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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