Save the date: RealShare L.A.comes to the Hyatt Regency Century Plaza in Los Angeles, CA on March 27, 2013
WESTLAKE VILLAGE, CA-National retail giant Target Corp. has purchased a 10.3-acre parcel on the site of Selleck Development Group's upcoming Shoppes at Westlake Village complex here, and plans to build a 139,000-square-foot store that will raise an estimated $1 million annually in local tax revenue for the city's coffers.
The center is rising in the 30800 block of Russell Ranch Rd. Minneapolis, MN-based Target's new store and warehouse will take up about half of the land in the development, which will have a total of 243,000 square feet of rentable space when it opens in the spring of next year.
Mike Tingus, president of the Los Angeles North/Ventura office of Lee & Associates, brokered the land sale with help from Lee principal Grant Fulkerson. The brokers, Target and locally based Selleck Development said that a confidentially clause in the purchase contract prevents any of them from disclosing the sales price.
The new Target store will not only generate an estimated $1 million annually in much-need tax revenue for the local government but will also create about 200 new jobs, says Raymond Taylor, Westlake Village's city manager.
The store will also help to fill what some local residents complain is a shortage of low-priced mass retailers in the area.
A private study conducted as part of the sale process estimates that the average household income in Westlake Village is $143,866, which helps to explain the boom in the development of upscale retail stores, restaurants and entertainment venues over the past several years.
Families who don't earn as much, though, have fewer shopping and dining options. Currently, the closest Target store for Westlake Village residents is 10 miles away.
“We want our new center to be a gathering place for everyone, which is why it's going to have lots of patio-dining spots and other outdoor areas to meet,” Dan Selleck, president of Selleck Development, tells GlobeSt.com.
“Westlake Village is a great place to live and shop, and [the new] Target will make it more affordable for everyone to enjoy,” Selleck adds.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
