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.
WEST HARRISON, N.Y. — Toll Brothers Inc. (NYSE: TOL), in a joint venture with J.P. Morgan Global Alternatives, has completed Carraway, a 421-unit apartment community in West Harrison, about 30 miles north of New York City. The property offers studio, one- and two-bedroom units that are furnished with quartz countertops, marble-style backsplashes and wood-style flooring. Communal amenities include a pool, fitness center, private workspaces, resident clubroom and a private dining room. Rents start at $1,275 per month for a studio unit, according to Apartments.com.
NORTHBOROUGH, MASS. — A joint venture between Connecticut-based Wheelock Street Capital and Camber Development has purchased Sanofi Genzyme’s Northborough Global Operations Center, a 212,000-square-foot life sciences building in Northborough, located outside of Worcester. The sales price was $33 million. The property is situated on a 19.3-acre site and was fully leased at the time of sale. Coleman Benedict, Matthew Sherry, Ben Sayles, Michael Restivo and Corbin Stall of JLL represented the buyer in the deal. The seller was Chicago-based Capri EGM.
LYNN, MASS. — Locally based developer The Procopio Cos. has begun leasing Caldwell, a 259-unit apartment complex in the northern Boston suburb of Lynn. The property offers studio, one- and two-bedroom units with quartz countertops and individual washers and dryers. Amenities include a pool, fitness center, rooftop terrace and a lounge area with a bar. Rents start at roughly $1,600 per month for a studio unit.
WOODLAND PARK, N.J. — Cushman & Wakefield has brokered the sale of Lackawanna Business Park, a 140,548-square-foot industrial complex located at 86 Lackawanna Ave. in Woodland Park in the northern part of the state. The sales price for the three-building complex was $10.2 million. Andrew Schwartz, David Bernhaut, Gary Gabriel, Kyle Schmidt, Frank DiTommaso and Jordan Sobel of Cushman & Wakefield represented the seller, Lackawanna Associates LLC, and procured the buyer, Lackawanna Woodland LLC.
WEYMOUTH, MASS. — JLL Capital Markets has arranged the sale of the former Colonial Nursing Center in Weymouth, a South Shore suburb of Boston. The buyer plans to convert the property into a workforce housing asset. The seller and sales price were not disclosed. Located on 2.1 acres and totaling 72,999 square feet, the current layout includes 93 units with various amenities, including a commercial kitchen, dining room, activity areas, outdoor courtyard, common gathering areas and outdoor walking trails. Jason Skalko, Zach Rigby, Brannan Knott and C.J. Kodani of JLL represented the seller in the transaction.