The Minneapolis-based retailer paid $7.8 million or $205,263 per acre ($4.71 per sf) for its 38-acre parcel in the 4,000-acre southwest Orlando community. At the same time, Dayton Hudson sold an outparcel for an undisclosed sum to Bennigan's Restaurant which will be opening at an undetermined date.
The Target store development shrinks the 1.5 million-sf commercial land inventory at Hunter's Creek to a half million sf, Thomas S. Liebrecht, vice president/general manager/Orlando division of developer Dallas-based Terrabrook, tells GlobeSt.com.
"The new Target has pushed commercial construction in Hunter's Creek over the one million-sf mark," Liebrecht says. "We have less than 450,000 sf remaining."
Residential development, meanwhile, is almost built out at the 15-year subdivision. "Residential and commercial are running neck and neck as to which will be finished first," Liebrecht says. "From a developer's standpoint, it's an interesting race."
Suzanne Hayes of C.B. Richard Ellis Inc. brokered the Dayton Hudson land transaction.
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