Retailer Target signed a lease for a former Kmart store, taking nearly a third of the space at a redeveloped shopping center in the Bronx, New York, and becoming another strong draw at a once-outdated complex.
The deal Target executed for 139,000 square feet at the vacant Kmart location was a big achievement for Bruckner Commons, earning the transaction the 2023 CoStar Impact Award for a lease in Westchester-Southern Connecticut, as judged by real estate professionals familiar with the market.
Urban Edge Properties recently completed a $50 million renovation of the shopping center that brought ShopRite and Burlington Stores as part of a complete transformation of the 510,000-square-foot property. But a vacant Kmart needed a new tenant, and an Urban Edge Properties leasing team got to work. The brokerage was looking for a replacement that would create value for the property while improving the overall shopping experience for shoppers.
Urban Edge worked with Ripco Real Estate, which represented Target, to negotiate the lease. In 2025, Target plans to occupy the majority of the 185,000-square-foot building that Kmart formerly leased, including the entire second level.
About the Project: The addition of Target is part of a larger repositioning of Bruckner Commons that Urban Edge expects will drive the lease-up of the remaining vacancy at the property.
What the Judges Said: “In a world of shrinking retail centers, this lease accounted for one-third of the center, which will create many new jobs and increased traffic flow,” said Jonathan Malkin, partner at Waterside Property Group. “Target is a major retailer that will add vibrancy and economic activity to the center and surrounding community.”
They Made it Happen: Scott Auster, senior vice president of leasing for Urban Edge; Joshua Birns, vice president of leasing, Urban Edge; and Jeffrey Howard, vice chairman at Ripco.
