Lease Beat

Petco Joins Riverdale Crossing

Courtesy of Black Friday

Courtesy of Black Friday

Petco has inked a deal for a new location in the Bronx.

The pet supply store will be located in the Riverdale Crossing retail center and will occupy 9,556 square feet of ground floor space in the freestanding building next to the crossing’s 118,000-square-foot anchor tenant, BJ’s Wholesale Club.

“Petco is a welcome addition to Riverdale Crossing and joins Buffalo Wild Wings, the first of eight anticipated new tenants in the freestanding 44,000-square-foot retail center being developed adjacent to the new BJ’s Wholesale Club,” said Joseph Farkas, president of Metropolitan Realty Associates, in a prepared statement.

The five-acre site that was formerly Stella D’Oro Biscuit Company‘s factory was purchased in 2011 in a joint venture between Metropolitan Realty Associates and its equity partner, Angelo Gordon & Co. The 162,000-square-foot project is slated to open in late 2013.

“Riverdale Crossing provides retailers with a unique opportunity to locate to a new center with a major anchor and abundant customer parking,” Mr. Farkas added. “Also, its location next to the Major Deegan Expressway, allows for major deliveries and loading, as well as prime signage opportunities.”

Todd Cooper and Miles Mahony of Ripco Real Estate are the exclusive leasing agents for the shopping center and represented the ownership in the transaction. Brian Schuster, another broker from Ripco Real Estate, represented Petco. The lease duration was set for fifteen years.

The Bronx has seen huge retail developments within the past few years, including a 780,000-square-foot mall at Bay Plaza and a 300,000 square foot Throggs Neck Shopping Center in Ferry Point, both set to open in 2014.

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