Urban Edge Inks 139 KSF NYC Retail Lease – Commercial Property Executive

Urban Edge Properties has leased a 139,000-square-foot general merchandise store at Bruckner Commons in the Bronx. Target will be occupying the space, joining other tenants at the 510,000-square-foot shopping center, including Marshalls, ShopRite, Five Below and Burlington.

Urban Edge acquired Bruckner Commons back in 2007 for $130 million, according to CommercialEdge data. The five-building retail center was built in 1965 and covers 18.17 acres.

Located at 1998 Bruckner Blvd., Bruckner Commons is near the intersection of I-295, I-95, I-278 and I-678. The property is also close to several dining options, schools and entertainment venues, as well as green spaces including Pugsley Creek Park and Soundview Park. More than 700,000 people live within a 3-mile radius from the retail center, which is easily accessible to the 80,000 vehicles that pass by each day.

Senior Vice President & Head of Leasing at Urban Edge, Scott Auster, said in a prepared statement that the addition of Target will secure the property’s position as one of the top retail destinations in the area.

Despite pandemic-induced challenges such as the surge in online shopping and a high inflation, the retail sector remains resilient. A recent JLL survey indicates that mass merchandisers will welcome more than 60 percent of shoppers to their locations, and department stores will see nearly 50 percent of shopping crowds pay a visit in the upcoming holiday season.