Real Estate Weekly: Holualoa Companies hire Levin Management

Levin Management Corporation, which already manages three New Jersey properties for The Holualoa Companies, has received the management assignment for Smithville Towne Centre, which Holualoa and its partners recently purchased.

The property currently includes some 100,000 s/f and will be enlarged and upgraded as part of a repositioning plan. The center's market area is experiencing substantial growth in population and income and Holualoa plans to upgrade the center's tenancy to match the new demographics. Average household income, which was $67,129 in 2003, is expected to rise by nearly 14% to $76,314 by 2008.

Located on US 9, less than 12 miles from Atlantic City, Smithville is expected to benefit strongly from the second wave of hotel and casino construction ushered in recently by the Borgata. In addition, there has been an upscale housing boom in the area, including a Hovnanian development immediately adjacent to the center.

"Holualoa is growing very nicely in the New Jersey area," said Matthew Harding, Levin's president and chief operating officer. "We are delighted to be working with them. They entrusted us with the Whiting Town Center over a year ago, and with Toms River Town Center and The Shops at Lake Ridge since. Receiving yet another assignment from them is an honor for all of us on the Levin team."