May 3, 2022 12:00 PM
Newmark Retail announces it has completed an 11,242-square-foot lease for discount chain Five Below at 163-40 Jamaica Avenue in Jamaica, New York. Newmark Vice Chairman Barry Fishbach, Executive Managing Director Jason Pruger and Director Young Kim represented the asset owner, BEB Capital in the transaction. Five Below was represented by Doug Weinstein and Tom Rettaliata of RIPCO Real Estate.
“163-40 Jamaica Avenue is in a great high-traffic area in a high-density location surrounded by many national retailers. Jamaica Avenue has benefited from the rezoning and residential development,” said Fishbach.
Five Below will lease 11,242 square feet at the property for a term of 12 years. A Modell’s Sporting Goods formerly occupied the space. The new Five Below location is expected to open before the end of 2022.
163-40 Jamaica Avenue is located on the South block between 165th Street and Guy R Brewer Boulevard. It is proximate to CUNY York College—which has an average attending population of 8,000—and to the Jamaica Center-Parsons/Archer stop servicing the Long Island Railroad, E, J and Z lines, with an annual ridership of over 10 million. Neighborhood tenants include Burlington, H&M, Home Depot, Rainbow, City MD, Footlocker, Cookie’s Kids Department Store, Boston Market, Bank of America, Spectrum, Panda Express, Chipotle Mexican Grill, Snipes and Metro by T Mobile.
Remaining available at the property is a 432-square-foot space on the ground floor and an 11,529-square-foot space on the lower level. The available spaces would be an ideal location for a gym or medical use.
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 $2.9 billion for the year ending December 31, 2021. Newmark’s company-owned offices, together with its business partners, operate from approximately 160 offices with over 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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Newmark Retail Secures 11,242-Square-Foot Lease for Five Below in Jamaica, Queens
May 3, 2022 12:00 PM