Officials with National Realty say that demolition work on the 69,000-sf building has already begun. A groundbreaking ceremony for the new 120,000-sf big-box facility is scheduled for this Friday. The store will open for business in March 2005. Last year, Target announced it would open stores in Bridgeport and Stamford.

National Realty purchased the property from Health Net Inc. Thomas O'Leary and Gerry Lees, senior directors of Cushman & Wakefield, represented Health Net in the sale and procured the purchaser.

"Through the sale of this facility will come one of the most prosperous shopping destinations in the area, as Trumbull continues to experience economic growth," Lees says. "At the same time, Health Net has accomplished it strategic objective of selling an asset that is no longer necessary to keep in their portfolio."

The Target store will be incorporated into National Realty's existing Hawley Lane Mall, which sits alongside the 120 Hawley Lane building just off Route 8. The Hawley Lane Mall totals 462,477 so of rentable space and is anchored by Kohl's Department Store and HomeGoods. The complex features 20 other tenants including Dress Barn, Radio Shack, Payless ShoeSource, McDonald's and Dunkin' Donuts.

In addition to the new store, expanded parking and an additional entrance road off of Hawley Lane that will lead directly to the Target and the upper level of the Hawley Lane Mall are part of the development project. National Realty officials did not disclose the development cost for the store and related work.

Earlier this month, National Realty reported that it had begun construction on a 120,000-sf Burlington Coat Factory outlet store in Stamford, CT, and on the 258,000-sf Rockaway Center retail project in Rockaway Township in Morris County, NJ.

Instant Insights /

Building Sale Paves Way for New Target Store

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