The national retailer Target has signed a lease to open a store in the Gateway Port Chester shopping center. The shopping center is on Boston Post Road near Interstates 95 and 287. It is jointly owned by M&J Wilkow and MetLife Investment Management.
M&J Wilkow”™s portfolio consists of 53 properties, which includes 22 office buildings and 31 retail properties consisting of approximately 12.6 million square feet. The portfolio is estimated to be worth more than $2.8 billion. According to the company’s website, it has properties in North Carolina, South Carolina, Pennsylvania, Illinois, Wisconsin, Oregon, Colorado, Hawaii, Georgia, New Jersey and New York.
The Target lease is for 89,781 square feet of space on two levels. It includes space that formerly was occupied by art supply store A.I. Friedman. Gateway Port Chester is described in the announcement of the Target lease as a 494,000 square foot “open air shopping center poised to become the market”™s leading retail destination.”
Jessica Curtis of the real estate services firm CBRE represented the landlord as the exclusive leasing agent for Gateway. Wilkow and MetLife acquired the property in February 2019. She said that the property owners plan to modernize the overall look of the development and increase customer amenities.
Gateway is home to Whole Foods, Kohl’s, DSW and Old Navy among other retailers.
“We”™re delighted to announce the completion of this significant transaction, following ownership”™s decision to rebrand the shopping center as Gateway Port Chester, because it makes such a powerful statement about our convictions concerning the extraordinary potential of Gateway as a major retail destination center,” said Marc Wilkow, president of M&J Wilkow. “The lease with Target is the perfect catalyst to kick off the program we have designed with our colleagues at MetLife to benefit the communities we serve.”
Target’s locations include White Plains, Mount Vernon and Mount Kisco in Westchester, and Stamford in Fairfield County.
In a report to the Securities and Exchange Commission on financial results for its first quarter of 2020 that ended on May 2, Target said it had revenue of $19.6 billion, up 11.3% from the same period last year. It said its digital sales grew 141%. Operating income for the first quarter of 2020 was $468 million, down 58.7% from the $1.135 billion reported for the first quarter of 2019.
