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Gateway Plaza, Port Chester...

Target Leases 89781 Square Feet At Gateway Plaza In Port Chester Represented By Jeffrey Howard And Jessica Curtis
LEASEDRetail

Target Leases 89781 Square Feet At Gateway Plaza In Port Chester Represented By Jeffrey Howard And Jessica Curtis

Gateway Plaza, Port Chester, NY, 10573

Building Size

89,781 SF

Asset Type

Retail

Closing

Nov 20, 2023

AI

The property involved in this transaction is located at Gateway Plaza, Port Chester, NY, 10573. It features a two-story retail space at an open-air retail center that spans 494,000 square feet. The Tenant, Target, has leased 89,781 square feet within this location. The market for this property is Port Chester, NY.

Summary of transaction details:

  • Property Type: Retail Lease
  • Transaction Amount: Not Disclosed
  • Square Feet: 89,781
  • Address: Gateway Plaza, Port Chester, NY, 10573
  • Market: Port Chester
  • Tenant: Target
  • Landlord: metlife-investment-management'>MetLife Investment Management
  • Tenant's Representative: Jeffrey Howard
  • Landlord's Representative: Jessica Curtis - CBRE

In this deal, Jessica Curtis represented the landlord, which is a partnership between M&J Wilkow and metlife-investment-management'>MetLife Investment Management, while Jeffrey Howard represented the tenant, Target. The center also houses other tenants such as HomeGoods, Ulta Beauty, and Old Navy. An opening date for Target has not yet been determined.

Players

Jeffrey Howard

Ripco

Broker

3 deals

Broker
MetLife
MetLifeLender
MetLife
MetLifeLandlord

Port Chester Retail Market Snapshot

Boundary boundary · Retail · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93