MINNEAPOLIS — Target Corp. (NYSE: TGT) has unveiled plans to invest approximately $4 billion annually during the next several years in an effort to accelerate new store openings and store remodels, as well as enhance its fulfillment services and strengthen the company’s supply chain. The Minneapolis-based retailer plans to increase its fresh and frozen food pickup assortment as well as launch adult beverage pickup in 800 more stores over the next few months. Target will continue to incorporate brand partnerships, including the opening of approximately 100 Ulta Beauty “shop-in-shops” in 2021, with plans to add hundreds more over time. Building on its 15-year relationship with Apple, Target has introduced a new Apple shopping destination online and in 17 stores. More locations are scheduled to roll out this fall. The discount retailer plans to open 30 to 40 new stores each year in urban centers, college campuses and dense suburban cities across the country. In urban centers such as New York City, Los Angeles and Portland, Target will open more small-format stores. It also plans to open small-format stores at the University of Georgia and University of Michigan. Target opened 30 new stores in 2020. Target also expects to accelerate its …
QUINCY, ILL. — Owner and manager Cullinan Properties Ltd. has rebranded Quincy Mall as Quincy Town Center. The property is located in Quincy, which is situated along the Mississippi River in western Illinois. Cullinan says the new identity reflects a fresh image and direction for the next chapter of the property. Anchor tenants include Quincy Medical Group, Slumberland Furniture and VIP Cinemas. Cullinan will continue to pursue retail tenants for Quincy Town Center, but it is also seeking uses such as office, hotel and multifamily. Originally opened in 1958 as an outdoor complex known as the American Legion Miracle Mile Town and Country Shopping Center, the center was eventually enclosed and rebranded as Quincy Mall in 1978. Cullinan acquired the asset in 2006.
OVERLAND PARK, KAN. — The Cooper Commercial Investment Group has brokered the sale of Overland Pointe Marketplace in Overland Park for $6.3 million. The two-building retail property spans 80,047 square feet. Some of the tenants include The Big Biscuit, a gym, nail salon and dry cleaner. The asset is shadow anchored by Sam’s Club, Home Depot and Hy-Vee. Dan Cooper of Cooper Group represented the seller, an Ohio-based private investment group. A West Coast-based investment group was the buyer.
SCHAUMBURG, ILL. — Costco Wholesale Corp. and Costco Innovel Solutions have leased 30,000 square feet at Woodfield Preserve Office Center in Schaumburg. The property is located at 10 N. Martingale Road. Costco expects to begin occupying the space in April. The two-building Woodfield Preserve recently underwent renovations such as lobby remodeling and elevator cab modernization. Amenities include fitness centers, conference centers, tenant lounges, game rooms, delis and an outdoor courtyard. William Elwood and Robert Graham of CBRE represented ownership, Zeller, in the lease transaction. David Stefancic and Lexis Livengood of Cushman & Wakefield represented Costco. Other tenants at the property include Assurance, Byline Bank, Hitachi, New York Life and Progressive.
COTTAGE GROVE, MINN. — Oak Residential Partners has acquired Hinton Heights in Cottage Grove, a suburb of the Twin Cities. The purchase price was undisclosed. The 249-unit apartment community features amenities such as an indoor pool, spa and picnic areas. All units feature individual entrances and most have attached garages. Ted Abramson, Keith Collins and Abe Appert of CBRE Minneapolis Multifamily represented the seller, Curtis Capital Group. The sale represents a value-add opportunity, according to Abramson. NorthMarq provided a $41.5 million Freddie Mac loan for the acquisition. The seven-year, fixed-rate loan features three years of interest-only payments.
The seniors housing industry has had a particularly challenging year. But the latest data from NIC MAP shows COVID cases are down in nursing homes and occupancies are expected to rebound from historic lows in the coming months, says Matt Pipitone, seniors housing platform manager with M&T Realty Capital Corp. (MTRCC). It remains to be seen how quickly leasing will ramp up and to what extent rents and incentives will be impacted long term. But in the meantime, Pipitone points to some positives on the financial side of the industry. Namely, the government has provided several rounds of stimulus money, which has helped operators, especially those who manage skilled nursing facilities. And Fannie Mae, Freddie Mac and HUD have offered assistance to borrowers in the form of forbearance programs and other debt service relief. The agencies also remain active, but are cautious when treading in the sector, Pipitone says. “Fannie and Freddie have pulled back. Overall leverage is down, and there are debt service reserves required on new deals. But the rate environment is still really good. HUD, on the other hand, has been really steady. Borrowers can still get up to 80 percent loan-to-value with 1.45 times debt service …
By Evan Lyons, Encore Real Estate Investment Services Call it what you will — Motown, the Motor City, the Comeback City — by any name, the city of Detroit has long been a place of possibilities. A smart student in the school of hard knocks, Detroit has teetered on failure, yet still managed to graduate with high marks. Best known as the birthplace of the automobile and home to Motown music’s Hitsville USA, Detroit went from being the driver of American capitalism to a city in ruin. It endured population decline in the ’50s, rioting in the ’60s, the collapse of the auto industry in the late ’70s and ’80s, and in 2013, the largest municipal bankruptcy in U.S. history, yet somehow emerged as a hot spot for high rollers and hipsters alike. As 2019 winded down, Detroit and the surrounding Southeast Michigan area boasted a healthy economy. The automotive industry, a key driver of the region, posted better than expected sales of cars and trucks in the fourth quarter of 2019, beating projections. Employment was on the uptick both in the city and across the state. Southeast Michigan appeared positioned for growth in 2020. The same held true for …
Conor Commercial Underway on Development of 436,500 SF Spec Industrial Project in Bartlett, Illinois
BARTLETT, ILL. — Conor Commercial Real Estate is underway on the development of Brewster Creek Commerce Center in Bartlett, about 35 miles northwest of Chicago. The speculative industrial project will span 436,500 square feet. Conor expects to serve e-commerce and logistics companies in need of large-scale distribution space. The building will feature a clear height of 36 feet, 54 truck docks, four drive-in doors, ESFR sprinklers, parking for 125 trailers and parking for 340 cars. Completion is slated for the second quarter. McShane Construction Co., V3 Cos. and Harris Architects Inc. make up the project team. The project is part of a larger 670-acre business park that is home to tenants such as McKesson, ITW, Greco & Sons, Rana, Creative Werks and Cheese Merchants of America.
FORT WAYNE, IND. — Quantum Real Estate Advisors Inc. has brokered the sale of a two-property retail portfolio in Fort Wayne for $12 million. The assets are located at 401-407 E. Coliseum Blvd. and 407 W. Coliseum Blvd. and total 27,000 square feet. Dan Waszak of Quantum represented the buyer, a Mexico-based private investor. An Indiana-based development group was the seller, which revitalized both properties upgraded them to Class A assets.
GLENDALE HEIGHTS, ILL. — ML Realty Partners has completed the development of a 115,924-square-foot speculative industrial building in Glendale Heights. Located at 760 E. North Ave., the project features a clear height of 32 feet, 26 exterior truck docks and two drive-in doors. ML Realty acquired the 7.5-acre site in fall 2019. Kelly Disser, Eric Tresslar, Michael Freitag and Dion Ursino of NAI Hiffman will market the property for lease. Meridian Design Build and Harris Architects made up the project team.