BROADVIEW, IL-Granite Realty Partners, based in Oak Park, IL, has acquired a 125,000-sf building that was formerly a Target store at 200 Broadview Village Square. The building is located in the 750,000-sf Broadview Village Square at the northeast corner of the intersection of 17th Avenue and Cermak Road.
Granite Realty acquired the property for $6.2 million, confirmed Rob Palley, partner and co-owner of the company. He says he expects the total investment for the acquisition, renovation and tenant improvements to be more than $15 million. Steve Swanson and Matt Friday, both with Staubach Co., represented Target in the transaction.
Granite Realty Partners plans to convert the building into retail space for about two users with each taking 45,000 sf or more, Palley says. The renovations will include maintenance such as a new roof and redoing the parking lot. Granite Realty also will replace the façade and will put up walls and divide the buildings heating, ventilation and air conditioning and electrical systems for two tenants. The firm has already been in discussions with a furniture store, large national fitness center, sporting goods store, electronics store and large toy store regarding the building, Palley tells GlobeSt.com.
The asking lease rate will be between $12 per sf and $20 per sf net, “depending on the degree of improvements that we do,” he says. Granite Realty is optimistic that a tenant will be open in the building by June 2008. The building will be managed by Oak Park-based Bonnie Management Corp., an affiliate of Granite Realty.
Target vacated the building about two years ago when it moved into a 195,000-sf building at the center, Palley says. Phoenix-based Cole Capital Corp. owns the rest of the center, which is about 359,356 sf, he says. Cole Capital acquired the property earlier this year for $58 million. The portion of the center owned by Cole is about 95% occupied and tenants include Home Depot, Marshalls, Sports Authority, PetSmart, Pep Boys, Office Max and Walgreens, Palley says. Super Target and Home Depot generate about $140 million in revenue per year, he says.
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