Marx Realty Leases Yonkers’ Rebranded Shopping Center

YONKERS, NY – Target and H&M have signed new retail leases at the rebranded, open-air shopping center, Cross County Center in Yonkers, NY.

Within the former Cross County Shopping Center, Target has signed a 40-year lease, securing more than 130,000 square feet of retail space, which was previously occupied by Sears’ most successful location in the nation. The location will serve as Target’s first store within the city of Yonkers.

As a tenant of the center since 2009, H&M has signed a 10-year renewal lease at the shopping center to occupy 28,000 square feet. Within the space, the retailer will invest $5 million to execute its second location for an upscale, revamped experience. H&M’s first newly branded concept store is located in Manhattan.

Located 12 miles from New York City, the 1,150,000-square-foot property serves as the nation’s first open-air shopping center.

A division of Merchants National Properties, Marx Realty and Benenson Capital Partners have owned the shopping center in partnership for 65 years. Marx Realty took over the center’s leasing and management earlier this year.

The leasing activity serves as part of a multi-phase plan that Marx Realty has launched in effort to add value to the shopping center. Marx Realty has also been working in collaboration with the city’s Department of Planning Development to create the new “town square” concept. Future phases will aim to increase foot traffic and expand the center’s uses.

“Residents of Westchester County and the surrounding towns are over the moon to have Target coming to their backyard,” states Craig Deitelzweig, president and CEO of Marx Realty. “As the retail sector emerges from the COVID-19 crisis, we have seen extraordinary foot traffic at the center showing pent-up demand to experience the diverse retail, dining and entertainment offerings.”

“Yonkers has hit the mark with Target’s plan for a new store at Cross County Center, their first ever in Yonkers,” states Yonkers Mayor, Mike Spano. “Target’s decision to invest in our city is a testament to the retailer’s confidence in our thriving economy and our business-friendly environment. We are excited to get Yonkers back to business.”

Marx Realty has been in discussions with various retail operators since the 200,000-square-foot Sears store closed in fall 2019.

For the leasing activity, Marx Realty was represented in-house by Mark Utreras. Ripco’s Jeffrey Howard represented Target in the transaction. H&M did not use a broker.