CHICAGO-Minneapolis-based Target Corp. has purchased a four-acre plot for $9.3 million located in Near West Side. This is less than half of the $20 million that a venture between BlackRock Inc. and Chicago-based developer IBT Group LLC had paid for the plot in 2007.
The BlackRock-IBT venture had defaulted on a loan of $13.85 million they took from LaSalle Bank for the purchase of the site. Target has plans to build a two-level retail store at the site. For the full story, go to Crain's Chicago Business.
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