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New Owner Will Divvy 102,000-SF Box

SUGAR LAND, TX-Local buyers, John S. Beeson and Ali Ebrahimi, outbid at least three others and close the purchase 45 days later with two letters of intent in hand for a shuttered Target at the junction of Texas 6 and Settlers Way.

By Jennifer Brenner Andrade | Updated on May 17, 2004

SUGAR LAND, TX-The new owners of an empty 102,000-sf store, leased to Target Corp. through month’s end, have closed the acquisition with two letters of intent in hand to redevelop a key retail site at a “Main and Main” crossroads in the suburbs. Industry sources tell GlobeSt.com that the asset sold for $45 per sf to $50 per sf.

The seller is Amerishop Target LP, led by DRA Advisors of New York City, which started marketing the eight-acre property at Texas 6 and Settlers Way in Sugar Land in fall 2003. The 19-year-old store went dark as part of Minneapolis-based Target’s plan to replace smaller, older locations with large-format Super Targets. Vaughan Ford in the Houston office for Dallas-based Henry S. Miller Commercial tells GlobeSt.com that the Target lease expires at the end of the month.

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