Target signs lease with Macerich at Kings Plaza in Brooklyn

Target Corporation as tenant signed a 10-year lease with another 40 years of options with Macerich as landlord through the entity Brooklyn Kings Plaza LLC for retail space (G1) at 5102 Avenue U in Mill Basin, Brooklyn.
The memorandum of lease was signed on October 6, 2021 and was recorded on October 18, 2021.

The signatories for Macerich were Steven M. Kraus and Cassie Malayil. The signatory for Target Corporation was Michael Seaman.

This is retail lease with an initial 10-year term but with an additional 40 years availble through eight options of five years each. The Real Deal reported in March 2021 on the rents in the shopping center, with the average being about $50 per square foot.

Direct link to Acris document. link