Target Joins Kimco Realty’s Forest Avenue Plaza
April 03 2018 - 9:00AM
Business Wire
Kimco continues to enhance its Staten Island
portfolio with the signing of its fourth small-format Target lease
in the New York metro area
Kimco Realty Corp. (NYSE:KIM) announced today that it has signed
a lease with Target for a 46,000-square-foot, small-format store at
Forest Avenue Plaza in Staten Island, New York, set to open in fall
2019.
“Target’s signature mix of convenience, quality, and variety
will be a welcome addition to the retail offerings along Forest
Avenue,” said Joshua Weinkranz, President, Northern Region at Kimco
Realty. “With four small-format Target leases now in our New York
metro portfolio, it’s clear that there is strong demand for the
concept, especially in densely populated areas.”
Target will be the sole tenant at Forest Avenue Plaza. The
property is located across the street from Kimco’s Forest Avenue
Shopping Center, an approximately 190,000-square-foot center which
was upgraded in 2015 with façade improvements and the opening of LA
Fitness. With the addition of Target at Forest Avenue Plaza, the
existing PetSmart will move to a new space at Forest Avenue
Shopping Center.
Kimco is one of Staten Island’s largest retail landlords, with a
five-property portfolio totaling almost 1 million square feet. The
company has invested heavily in its Staten Island assets over the
last five years and has completed the transformation of over
560,000 square feet of retail across three redevelopment projects,
with more underway. Construction on The Boulevard, Kimco’s $186
million Signature Series redevelopment of the former Hylan Plaza
shopping center, broke ground in November of 2017 and is scheduled
to open in early 2020.
“The re-tenanting, repositioning, and redevelopment of our
Staten Island assets is reflective of our 2020 Vision strategy to
strengthen our presence in core coastal markets and to continuously
evaluate the highest and best use of our real estate,” said David
Jamieson, Kimco’s Chief Operating Officer. “As evidenced by our
recent investments, we are undoubtedly bullish on the Staten Island
market and committed to providing residents with an exciting array
of retail and dining options across our Staten Island
portfolio.”
About Kimco
Kimco Realty Corp. (NYSE:KIM) is a real estate investment trust
(REIT) headquartered in New Hyde Park, N.Y., that is one of North
America’s largest publicly traded owners and operators of open-air
shopping centers. As of December 31, 2017, the company owned
interests in 492 U.S. shopping centers comprising 83 million square
feet of leasable space primarily concentrated in the top major
metropolitan markets. Publicly traded on the NYSE since 1991, and
included in the S&P 500 Index, the company has specialized in
shopping center acquisitions, development and management for 60
years. For further information, please visit
www.kimcorealty.com, the company’s
blog at blog.kimcorealty.com, or follow Kimco on Twitter at
www.twitter.com/kimcorealty.
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version on businesswire.com: https://www.businesswire.com/news/home/20180403005841/en/
Kimco Realty Corp.Jennifer Maisch, 516-869-7224Director,
Corporate Communicationsjmaisch@kimcorealty.com
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