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Alexander’s completes 15-year Target lease for 135,000 square feet at Rego Park shopping center
The Apex Times

THE APEX TIMES

Business/The Apex Times/Jun 29, 5:46 PM EDT

Alexander’s completes 15-year Target lease for 135,000 square feet at Rego Park shopping center

The landlord says the Rego Park Shopping Center is now 99% leased after finalizing a long-term agreement with Target.

By The Apex Times Newsroom2 min readAI-assisted Apex article

Alexander’s, Inc. has completed a 15-year lease, with renewal options, with Target Corporation for 135,000 square feet at its Rego Park Shopping Center in Queens, New York, according to a release distributed June 29, 2026.

The announcement frames the agreement as a move to secure a major retailer tenant over a long horizon. Details on the start date, rent terms, and the specific renewal conditions were not included in the posting carried by Yahoo Finance.

Alexander’s also said the transaction brings the shopping center to 99% leased, indicating that nearly all available space in the property is under lease after the Target deal.

Target is the kind of tenant commonly described as an “anchor” in retail centers. Anchor stores can help stabilize leasing momentum for surrounding smaller tenants by drawing consistent customer traffic and providing predictable operating demand for a property’s mix.

For Alexander’s, leasing a large-format box space to a national retailer can be a key lever in managing occupancy and diversifying customer draw across the center. In retail real estate, high occupancy percentages are often used by operators as an indicator of property-level demand and leasing execution.

The broader backdrop for this kind of activity is that brick-and-mortar landlords continue to focus on locking in long-term leases with well-known operators, particularly for large spaces that may take longer to re-tenant during shifts in consumer spending. In that context, Alexander’s emphasized the center’s near-full occupancy rather than changes to capitalization, guidance, or near-term financial impacts.

Still, the company did not disclose in the posted announcement any financial terms of the lease, including the base rent, tenant incentives, or expected contribution to earnings. The posting also did not specify whether Target will be taking over an existing store footprint or adding to the center’s footprint.

Going forward, investors and tenants will likely watch for any additional disclosure from Alexander’s on the lease’s economics and timing, such as commencement dates, redevelopment plans if any, and whether remaining space changes follow this new anchor tenant agreement.

Why It Matters

  • Securing a long-term anchor tenant can help retail landlords support occupancy targets and leasing momentum at large-format shopping centers.
  • A near-full-lease status (99%) can reduce uncertainty about near-term leasing overhang for the property.
  • Large box-space leases like this can be strategically important in retail real estate, where tenant demand and lease-up timelines vary by location and retailer requirements.
  • The lack of disclosed economics means the market will need follow-on filings or supplemental disclosures to gauge the financial impact.

Sources

Key Facts

  • Alexander’s, Inc. said it completed a 15-year lease with renewal options with Target Corporation.
  • The lease covers 135,000 square feet at the Rego Park Shopping Center in Queens, New York.
  • Alexander’s stated the Rego Park Shopping Center is now 99% leased.
  • The announcement did not include rent terms, commencement timing, or the specific renewal option conditions in the Yahoo Finance posting.

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Alexander’s completes 15-year Target lease for 135,000 square feet at Rego Park shopping center | The Apex Times