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Target Finds Inner-City Mark at Capital Plaza

AUSTIN-Cencor Realty signs Target to a 20-year ground lease after a year-long courtship on behalf of Capital Plaza. Work begins in the fourth quarter on a 126,300-sf store. But first, a vacant Montgomery Ward building will be razed.

By Tim Green | Updated on September 12, 2002

AUSTIN-After a year of selling and negotiating, Cencor Realty Services has signed Target Corp. to a 20-year ground lease at Capital Plaza, Austin’s oldest shopping center.

Dallas-based Cencor, which owns the shopping center at 5400 Interstate 35, will tear down the existing building that housed a Montgomery Ward store and deliver a pad site to Target, says Scott Freid, partner in charge of the Austin office of Cencor and its affiliate, the brokerage firm the Weitzman Group.

Target plans to start work in late October or early November and open in late summer 2003. The 126,300-sf store will be similar in size to its locations in Round Rock and Lake Hills in the south submarket, Freid tells GlobeSt.com.

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