Target Scoops Up More Land on Nicollet Mall
Target Corporation has added to its real estate holdings in the heart of downtown Minneapolis.
The Minneapolis-based retailer recently bought three parcels at 10th Street and Nicollet Mall, just across from its headquarters.
The three parcels were owned by United Properties and Pratt Ordway Properties, which in 2010 formed a strategic alliance called 10th & Nicollet, LLC to redevelop the parcels-located at 81 South 10th Street, 87 South 10th Street, and 1001 Nicollet Mall.
The terms of the deal were not disclosed, but an unnamed downtown real estate expert told the Star Tribune that the property likely went for between $11 million and $13 million.
Target spokeswoman Molly Snyder provided confirmation of the sale to the Minneapolis newspaper but said there are no immediate plans for the site. Target “is always looking to provide new opportunities to support Target’s long-term growth,” she said.
Bill Katter, senior vice president of investments and developments for United Properties, said in a press statement that “Target indicated an interest in the site” as the two owners were working on developing and marketing it-and United facilitated the sale.
“In addition to being a desirable outcome for the partnership, we believe this will be a tremendous positive for downtown Minneapolis,” Katter said in the statement.
According to the Star Tribune, roughly 10,000 Target employees work in downtown Minneapolis. They are located at its headquarters at 1000 Nicollet Mall-and in City Center at 33 South Sixth Street, in the former Crate & Barrel store at 9th Street and Nicollet Avenue, and in the former Retek tower on Nicollet Mall. Target also has a two-story retail store at 9th and Nicollet.
Late last year, Target bought a two-story building at 1013 Nicollet Mall that was formerly owned by the Church of Scientology. According to the Minneapolis Assessor's Office, the building was sold for $3 million. In December, a Target spokeswoman confirmed the purchase but wouldn’t reveal plans for the space.
To read more in the Star Tribune about Target’s most recent land purchase, click here.