Target Signs 15-Year Lease with Alexander's in Rego Park, Queens

Key Facts

1Alexander's has signed a 15-year lease with Target for 135,000 square feet at Rego Park Shopping Center.

2The agreement brings the shopping center to 99% occupancy, following a $235.5M property sale and $175M refinancing.

As major retailers continue to expand in prime locations, Alexander's has signed a 15-year lease with Target for 135,000 square feet at Rego Park Shopping Center in Queens. The agreement brings the shopping center to 99% occupancy, according to Connect CRE.

The deal follows a $235.5 million property sale and $175 million refinancing, highlighting Alexander's strategy to maximize asset utilization. The lease also underscores Target's push to strengthen its physical footprint in key markets like New York, even as retailers face intense online competition.

In trading, Target (TGT) closed at $133.92 on June 29, after reaching a high of $139.56 and a low of $133.78 during the session. Investors are watching how such physical expansion impacts Target's financial results in coming quarters.