Metropolitan Realty leases 900 s/f to Subway at Riverdale Crossing

Subway has signed a 10-year lease at the new Riverdale Crossing Shopping Center. According to Joseph Farkas, president of Metropolitan Realty Associates (MRA) and the project's developer, Subway has taken 900 s/f in the retail complex that is taking shape between the Major Deegan Expressway and Broadway. BJ's Wholesale Club anchors the project, which is set to open in 2014. "Restaurants have become an integral component of shopping center development, because retailers know that having high-quality food service near their stores will draw customers and help to keep shoppers on the property longer," Farkas said. "MRA is committed to achieving a vibrant mix of restaurant options to complement the retail stores at Riverdale Crossing, and we are confident that Subway will prove to be a strong traffic generator and an asset to the project." Subway is the second restaurant to sign on at Riverdale Crossing; Buffalo Wild Wings Grill & Bar has already committed to a space there, and the landlord is negotiating a lease with a third food-service provider. The Subway lease increases occupancy to 88% at the 162,000 s/f retail center. John Hanlon of CBRE represented the landlord and continues to market the remaining space for lease. Other retailers that have taken space in Riverdale Crossing include Bank of America and specialty pet-product retailer Petco. The largest tenant, BJ's Wholesale Club, will anchor the center in a 118,000 s/f free-standing structure on the southeast corner of the property. MRA is developing Riverdale Crossing with its long-time equity partner, Angelo, Gordon & Co., LP. Located on the site of the former Stella D'Oro Biscuit Co. factory, the center will offer generous parking on a surface lot and rooftop deck, a rare convenience among retail centers in the Bronx. "Leasing momentum continues to build; we have a lease out with one of the newest, hottest fast-casual franchises and we are working with several other prospective tenants," said Farkas, adding that he is confident Riverdale Crossing will be fully occupied when it opens in 2014. "When a brand new shopping center is approaching full occupancy a year ahead of the opening date, you know the product and the location are right on target," he said.