company said.
âRestaurants of all types are valuable additions that help make an open-air commercial property attractive to consumers. And outdoor centers, in turn, remain a preferred destination for restaurant tenants, âsaid Levin CEO Matthew K. Harding.
âNeighborhood, community and power centers not only house traffic categories like groceries and home improvement, but they also offer a higher level of operational flexibility and convenience than other types of products,â he said. -he declares.
LMC has received engagements from independent restaurateurs as well as established brands looking to expand, including new locations for Jersey Mike’s Subs and Popeye’s Louisiana Chicken at St. George’s Crossing in Woodbridge and Five Guys at Hartford Corners in Delran, the company said. .
âThe dining room tenants are confident and transactions are proceeding quickly,â said Harding. âNational brands and franchisees make deals; they have come out of the hiatus and are taking advantage of current opportunities to rent real estate of exceptional quality at a good price.