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CBRE brokers new store lease for Target

Target is set to open a new two-level store in Port Chester.

CBRE announced today that the national retailer  has signed a two-level 89,781 s/f lease at the newly rebranded Gateway Port Chester.

The open-air shopping center, located in Westchester County, is jointly owned by M & J Wilkow and MetLife Investment Management, MetLife’s asset management business. Target will be moving into the space that includes the formerly occupied A.I. Friedman building.

JESSICA CURTIS

CBRE’s Jessica Curtis represented the Landlord as the exclusive leasing agent for Gateway. The landlord acquired the property in February 2019.

“We’re delighted to announce the completion of this significant transaction, following ownership’s decision to rebrand the shopping center as Gateway Port Chester, because it makes such a powerful statement about our convictions concerning the extraordinary potential of Gateway as a major retail destination center,” said Marc Wilkow, President at M & J Wilkow.

“We were excited about the opportunity to purchase the property with MetLife Investment Management given its immense potential to become Westchester County’s premier retail, dining and service destination. The lease with Target is the perfect catalyst to kick off the program we have designed with our colleagues at MetLife to benefit the communities we serve.”

CBRE’s Curtis added, “Gateway’s centralized location and solid roster of existing retail tenants positions the property as the ideal destination for retail and restaurant tenants looking to expand into the Westchester County market. As part of the center’s rebrand, the owners plan to modernize the overall look of the development in addition to increasing customer amenities.”

Located in the Village of Port Chester in Westchester County, Gateway is a 494,000 s/f open air shopping center who current tenant roster includes HomeGoods, Ulta and Old Navy.

Minneapolis-based Target Corporation has seen its revenue grow 11.3 percent this year as the company’s fresh grocery services became essential during the pandemic.

Since the coronavirus began, it has extended its order pickup and drive up services to include fresh and frozen grocery items. The retailer is also giving its frontline store and distribution center workers a $200 bonus for their efforts throughout the pandemic, provided free virtual doctor visits for all team members, paid leave for vulnerable team members, free backup care for family members and increased its basic hourly wage to $15.

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