Alexander’s Signs 15-Year Target Lease for 135,000 Sq Ft at Rego Park
ALX•Alexander’s Inc. signed a 15-year lease with Target for 135,000 sq ft at its Rego Park Shopping Center, boosting occupancy to 99%. The 600,000 sq ft open-air center in Queens now has a 9.3-year weighted average lease term across seven anchor tenants including Costco and Best Buy.
1. Target Lease Agreement
Alexander’s finalized a 15-year lease with Target Corporation for 135,000 square feet at Rego Park Shopping Center in Queens. The agreement includes renewal options and secures a key anchor spot in the center for the next decade and a half.
2. Rego Park Center Profile
Rego Park Shopping Center spans 600,000 square feet of open-air retail across multiple levels, anchored by Costco, Burlington, Best Buy, Marshalls, T.J. Maxx, Aldi and Petco. With the addition of Target, occupancy has reached 99%, and the weighted average lease term stands at 9.3 years.
3. Alexander’s Portfolio
Alexander’s, Inc. is a real estate investment trust owning four properties in New York City, focusing on high-traffic retail destinations. This latest lease further stabilizes its income stream and enhances the value of its Rego Park asset.
