Welco Realty Inc., New Rochelle, NY: Jerry Welkis, President of Welco Realty represented the landlord, Paramus Roller Skating Arena, Inc. in the leasing of 20,000 s.f. to Boot Barn located at 450 Route 17 North, Paramus, New Jersey. Michael Horne, Ripco Real Estate, LLC represented the tenant. This will be their first store in Bergen County, New Jersey.
“We were very excited to be able to bring Boot Barn, a prominent boot & shoe retailer to Northern, NJ, said Jerry Welkis, President of Welco Realty. Our clients are excited to have Boot Barn as their new tenant and feel they will be very complimentary to the adjoining tenant, DXL Clothing.”
Boot Barn started out in 1978 supporting the western lifestyle exclusively and have expanded their brands with all their customers and their various lifestyles in mind. Boot Barn® serves the iconic American cowboy, from the ranch to the rodeo arena. Boot Barn® Work supports the American worker, from the oil & gas industry to agriculture. Boot Barn® Just Country serves the avid outdoorsman and thrill seeker, from hunters and anglers to those who run on pure adrenaline and grit. Wonderwest by Boot Barn® caters to fashion enthusiasts who are drawn to the fusion of women’s mainstream and western-inspired pieces. Boot Barn® Commercial Accounts supports businesses and their workers nationwide with large quantity purchases, a customized program, and a one-source nationwide supplier.
Boot Barn had a soft opening December 10, 2024 and a planned Grand Opening to take place on January 2, 2025.
re-nj.com – Joshua Burd – 6.3.24
northjersey.com – Daniel Munoz – 5.29.24
Welco Realty Inc., New Rochelle, NY: Welco Realty represented the landlord on two new Macy’s department store leases for their new smaller format concept. Macy’s signed a lease at Centerton Square in Mt. Laurel, New Jersey, and will join other major anchors such as Wegman’s, Target, Costco, TJMaxx, and DSW to name a few. The store will be approximately 30,200 s.f. This was a former Bed Bath & Beyond store and is projected to open sometime in 2024.
The 2nd store is located at Interstate Shopping Center, Ramsey, New Jersey also a former Bed Bath & Beyond store of approximately 25,000 s.f. Macy’s will be joining other anchor tenants such as ShopRite, DSW, Burlington, Michael’s, and Old Navy. Interstate is expected to open sometime in 2024.
Welco was aided in these transactions by James Creed at CBRE at Centerton Square and with Brian Schuster of Ripco at Interstate Shopping Center representing the tenant.
“We are very excited about bringing the Macy’s brand to both shopping centers and the Mt. Laurel and the Ramsey community,” said Jerry Welkis, President of Welco.
Expansion of Macy’s Small-Format:
In 2020, Macy’s introduced the first iteration of its small-format stores in the Dallas-Fort Worth area in Southlake. In 2021, Macy’s continued its expansion in the Dallas-Fort Worth area with the addition of two new locations, while also introducing two new stores to the Atlanta market. By the end of 2022, small-format stores expanded further in Atlanta and opened new stores in St. Louis and Chicago. In 2023, there were 4 additional smaller stores in Las Vegas, Boston, San Diego, & Highland, bringing the total to 12 locations. (Macy’s Inc._News Details 8.22.23)
Real Estate-NJ_11.14.23 Article by Joshua Burd
Bergen Record_North Jersey.com – 11.14.23 Article by Daniel Munoz
Patch.com(NJ)_11.15.23 Article by Michelle Rotuno-Johnson
NJ.com_11.16.23 Article by Christopher Burch
The Real Deal_11.16.23 Article by Holden Walter-Warner
NJ Biz_11.17.23 Article by Kimberly Redmond
Welco Realty Inc., New Rochelle, NY: Welco Realty represented the landlord, Stuart Russo, Irwin Sindeband, & Robert Flug, Managing Partners of SFR Realty, Inc. Welco Realty is pleased to announce that it negotiated a lease on behalf of ownership with HomeGoods, a division of TJX Companies to occupy approximately 24,000 s.f., formerly occupied by Walgreens. Jerry Welkis and David Sternschuss negotiated a deal on behalf of ownership and Jeremy Isaacs of Ripco represented HomeGoods.
We are very excited to be able to bring HomeGoods another anchor to a very successful shopping center presently anchored by a high volume Stop & Shop supermarket with other major national companies such as Old Navy, Five Below, & Panera Bread.
We believe that HomeGoods will round off the merchandise mix of the shopping center to be able to offer home décor, home furnishings at great prices to the New Hyde Park surrounding community.
HomeGoods is a chain of home furnishing stores headquartered in Framingham, Massachusetts. It was founded as a small chain in 1992 and grew to include hundreds of locations throughout the United States. HomeGoods sells furniture, linens, cooking products, art, and other home accessories.
HomeGoods is owned by TJX Companies, and is a sister company to T.J. Maxx, Sierra Trading Post, and Marshalls. The size of each store varies by location. There are locations in the United States that combine both the HomeGoods and the T.J. Maxx or Marshalls store brands in one building.
In Canada and Europe, the parent company of HomeGoods operates a similar home furnishing chain called HomeSense. In August 2017, TJX announced the opening of about 400 HomeSense stores across America.
Newsday Article_July 6, 2023_By Tory N. Parrish
Burlington, formerly known as Burlington Coat Factory, is an American national off-price department store retailer, and a division of Burlington Coat Factory Warehouse Corporation with more than 1,000 stores in 40 states and Puerto Rico, with its corporate headquarters located in Burlington Township, New Jersey. In 2007, it was acquired by Bain Capital in a transaction, and in 2008, Tom Kingsbury became president and CEO. The company went public again in 2013. Burlington is the third largest off-price retailer after TJX Companies and Ross Stores.
A restaurant that blends Asian hot pots with Korean barbecue has leased 10,000 s.f. at Neptune Plaza Shopping Center at 2200 US 66 in Neptune, New Jersey. KPOT is “a unique, hands-on, all-you-can-eat experience that merges traditional Asian hot pot with Korean BBQ flavors.”
KPot will occupy a portion of the junior anchor space facing Rt. 66. Kevin Pelio of Azarian Realty Co. represented the landlord, while Stephan Miller of Welco Realty, Inc. represented the tenant in this transaction. Other tenants in Neptune Plaza Shopping Center are World Class ShopRite, TD Bank, and IHOP.
KPot Korean BBQ was founded in 2018 and has 10 locations throughout the tri-state area.
NEWSDAY BUSINESS: By Tory N. Parrish Tory.parrish@newsday – October 5, 2022
Retail chain At Home is moving ahead with expansion plans, including a massive Long Island store that will open this month, while home goods sales fall overall amid consumers’ worries about high inflation and an impending recession.
Our business has continued to evolve through store expansion and enhanced product offerings. We are a value player and companies like us with a low-cost structure will be winners in the economic environment,” an At Home spokeswoman said.
At Home, which entered the Long Island market in April with a new store in Bohemia, plans to open its second local store at 4000 Jericho Tpke. in Huntington Square in East Northport in late October, the Plano, Texas-based retailer said.
The new home goods store will occupy part of a former Sears space, and a former Dressbarn space in the shopping center, said Jerry Welkis, President of Welco Realty, Inc., a New Rochelle-based real estate firm.
The 73,000-square-foot store will employ about 25 people, the At Home spokeswoman said.
At Home, a discounter that describes itself as a home décor superstore has been growing quickly in the past few years.
It has 256 large-format warehouse stores, including about 30 that have opened since the retailer resumed its expansion in February 2021 after a pandemic-related pause.
The chain has the long-term potential to expand to at least 600 stores, the At home spokeswoman said.
The company, which was taken private after being acquired by private equity firm Hellman & Friedman for $2.8 billion in July 2021, has six more new stores planned in various states this year, according to its website.
Meanwhile, home goods sales are down at At Home and other chains, and some retailers, such as Bed, Bath & Beyond an online store Wayfair, are outright struggling.
Pandemic-related quarantines in 2020 and 2021 helped spur a boom in home goods sales as consumers stuck at home spent more money sprucing up their residences.
But sales are down now partly because consumers who shopped for their homes last year don’t have the need to replace those items yet, said Neil Saunders, managing director of retail at GlobalData.
“The other thing as well is people don’t have the money now. And they don’t have the confidence to buy big-ticket items,” such as furniture, he said.
Inflation and consumers’ worries about a looming recession have them cutting back on discretionary spending, said Scott Hoyt, senior director of consumer economics at Moody’s Analytics in West Chester, Pennsylvania.
Bed, Bath & Beyond, which said in August that sales at stores open at least one year fell 26% in the second quarter, announced that it was closing 150 more stores.
At Home has its own specific challenges, too.
The retailer has “burned cash through the first half of the year” and has a heavy debt load, according to a September report from S & P Global Ratings, a Manhattan-based credit rating firm.
Freight costs heavily affected At Home’s profitability in the second quarter, which is among the reasons that S & P downgraded its issuer credit rating, an independent opinion of an organization’s creditworthiness, from a B to a B- in September.
Welco Realty Inc., New Rochelle, NY, Exclusive Agent for Kearny Plaza is pleased to announce that they represented the landlord, Osborne Capital, LLC on leasing a former Modell’s Sporting Goods store 13,662 s.f. to Old Navy.
Old Navy was represented by Michael Friedman of Inline Realty. Old Navy will be one of the new national retailers to locate in Kearny, New Jersey. Target will be opening shortly. Old navy is now joining a long list of national retailers that have recently located in Kearny, New Jersey. Kearny has become a major retail hub in Northern New Jersey and Welco was instrumental in bringing many of these major retail chains such as BJs, PetSmart, Five Below, Carters, Ulta Cosmetics, Hand & Stone, Sherwin Williams, Kid City, European Wax, and Hook & Reel Restaurant. KPot Korean BBQ Restaurant will be opening shortly.
Larry Cohen of Osborne Capital, LLC said “We are thrilled to be able to bring Old Navy to Kearny Plaza and add to an impressive list of major retailers that are now a part of the Kearny community.”
About Old Navy: Old Navy is an American clothing and accessories retailing company owned by multinational corporation Gap, Inc. It has corporate operations in the Mission Bay neighborhood of San Francisco, California. The largest of the Old Navy stores are its flagship stores, located in New York City, Seattle, Chicago, San Francisco, Manila, and Mexico City. They have 1,106 locations.
Welco Realty Inc., New Rochelle, NY, Exclusive Agent for At Home in New York, is pleased to announce that At Home has signed its second lease in the boroughs of New York. The 135,000 square foot lease is at a former Kmart department store at Bay Plaza Shopping Center located in the Bronx. Bay Plaza Shopping Center is one of the largest shopping centers in the city of New York, with over two million square feet of retail, restaurants, entertainment, and offices. At Home also recently opened in Rego Park, Queens NY, taking over a former Kohl’s department store.
The transaction was a sublease with Transform KM, LLC, an entity that had acquired several Kmart assets. Jerry Welkis, President of Welco Realty Inc., was instrumental in negotiating a settlement between landlord, Prestige Properties and Development Co., and Transform KM, LLC to allow for the subletting and represented At Home on the sublease. Erin Grace from JLL represented Transform KM, LLC in this transaction.
At Home is projected to open its Bronx location in the Spring of 2022 and will join an impressive list of other major retail chains that are located at Bay Plaza Shopping Center and at The Mall at Bay Plaza including Apple, which opened its first store in the Bronx at The Mall at Bay Plaza on September 24, 2021.
At Home has more than 240 stores throughout the United States and offers up to 45,000 on-trend home décor products to fit any budget or style, from furniture, mirrors, rugs, art, and housewares to tabletop, patio, and seasonal decor—in stores averaging just over 100,000 square feet.
The retailer gives customers a wide selection of style ideas, a continually updated assortment, the latest trends, and exciting seasonal products. Hundreds of items arrive each week to provide fresh inspiration. Shoppers can discover new collections from interior designers Ty Pennington, Laila Ali, Grace Mitchell, and Tracey Boyd.
In the New York area, At Home recently opened stores in Rockland County, taking over the first floor of the Macy’s building, and in Middletown, NY, taking over the former Gander Mountain store.
The Real Deal Real Estate News:
https://therealdeal.com/2022/05/03/home-decor-retailer-leases-135k-sf-for-first-bronx-store/
Commercial Observer:
https://commercialobserver.com/2022/05/decor-retailer-at-home-opening-135k-sf-bronx-outpost/
Welco Realty Inc., New Rochelle, NY, Exclusive Agent for DSW Plaza in Lake Grove, New York is proud to announce that it represented the landlord Prestige Properties and Development Co. in bringing Wegman’s as an anchor to the shopping center.
Jerry Welkis and Etan Shalem of Welco Realty, Inc. negotiated the deal directly with Wegmans on behalf of Prestige Properties and Development Co. Wegmans was not represented by a Tenant Broker. The store will be approximately 102,000 s.f. and will be the first Wegmans store to open in Long Island. The center is strategically located on a very busy east-west commercial artery on Middle Country Road, and directly across from the very successful Smith Haven Mall.
It took over a year and a half for Wegmans to do their full evaluation of the Long Island market and decide that Lake Grove was where they wanted to put their first store. Sam Shalem, CEO of Prestige Properties said, “We are so excited that we will be able to bring the number one premier supermarket chain in the country to Suffolk County and more specifically Lake Grove, New York and we are very thankful to the Mayor of Lake Grove, Robert Scottaline, who was also very instrumental in helping bring Wegmans to the town of Lake Grove”.
Wegmans presently operates 106 stores throughout the United States. Their size typically ranges from 100,000 – 120,000 s.f. offering consumers by far the best mix of groceries, specialty foods, and associated products of any supermarket chain in the country. Typically, people will drive a much greater distance to shop at a Wegmans store due to their tremendous merchandise offering and service.
About Wegmans:
Wegmans is a regional supermarket chain with 106 stores: 48 in New York, 18 in Pennsylvania, nine in New Jersey, 13 in Virginia, eight in Maryland, six in Massachusetts, and four in North Carolina. It is one of the largest private companies in the U.S. with 52,000 employees and annual sales in 2021 of $11.2 billion. Wegmans is a family company, founded in 1916, and headquartered in Rochester, N.Y.
Newsday LI Business: April 25, 2022 by Tory Parrish
New York RE Journal: April 26, 2022
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Welco Realty, Inc., New Rochelle, New York is pleased to announce that Jerry Welkis, President of Welco Realty, Inc. represented The Polizzotto Family Limited Partnership on the Sale of the former Modell’s property located on the corner of Woodhaven Boulevard and Rockaway Boulevard (94-11 Rockaway Boulevard). Prior to Modell’s occupying the property, it was occupied by United Artist Theaters. The property was sold to Raymour & Flanigan Properties, LLC and was represented by Gabriel Saff of Retail Zone, LLC. The property consists of approximately 16,000 s.f. grade level and 2,000 s.f. mezzanine and a 1,761 s.f. Papa John’s next door.
This is one of the most highly visible locations in Queens and is conveniently located near public transportation with high traffic count on both Woodhaven Boulevard and Rockaway Boulevard and is located diagonally across the street from P.C. Richard & Son, Marshall’s, and Mad Rag.
Jerry Welkis, President of Welco Realty, Inc., also represented the Polizzotto Family Limited Partnership on initially leasing the property to Modell’s. Modell’s was there from 2006 up until the time they filed for bankruptcy. Welco represented both Modell’s and the Polizzotto Family on that transaction.
Mitchell Modell always asked Jerry Welkis to find them another Ozone Park type location. It was one of their better stores in the chain.