TITUSVILLE, Fl-A 12-acre Target retail development site at Crossroads Marketplace on State Road 405 has been sold for $4.9 million.

The Colliers Arnold Commercial Real Estate Services Inc. team of senior vice president Susan Morris, associate Kane Morris-Webster and associate Jill Rose represented the seller in the transaction, Indianapolis-based Duke Realty Corp. Minneapolis-based Target Corp. purchased the property, where the company plans to build a 126,842 sf-store. "When Target goes into a center, they usually buy their own pad," Rose tells GlobeSt.com.

Earlier this year, Colliers Arnold was hired by Duke to market and lease the remaining 93,000 sf of development space at the 220,000-sf Crossroads Marketplace, which is located off State Road 50 and Interstate 95. Currently, Colliers Arnold is in final lease negotiations with several national mid-box and small shop users with only about 20% of the center remaining for lease. "All the tenants that have signed have been national retailers," Rose says. "The activity we've gotten with the center shows the strength of the Titusville marketplace."

Construction on both the Target and the rest of the space at Crossroads Marketplace is expected to begin with the next month or two. Duke Realty has developed more than 10 million sf of retail space throughout the US. In Florida, the company is developing retail projects in Titusville and Pembroke Pines.