Branchburg, NJ — Larken Associates announces a successful year across its nearly four million s/f commercial portfolio.
Led by executive vice presidents Rob Marek and Victor Kelly of Raider Realty, the in-house brokerage of Larken Associates, the firm completed a total of 420 transactions spanning 942,815 s/f of space. Of the transactions, 122 were new leases covering 287,100 s/f and 298 were renewals comprising 655,715 s/f. At year-end, Larken Associates achieved a portfolio-wide occupancy rate of 92% and a retention rate of 89.72%.
Complementing the firm’s commercial leasing success in 2023 is the continued growth of its portfolio with the acquisition of Westfall Town Center, a 203,907 s/f grocery-anchored shopping center situated on 32 acres at 111 Hulst Dr. in Matamoras, PA. The company also celebrated the completion and full-lease up of a brand-new 19,000 s/f office building at Branchburg Centre, located at 3040 Route 22 West in Branchburg, NJ.
Larken Associates achieved several other construction and renovation milestones across its portfolio, including the creation of 150,000 s/f of warehouse space at Flemington Junction Business Center in Flemington NJ., which is currently 85% leased; a 4,200 s/f outparcel at Carbon Plaza in Lehighton, PA; a 2,000 s/f expansion of the professional office space at Suite Life at Branchburg Commons in Branchburg, NJ and full interior and exterior renovations at 3 West in Bethlehem, PA.
Looking to the year ahead, the firm plans to continue to bolster its commercial portfolio and add to its roster of office, industrial and retail tenants.