Petco arrival seen as big win for Jackson Heights market

A 13,500-square-foot former catering hall near LaGuardia Airport has landed pup-friendly tenant Petco. And it could attract even more nationally-known tenants to the area.

The retailer inked a 10-year lease for the Jackson Heights building at 7507 31st Avenue, at 77th Street, which also includes a 2,500-square-foot basement. The agreeed-upon rent is roughly $170 per square foot, and Petco will take up the property’s entire ground floor.

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Bill Bergman of Muss Development represented landlord Allied Jackson Heights in the deal, while Brian Schuster of Ripco Real Estate represented the tenant.

“Bringing in national retailers will really improve the overall look of the center and give more of an identity to Jackson Heights,” Jeffrey Kay, chief operating officer of Muss Development, told Crain’s. “Local officials love the fact that we’re re-investing in the neighborhood.”

The deal comes hot on the heels of landlord’s upgrades throughout the shopping center, which include new lobby entrances, signs, exteriors and spruced up landscaping.

The stand-alone building is located in a 130,000-square-foot, 24-store shopping center near Grand Central Parkway and less than one mile from LaGuardia Airport. [Crain’s]Julie Strickland