Within a matter of weeks, three grand openings for 65,000 square feet of leased space have been held at the newly built Kings Highway Plaza in Brooklyn.
Target, Five Below and Smashburger have all recently opened at the shopping center, which was completed this year by Bridges Development Group at 5200 Kings Highway in East Flatbush. The first two launched the week of April 19; Smashburger opened earlier.
Target accounts for the majority of the space recently leased — 50,000 square feet. Approximately 15,000 square feet of the 80,000-square-foot plaza remains available.
Read more
Commercial
New York
Open air windfalls: Shopping centers breeze past malls in their recovery
Commercial
New York
Target leases 50K sf store in East Flatbush
“With nearly 350,000 residents in the neighborhood surrounding Kings Highway Plaza, the site offers much-needed food and retail access to the local community,” said RIPCO managing director Geoff Bailey, who is representing the project on behalf of Bridges Development, in a statement.
Jeff Howard of RIPCO represented Target, Erin Grace and Hillary Sievers of JLL represented Five Below and Miles Mahoney and Chris Walter of RIPCO represented Smashburger.
During the pandemic, open-air shopping centers recovered faster than their enclosed-mall counterparts.
Five Below — where everything costs $5 or less — and Target have both done well during the pandemic as consumers focused on staples and watched their budgets. Target announced it would renovate 150 stores this year and open 30 to 40 more. Five Below opened 120 new stores last year as sales increased by 6.2 percent.
Smashburger, a fast-casual burger chain based in Denver, now has three locations in New York City, all in Brooklyn.