{"id":1004685141,"date":"2023-10-09T03:21:54","date_gmt":"2023-10-09T11:21:54","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004685141"},"modified":"2023-10-09T05:30:19","modified_gmt":"2023-10-09T13:30:19","slug":"simone-development-to-reposition-former-nyc-supermarket","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/simone-development-to-reposition-former-nyc-supermarket\/","title":{"rendered":"From Supermarket Site to Logistics Center in NYC"},"content":{"rendered":"
\"1720<\/a>

1720 Eastchester Road in the Morris Park section of the Bronx. Image courtesy of Simone Development Cos.<\/em><\/p><\/div>\n

Simone Development Cos<\/strong>. has acquired a vacant property in New York City\u2019s Bronx borough, with plans to convert the asset into much-needed industrial space. The company acquired 1720 Eastchester Road from Madison International Realty<\/strong> for an undisclosed price.<\/p>\n

The seller was represented by Cushman & Wakefield\u2019<\/strong>s Jonathan Squires and Josh King, while Simone Development Cos. was represented in-house by Megan Guy, Brian Reardon, Josh Gopan, Dina Gupta and Sean Heneghan.<\/p>\n

The new ownership has plans to convert the former retail site into a 186,298-square-foot logistics center for warehouse and distribution users. The property at 1720 Eastchester Road was previously a 63,000-square-foot Stop & Shop supermarket, liquor store and Subway restaurant. According to Simone Development Cos., the Stop & Shop building has been vacant since July 2023.<\/p>\n

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READ ALSO<\/strong>: Manufacturing Rebound Faces Real Estate Roadblocks<\/a><\/p>\n

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The company has plans to start the repositioning process immediately, which is expected to take six months. Simone Development Cos. tapped Cushman & Wakefield to secure potential tenants for the redeveloped property. When completed, the logistics center will have outdoor parking, 18-foot clear ceiling heights, multiple loading docks and drive-in doors. Located at the corner of Eastchester Road and Waters Place, 1720 Eastchester Road is adjacent to Simone Development Cos.\u2019 existing 1.4 million-square-foot Hutchinson Metro Center campus and has convenient access to the Bronx\u2019s multiple highways and nearby airports.<\/p>\n

Reardon, vice president of development for Simone Development Cos., said in prepared remarks that the East Bronx needs modern last-mile warehouse distribution centers like 1720 Eastchester to serve the nearby communities.<\/p>\n

Securing tenants across the Greater New York portfolio<\/h2>\n

Once completed, 1720 Eastchester Road will add to Simone Development Cos.\u2019 growing industrial portfolio in the Bronx. The company has several industrial, retail, office and medical office assets in the borough. Simone Development Cos.’ overall portfolio includes acquisitions and developments of health-care, mixed-use, office, industrial, retail and residential properties across New York, New Jersey and Connecticut. These assets total more than 7 million square feet across at least 100 properties in the Greater New York metro.<\/p>\n

Earlier this month, Simone Development Cos. landed a full-building tenant for its 110,300-square-foot industrial building<\/a> in Mount Vernon, N.Y. A month prior, Chipotle Mexican Grill signed a long-term lease to take up nearly 3,000 square feet at the company\u2019s Metro Center Atrium within the Hutchinson Metro Center complex in the Bronx.<\/p>\n","protected":false},"excerpt":{"rendered":"

Simone Development\u2019s new facility will be adjacent to its existing 1.4 million-square-foot property.<\/p>\n","protected":false},"author":883,"featured_media":1004685158,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21748,1600,21742,10],"tags":[32799,33189,34413],"class_list":["post-1004685141","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-industrial","category-new-york","category-latest","category-northeast","tag-cushman-wakefield","tag-madison-international-realty","tag-simone-development-companies"],"acf":[],"yoast_head":"\nFrom Supermarket Site to Logistics Center in NYC - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Simone Development Cos. has acquired a vacant retail property in NYC\u2019s Bronx borough, with plans to convert the asset into industrial space.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/simone-development-to-reposition-former-nyc-supermarket\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"From Supermarket Site to Logistics Center in NYC\" \/>\n<meta property=\"og:description\" content=\"Simone Development Cos. has acquired a vacant retail property in NYC\u2019s Bronx borough, with plans to convert the asset into industrial space.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/simone-development-to-reposition-former-nyc-supermarket\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-09T11:21:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-09T13:30:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/1720-Eastchester-Road-featured.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"797\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jackson Chen\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/simone-development-to-reposition-former-nyc-supermarket\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/simone-development-to-reposition-former-nyc-supermarket\/\",\"name\":\"From Supermarket Site to Logistics Center in NYC - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/simone-development-to-reposition-former-nyc-supermarket\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/simone-development-to-reposition-former-nyc-supermarket\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/1720-Eastchester-Road-featured.jpg\",\"datePublished\":\"2023-10-09T11:21:54+00:00\",\"dateModified\":\"2023-10-09T13:30:19+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/8d4607aca26f3427c49fe54ddc82ddf1\"},\"description\":\"Simone Development Cos. has acquired a vacant retail property in NYC\u2019s Bronx borough, with plans to convert the asset into industrial space.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/simone-development-to-reposition-former-nyc-supermarket\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/simone-development-to-reposition-former-nyc-supermarket\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/simone-development-to-reposition-former-nyc-supermarket\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/1720-Eastchester-Road-featured.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/1720-Eastchester-Road-featured.jpg\",\"width\":797,\"height\":600,\"caption\":\"1720 Eastchester Road in the Morris Park section of the Bronx. 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