Residents of Queens can anticipate an expansion of retail offerings: Target, a leading retail company with over 2,000 stores across the USA, is set to open another location in Queens. The company has signed a 15-year lease for 135,000 square feet at the Rego Park Shopping Centre at 61-35 Junction Boulevard in Rego Park. This was announced by the property owner, Alexander's, on Monday.
The Rego Park Shopping Centre is a multi-storey, 600,000 square foot open-air complex, significantly frequented by wholesale giant Costco. With Target's new lease, the property will achieve 99 percent occupancy. This was stated by Alexander's, an affiliated and externally managed Real Estate Investment Trust (REIT), partially owned by Vornado Realty Trust.
The exact rent for Target's lease was not disclosed. However, data from CommercialCafe indicates that average asking rents for retail space in Queens were recently $42.47 per square foot. The names of the brokers involved in the deal also remained unclear. Target and Alexander's did not immediately respond to inquiries from Commercial Observer.
In addition to Target, the Rego Park Shopping Centre houses a number of other well-known retailers, including Burlington, Best Buy, Marshalls, T.J. Maxx, Aldi, and Petco. Target, like the other retailers mentioned, will occupy space in the section of the building known as Rego Park II.
In May, Alexander's sold its Rego Park I property, located at 96-05 Queens Boulevard, to Northwell Health. The sale price totalled $235.5 million. Northwell Health's plans for this site are currently unknown. This transaction underscores the dynamic nature of the property market in Queens, particularly within the retail sector.
