Target to expand New York City footprint
Target upping its presence in the New York market.
The discounter announced plans to open three two small-format stores in New York City in 2019, with locations in Manhattan and Staten Island, and one in 2022, in Queens. The sites are in addition to previously announced stores due to open this summer in Manhattan’s East Village and Lower East Side, along with one in the city’s Hell’s Kitchen neighborhood in 2019.
Target has said it expects to have 130 small-format stores up and running by the end of 2019. The newly announced New York locations include the following:
• An approximate 22,600-sq.-ft. on the Upper East Side of Manhattan;
• An approximate 46,000-sq.-ft. store in the Forest Avenue Plaza on Staten Island;
• An approximate 47,000-sq.-ft. store in Astoria, Queens.
Schaul rejoins CBRE in Miami
Drew Schaul, one of the leading retail real estate professionals in the Miami market, has returned to CBRE after a seven-year stint at Robert K. Futterman & Associates.
At RKF, Schaul was the exclusive representative for Brooks Brothers, Allen Edmonds, Steve Madden, and ECI. Some of his recent placements were a 28,000-sq.-ft. space for Braves Live! at The Battery at Sun Trust Park in Atlanta and Steve Madden’s new locations in Times Square and Brooklyn.
Schaul guided a team that completed more than $430 million in investment sales transactions in 2015 and 2016, primarily in the emerging Miami retail submarkets of Wynwood and the Design District.
“Drew’s established track record, multimarket expertise and national industry relationships add extraordinary value to our ability to serve our clients in South Florida,” said Arden Karson, senior managing director of CBRE South Florida.
Schaul has also represented H&M, Luxottica, and Xfinity throughout Florida.
Report: Mall vacancy rate is highest in six years
Though leasing activity in the first quarter of any year is historically slow, new retail lease signings were especially light during the first three months of 2018.
A report from Reis, Inc., said the vacancy rate at regional malls increased only minimally — to 8.4% from 8.3% in Q4 2017 — but that the 435,000 sq. ft. of net absorption was the lowest for any quarter in more than five years.
This came despite the fact that the completion of 712,000 sq. ft. of new shopping center space fell well below current trends. The quarterly average for new construction in 2017 was 3.1 million sq. ft.
Neighborhood and community shopping centers in 41 of the 77 metropolitan areas surveyed by Reis also saw an uptick in vacancies during the 12 months ending on March 31.