Marx Realty has announced that retail giants Target and H&M have signed new leases at the rebranded Cross County Center (formerly Cross County Shopping Center) in Yonkers, NY.
Target signed a 40-year retail lease to occupy over 130,000 s/f of retail space at what was once home to the most successful Sears store in the nation.
H&M signed a 10-year renewal to occupy 28,000 s/f where the retailer will incorporate its upscale SOHO concept.
“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,” Craig Deitelzweig, president and CEO of Marx Realty, a New York-based owner, developer and manager of office, retail and multifamily property across the United States and division of Merchants National Properties.
The news comes shortly after Marx Realty took over leasing and management of the historic shopping center earlier in the year. The firm has owned the center in partnership with Benenson Capital Partners for 65 years. Cross County is the nation’s first open-air shopping center, which has benefited the center as it begins a multi-phase plan focused on expanding the center’s uses.
Since the 200,000 s/f, four-story Sears store closed in fall 2019, Marx Realty has been in discussions with various national, regional, and local operators to bring a town square feel to Cross County Center. This will be the first Target store in the City of Yonkers.
H&M has been part of Cross County Center since 2009 and they have selected the center as their second location for a revamped, cutting-edge SOHO-style concept. The retailer plans to invest $5 million in the location. The first store to embrace the new concept is located in Manhattan.
Marx Realty was represented in-house by Mark Utreras, Target was represented by Jeffrey Howard of Ripco, and H&M did not use a broker.
“As an outdoor shopping center, Cross County Center has been uniquely well-positioned during this time,” added Deitelzweig. “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.”
Jim Stifel, chief investment officer of Benenson Capital Partners, added, “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.”