Rite Aid Renews Two Leases in Queens
The national drug store, Rite Aid, has renewed leases for two locations in Queens totaling over 17,000 square feet.
The company will take 10,645 square feet in Jackson Heights at 75-75 31st Avenue, the Jackson Heights Shopping Center. The center is a large 130,267 square foot office and shopping complex with tenants including Modell’s, Carvel, Sovereign Bank, Radioshack, and a United States Post Office.
The other store is a 6,200 square foot space at 2101-2137 Broadway, the Broadway Shopping Center, in Astoria. That center, known as “Astoria’s First Complete Shopping Center,” boosts a 100% occupied tenant roster across the 45,206 square foot retail center. The tenant composition is similar to Jackson Heights Shopping Center with a bank, a postal service, an electronics store, and several other assorted stores.
“Rite Aid is a great credit tenant, the perfect complement at each shopping center and well serves the diverse populations who live in these Queens neighborhoods,” said Jason Muss, a principal at Muss Development, in a prepared statement. “We are extremely happy to continue our relationship with Rite Aid.”
Muss Development owns both complexes and was represented by in-house broker Stan Markowitz in both deals. Chase Welles of Northwest Atlantic Real Estate Services was the sole broker for Rite Aid on both deals as well.
Found in 1906, Muss Development has constructed dozens of commercial, retail, residential, hotel, assisted living and nursing homes, and parking developments and complexes across the city. Their work is most known in Queens and Staten Island. Future projects include a development 90 miles away from the city in the Catskills.