New Mexican Eatery Guacado to Open in East Harlem
In an exciting development for East Harlem’s dining scene, Guacado, a Mexican restaurant operated by Guac Time Mexican Grill, is set to replace the former Taco Bell location this fall. The establishment will take over the space situated at 1884 Third Avenue, strategically located at the corner of East 104th Street.
Details of the Lease Agreement
Guacado has secured a 15-year lease for a 2,575 square-foot premises in a four-story commercial building owned by John Lemarier. The agreement was finalized with an asking rent of $85 per square foot, according to information provided by tenant broker Meridian Retail Leasing.
Market Trends and Retail Strategy
Noam Aziz, a broker from Meridian, highlighted the strategic significance of this location. “This is exactly the kind of corner retail that tenants are chasing right now,” Aziz noted. He emphasized that the property’s high visibility and strong foot traffic generate considerable neighborhood demand, suggesting that Guacado is likely to perform well from its opening day.
Expansion Plans for Guacado
This East Harlem location marks the second venture for Guacado, with plans for an additional restaurant opening in Brooklyn. The decision to choose this specific area underscores the chain’s dedication to entering markets with robust customer bases and favorable operational conditions.
Landlord Representation and Market Insights
Cooper Katz and Mark Tergesen from ABS Real Estate Partners represented the landlord in this transaction. Katz chose not to provide a comment on the deal, while representatives from both Guacado and the landlord were unavailable for immediate comment. However, Carson Shahrabani from Meridian expressed insights into current retail trends, stating, “Retailers are being selective in today’s market, but there’s strong appetite for locations with fundamentals like this one,” indicating a thriving market for quality tenants.
Nearby Competition and Collaborative Environment
Guacado will join several established fast-food chains in the vicinity, including McDonald’s at 1872 Third Avenue and KFC at 1922 Third Avenue. This positioning is expected to enhance the overall dining options available to residents and visitors in the area.
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