The ground-floor retail space that houses the small-format Target department store at 1129 Lake St., which opened last October, has been sold to an unnamed buyer in Manhattan, according to a press release from SRS National Net Lease Group, which represented the buyer in the deal.
The purchase price of $11.875 million was lower than the original listing price of $13.2 million reported in February, when the property first went on the market.
The sale of the 22,000-square-foot building, facilitated by Newport Beach, California-based SRS, nets the village of Oak Park $95,000 in real estate transfer taxes. The buyer paid about $540 a square foot for the property.
Target is on the ground floor of The Emerson, a 271-unit luxury apartment building, which was developed by Clark Street Real Estate.
Mid-America Real Estate Corporation marketed the building in February, stating that the department store “is subject to a long-term 15-year lease.”
According to SRS, the small-format Target in Oak Park is one of eight in the Chicago area, “with two more slated to open this year, and four slated for 2019.”
SRS Vice President Britt Raymond, Managing Principals Matthew Mousavi and Patrick Luther, and Senior Associate Kyle Fant represented the buyer.
The Target includes a full-service CVS Pharmacy and a Starbucks coffee shop.