YONKERS, NY – Target and H&M have signed new retail agreements at the renamed Cross County Center open-air mall in Yonkers, NY.
Within the former Cross County Shopping Center, Target has signed a 40-year lease that secures more than 130,000 square feet of retail space previously occupied by Sears' most successful location in the nation. The location will serve as Target's first store in the town of Yonkers.
As the tenant of the center, H & M signed a 10-year extension contract for the shopping center with an area of 28,000 square meters since 2009. Within the space, the retailer will be investing $ 5 million to create its second location for an upscale, redesigned experience. The first newly branded H & M concept store is located in Manhattan.
The 1,150,000-square-foot property is 12 miles from New York City and is the country's first open-air mall.
Marx Realty and Benenson Capital Partners, a division of Merchants National Properties, have partnered the mall for 65 years. Marx Realty took over the leasing and management of the center earlier this year.
The leasing activity serves as part of a multi-phase plan that Marx Realty launched to add value to the mall. Marx Realty also developed the new concept of the “town square” in collaboration with the city's planning development department. Future phases will be aimed at increasing pedestrian traffic and expanding the use of the center.
"Residents of Westchester County and the surrounding towns are thrilled to have Target come into their backyards," said Craig Deitelzweig, President and CEO of Marx Realty. "As the retail sector emerged from the COVID-19 crisis, we saw exceptional pedestrian traffic in the center, showing pent-up demand for the diverse range of retail, dining and entertainment options."
"Yonkers hit the bull's eye with Target's plan for a new store in the Cross County Center, the first in Yonkers," said Mike Spano, Yonkers Mayor. “Target's decision to invest in our city is testament to the retailer's trust in our thriving economy and business-friendly environment. We look forward to bringing Yonkers back to business. "
Marx Realty has been in talks with various retail companies since the 200,000-square-foot Sears store closed in Fall 2019.
Mark Utreras represented Marx Realty internally for the leasing activity. Ripco's Jeffrey Howard represented Target on the transaction. H&M did not use a broker.