January 24, 2022 11:30 AM
Newmark Retail announces it has completed a 5,400-square-foot lease for fast-casual restaurant Pollo Campero at 966 Sixth Avenue in the Herald Square neighborhood of New York City. Newmark Senior Managing Director Craig Slosberg represented the landlord, Metropolitan Impex. Vince Sweeney of Meridian Capital represented Pollo Campero.
Founded in 1971 in Guatemala, Pollo Campero has become one of the most popular restaurant brands in Central America. The company operates more than 1,000 units in 70 countries globally. The brand is ramping up franchise development efforts in the United States, aiming to build on the existing 77 U.S. locations. The new Sixth Avenue location is expected to open later this summer.
“While we had previously leased the site in 2021, the transaction fell through due to the COVID-19 pandemic, so we worked tirelessly to secure a new tenant for the space,” said Slosberg. “We are pleased to bring a high-quality tenant like Pollo Campero to the area.”
966 Sixth Avenue is a 3-story, 8,200-square-foot retail building. Pollo Campero leased 5,400 square feet on the building’s cellar, ground and second floors. The ground floor features 20 feet of frontage on Sixth Avenue, and the building offers prominent flag, banner and storefront signage with visibility from Herald Square to Bryant Park. Neighborhood tenants include Macy’s, Urban Outfitters, Chick-fil-A, Pokeworks, Taco Bell Cantina, Krispy Kreme and Paris Baguette.
The site is on Sixth Avenue between W 35th and 36th Streets, five blocks south of Bryant Park and two blocks north of the Empire State Building. The location is proximate to the 1, 2, 3, B, D, F, M, N, Q, R and W subway lines.
According to Newmark Research, the Manhattan retail market saw increasing activity during the third quarter of 2021, driven by mobility improvements, rent corrections, and flexibility in lease structures. 2021 leasing through October 2021 totaled 1.58 million square feet, on pace to exceed 2020’s leasing totals. Among tenants that entered the market with active requirements since the start of the pandemic, 74.1% did so during 2021. Trade areas with a high proportion of residents have improved faster than those dependent on office populations and tourism.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.5 billion for the trailing twelve months ending September 30, 2021. Newmark’s company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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