Sources based the closing price on the trading range for Kmart locations: $30 per sf to $90 per sf. A hard-corner positioning at Beechnut Street and Loop 610 South--at the heart of the 963,000-sf Meyerland Plaza--undoubtedly pushed the price to the top of the scale.

Rick Langhorne with Ronus Properties tells GlobeSt.com that talks with the Minneapolis-based Target began in summer 2003 just as the Troy, MI-headquartered Kmart was making its exit due to a Chapter 11 reorganization. At one point, Ronus Properties considered divvying the structure into multiple blocks due to interest from several potential tenants.

Langhorne says the property "is very well located in a dense infill area," making it difficult for a big-box retailer to develop comparable product from the ground up. Ronus Properties, which bought the plaza in 1998, has managed to get the redevelopment to 99% occupancy despite ongoing challenges from big box vacancies due to bankruptcies. Kmart, Service Merchandise and MJ Designs all had a piece of the property. Today's anchor roster sports names like JCPenney, Bed Bath & Beyond, Marshall's and Office Max. Langhorne credits a location near affluent Bellaire and the Galleria with the ease in quickly re-leasing the retail space.