C. Bradley Mendleson, executive managing director, and Eduardo Pena, associate, of Insignia/ESG's Retail Group, negotiated the lease for building owner Cammeby's International, while the Winick Realty Group represented the Duane Reade.
Mendleson would not reveal details of the transaction, but says the rent is in line with the market. Retail deals in the area are closing at between $40 and $55 per sf. The Duane Reade space, formerly a restaurant, is on the ground floor of an office building at 80-02 Kew Gardens Rd. The new store is scheduled to open in about four months.
"Duane Reade is making a push to territory that they'd like to control more of," Mendleson tells GlobeSt.com. adding that Brooklyn, the Bronx and Queens are target neighborhoods for the chain. Duane Reade will not comment on its expansion plans.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.