Turnaround at new-look Plaza.Down to a single tenant three years ago, Capitol Plaza in Bangor, Pa. now has only one vacancy as a result of Levin Management Corporation's renovation and repositioning of the 62,333 s/f shopping center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into . Based in North Plainfield North Plainfield, residential borough (1990 pop. 18,820), Somerset co., NE N.J.; settled 1736, inc. 1885. A Revolutionary War cemetery is there. , N.J., Levin provides complete property management and leasing services for the site. Rite Aid Rite Aid (NYSE: RAD) is a United States retailer and pharmacy chain, operating over 5,000 stores in 31 states and the District of Columbia. Rite Aid Corporation is one of the nation's leading drugstore chains. , a former in-line tenant that had moved away, recently returned to Capitol Plaza to occupy a new 11,000 s/f pad featuring a drive-thru pharmacy. In addition, Ace Hardware leased the 15,962 s/f space previously occupied by Acme Supermarket, which closed many of its smaller locations, such as this one, over the last few years. The new tenant roster also includes Dollar General, Gianni, National Auto Stores, Quest Diagnostics Quest Diagnostics Incorporated (NYSE: DGX) is a United States corporation which provides clinical laboratory services . The company also has a business presence in England and Mexico. Quest Diagnostics is a member of the Fortune 500 and the S&P 500. , Washington Pet and Good Shepherd Good Shepherd [N.T.: John 10:11–14] See : Christ Rehabilitation Hospital. "We attracted popular national and local tenants to Capitol Plaza by giving it a facelift and focusing on very positive factors about the property, such as the improving demographics of the surrounding area and our high visibility location," remarked Matthew Harding, president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Levin. In addition to Rite Aid's new freestanding building, site improvements featured resurfacing the parking lot and refurbishing the pylon pylon (Greek: “gateway”) In modern construction, a tower that gives support, such as the steel towers between which electrical wires are strung or the piers of a bridge. sign as well as upgrading the landscaping. Located on State Highway 512/ Penargyl Road, approximately 25,000 vehicles pass by on a daily basis. Within a five-mile radius of the shopping center, the average household income continues to rise rapidly and is projected to hit $60,986 by 2010, a 10.4 percent jump from 2005. Over the last five years, the number of households has increased by 7.1 percent, reaching 11,158, and is expected to hit 11,787 by 2010, a 5.6 percent change. "As a third-party manager, we have experienced tremendous success by thinking like an owner," Harding added. "This hands-on approach is a key factor in our proven ability to renovate and reposition centers as well. We don't just read the numbers. Our property managers and leasing representatives are regularly on-site getting to know the tenants and gaining a clear sense of the customers that frequent the site." |
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