Target Fills Former Toys ‘R’ Us Space at Ceasar’s Bay
Toy store-deprived parents in south Brooklyn are getting the business: a Target to replace both the former Toys ‘R’ Us and Babies ‘R’ Us spaces at the Caesar’s Bay Shopping Center.
Target will move into what is now a 90,000-square-foot, two-story space at the more than 300,000-square-foot outdoor center in Gravesend, joining Kohl’s, Best Buy and Modell’s. There are also food options such as Five Guys, and an Olive Garden will open March 25.
The owners and managers of Caesar’s are Gazit Horizons — the North American subsidiary of the Tel Aviv-based Gazit Globe — in partnership with Surrey Equities.
“It’s a very unique piece of property because you are talking about 14 acres,” said Jeff Mooallem, president and chief executive of Gazit Horizons.
“We made the bet even with Toys going bankrupt, and we were able to lease even faster than we expected,” he added. “Target will have a big store, and with free parking, it will be a suburban-feeling store.”
To make the second-floor selling space better, the owners cut a deal with the neighboring Kohl’s to take back around 12,000 square feet of its storage area.
Peter Ripka and Jeff Howard of Ripco Real Estate represented both sides of the long-term deal. “It’s a fantastic location in Brooklyn on the water and next to the Belt Parkway and is one of the best shopping centers in New York City,” said Ripka.
In the future, the owners expect to add another 6,000 square feet for smaller stores. No asking rents were available but they are considered “affordable” for the tenants.
In June 2018, Gazit Globe paid $48.8 million for a 41 percent stake in the ownership venture of the center, which included a 50 percent voting interest. The seller was an entity of Toys ‘R’ Us, which was restructuring as part of its bankruptcy proceedings.