Gateway Port Chester Signs Target As New Tenant
07 Jul 2020
CBRE announced today that national merchandise retailer Target has signed a two-level 89,781 sq. ft. lease at the newly rebranded Gateway Port Chester. The open-air shopping center, located in Westchester County, is jointly owned by M & J Wilkow and MetLife Investment Management, MetLife’s asset management business. Target will be moving into the space that includes the formerly occupied A.I. Friedman building.
CBRE’s Jessica Curtis represented the Landlord as the exclusive leasing agent for Gateway. The Landlord acquired the property in February 2019.
“We’re delighted to announce the completion of this significant transaction, following ownership’s decision to rebrand the shopping center as Gateway Port Chester, because it makes such a powerful statement about our convictions concerning the extraordinary potential of Gateway as a major retail destination center,” said Marc Wilkow, President at M & J Wilkow. “We were excited about the opportunity to purchase the property with MetLife Investment Management given its immense potential to become Westchester County’s premier retail, dining and service destination. The lease with Target is the perfect catalyst to kick off the program we have designed with our colleagues at MetLife to benefit the communities we serve.”
CBRE’s Curtis added, “Gateway’s centralized location and solid roster of existing retail tenants positions the property as the ideal destination for retail and restaurant tenants looking to expand into the Westchester County market. As part of the center’s rebrand, the owners plan to modernize the overall look of the development in addition to increasing customer amenities.”
Located in the Village of Port Chester in Westchester County, Gateway is a 494,000 sq. ft. open air shopping center poised to become the market’s leading retail destination. The center is strategically positioned at the intersection of Interstate 287 and Interstate 95, the two main highway systems connecting the Western and Northern suburban communities of New York City. Anchored by a multinational supermarket chain and department store retailer, Gateway encompasses an impressive tenant roster that currently includes HomeGoods, Ulta and Old Navy.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.