A source close to the deal tells GlobeSt.com that the lease covers a 20-year period. The source also notes that the asking price was $35 per sf, but would not disclose the taking price or aggregate lease value.
"This is a major vote of confidence in the strength of the Downtown Jamaica commercial district," notes Zuckerbrot, who arranged the lease with Doug Weinstein, managing director of S&Z. "From our initial presentation to the TJX Corp., it was clear that they understood the tremendous value of this location and the potential high sales volumes that can be generated within the boroughs of New York City."
Over the years, S&Z has been very active in the Jamaica marketplace. This past year S&Z also represented the First Presbyterian Church and negotiated a 5,000-sf lease renewal with regional fashion retailer Danice Stores at 163-27 Jamaica Ave.
"Indeed, as the recent lease of Home Depot just across the street from the new Marshalls store in Jamaica demonstrates, the area is definitely on the upswing, and more and more major national retailers are taking a strong interest in this surging retail neighborhood," Weinstein explains. In brokering the space for Marshalls, S&Z served as the exclusive leasing agent for the landlord, J.W. Mays Corp.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
