Itzhaki Acquisitions has completed the ground-up development of a 14,000 s/f retail building at 117-02 to 117-10 Guy Brewer Boulevard in Queens.
The single-story retail building is fully leased to two tenants, Family Dollar and Afro-American Parents Educational Center.
Family Dollar signed a 10-year lease for 9,000 s/f. Afro-American Parents Educational Center, which specializes in preschool and child care services, signed a five-year lease for 5,000 s/f.
David Feit, Esq. represented the ownership in the leasing. Itzhaki Acquisitions leased the space as a white box and did a custom build-out for the childcare facility.
“This project marks our first retail development in this part of Queens,” said Gil Boosidan, president of Itzhaki Acquisitions.
“We were able to mitigate our risk of entering a new market by signing a 10-year lease with Family Dollar prior to acquiring the site for development.”
Traditionally focused on Manhattan, Itzhaki Acquisitions is aggressively expanding its business into Queens and the Bronx in both the retail and residential spaces.
The company has said it expects to make several “significant investmentsˮ in both Queens and the Bronx by end of 2014.
Itzhaki purchased 117-02 Guy Brewer Boulevard in 2012, demolished the existing buildings on the site, and Boosidan said his firm “continues to seek out value-add development opportunities across all asset types.”