Spinell and Mid-America principal Paul Bryant represented project developer Holsten Real Estate Development Corp., based in Chicago, in the sale, while Adrian Brown, with Indianapolis-based Gershman Brown Crowley Inc., represented Target in the acquisition. The land price was not released.

"It's a great urban location where they felt they could have a really successful store," Spinell tells GlobeSt.com. "It's a big mixed-use space and there's absolutely demand for a department store like Target here. Especially when you have dense markets like this, there are huge barriers to entry for projects so once the tenants get in, they do very well."With Target's purchase, the development will be more than 90% occupied. Asking lease rates for the 20,000 sf of retail remaining will be in the low-$40s per sf, net, Spinell says. Holsten is looking to fill the space with six to seven other smaller tenants.

Wilson Yard will also include 178 units of rental housing and senior living. The development already includes a 13,000-sf Aldi built on the north end of the site. The grocery store, which also owns its own space, opened last year. The five-acre development, located on the former location of a Chicago Transit Authority rail yard, is bordered by Broadway Street on the east, the CTA Red Line tracks on the west, Wilson Avenue on the north and Montrose Avenue on the south.