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New York & Tri-State  + Retail  | 

Alexander’s Signs Target to 15-Year Lease in Rego Park

 Alexander’s, Inc. has completed a 15-year lease with renewal options with Target Corporation at its Rego Park Shopping Center located on Junction Blvd at the Long Island Expressway. The lease spans 135,000 square feet.

Rego Park Shopping Center is a multi-level, 600,000-square foot open-air shopping center anchored by Costco, Burlington, Best Buy, Marshalls, T.J. Maxx, Aldi and Petco. Including Target, the center is 99% leased with a weighted average lease term of approximately 9.3 years.

The Target lease comes on the heels of the sale of Alexander’s Rego Park I property to Northwell Health for $235.5 million. The long-vacant retail property originally housed an Alexander’s department store.

This past December, the REIT completed a $175-million refinancing of Rego Park Shopping Center. The interest-only loan is at SOFR plus 2.00% and matures in December 2030.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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