Rendering courtesy of Marx Realty
The Cross County Center just landed two whoppers — a 130,000 square-foot lease from the big box store and a 10-year renewal from international clothing brand H&M.
As shopping centers begin the slow process of reopening to trepidatious patrons and retailers alike, Cross County Center — Yonkers’ 1.15 million square-foot commercial center — has made a large push towards reinventing its open-air facilities to incorporate more versatile uses and more forward-thinking design.
After taking over the center’s leasing duties earlier this year, Marx Realty has announced its first major steps in reimagining the rebranded shopping location. Target, an S&P 500 company and the eighth largest retail store brand in the country, has just signed a 40-year lease on 130,000 square feet of real estate, replacing the former four-story Sears location that was at one time the nation’s most successful.
“Residents of Westchester County and the surrounding towns are over the moon to have Target coming to their backyard,” says Marx Realty President and CEO Craig Deitelzweig.
Marx Realty had been seeking a new tenant for the space ever since Sears closed its location amid bankruptcy filings last year. The addition of Target will bring the brand’s first store to the City of Yonkers.
“Given how well retailers perform at Cross County Center, we expect this Target store to be among its most successful locations,” says Jim Stifel, chief investment officer of Benenson Capital Partners, the firm that has owned Cross County in partnership with Marx for more than six decades. “We are also seeing incredible demand from some of the nation’s best retailers who want a presence here and expect several exciting tenant announcements in the coming months.”
One of those retailers is fashion brand H&M. Already a retailer at the shopping center, H&M has signed a 10-year lease renewal on its 28,000 square-foot space, with the intent of investing $5 million into transforming it to match it’s revamped SOHO-style store concept, the first ever apart from the NYC location.
“As the retail sector emerges from the COVID-19 crisis, we have seen extraordinary foot traffic at the center showing pent-up demand to experience the diverse retail, dining and entertainment offerings,” says Deitelzweig. “As an outdoor shopping center, Cross County Center has been uniquely well-positioned during this time. Marx Realty’s experienced team of professionals was prepared to follow CDC and government guidelines and create a safe and healthy experience for visitors. We are delighted to officially kick off a new era for Cross County Center.”