Spinell and Mid-America principal Paul Bryant representedproject developer Holsten Real Estate Development Corp., based inChicago, in the sale, while Adrian Brown, with Indianapolis-basedGershman Brown Crowley Inc., represented Target in the acquisition.The land price was not released.


"It's a great urban location where they felt they could have areally successful store," Spinell tells GlobeSt.com. "It's a bigmixed-use space and there's absolutely demand for a departmentstore like Target here. Especially when you have dense markets likethis, there are huge barriers to entry for projects so once thetenants get in, they do very well."With Target's purchase, thedevelopment will be more than 90% occupied. Asking lease rates forthe 20,000 sf of retail remaining will be in the low-$40s per sf,net, Spinell says. Holsten is looking to fill the space with six toseven other smaller tenants.


Wilson Yard will also include 178 units of rental housing andsenior living. The development already includes a 13,000-sf Aldibuilt on the north end of the site. The grocery store, which alsoowns its own space, opened last year. The five-acre development,located on the former location of a Chicago Transit Authority railyard, is bordered by Broadway Street on the east, the CTA Red Linetracks on the west, Wilson Avenue on the north and Montrose Avenueon the south.

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