Jollibee signed a 10-year lease for a retail street-front inline unit on a high-traffic road in the Elmhurst section of Queens. For over 15 years the space had previously been occupied by a bi-level Duane Reade, a New York-based pharmacy. The leased unit, in the same building as VistaSite Eye Care, will share a wall with this neighboring tenant after both the landlord and Jollibee participate in significant buildout costs in order to prepare the space for the restaurant’s tenancy. For example, the landlord will be separating the 3,785-s.f. lower level from the ground level that Jollibee will be occupying. A brand new 349-s.f. vestibule entrance will then be built to access the lower-level space that faces the Queens Center mall, just around the corner from the building. CityMD is the third tenant occupying the street corner space of the same building.
Tenant: Jollibee
Location: Queens, N.Y.
Square Footage: 2,717 s.f.
Developer/Owner: Midwood Investment & Development
Property Type: Retail Street-Front
Initial Term: 10 Years
The location appealed to the Jollibee team because it has excellent accessibility and visibility. The aforementioned Queens Center mall, which is a one-minute walk from the space, generates a tremendous amount of foot traffic. The mall has anchor stores such as JCPenney and Macy’s, and houses other popular retail brands such as Lululemon, Forever 21, an Apple Store and Sephora. The neighborhood is also ethnically diverse, with a large Asian population. The restaurant should open by the end of the year. Jollibee refers to its cuisine as “fast food with a Filipino twist.”
Property Representation:
Katz & Associates
950 Third Ave., Suite 903
New York, NY 10022
Daniel DePasquale, Director
(212) 257-4996
ddd@katzretail.com
Tenant Representation:
CBRE
200 Park Ave.
New York, NY 10166
Henry Rossignol, VP
(212) 984-6644
henry.rossignol@cbre.com
Anthony Stanford, VP
(212) 984-6693
anthony.stanford@cbre.com
