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Kim_Gatley
Kim Gatley
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enior Vice President & Director of Research at REOC San Antonio

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Target sells a portion of property, restaurant lease included

target_logoTarget Co. has sold a 1.1-acre parcel to Fort Lauderdale-based OceanSky International LLC. The pad site at 17518 La Cantera Pkwy. was originally part of Target’s 9.8-acre site in the first phase of the Rim.

Beyond simply acquiring a slice of land in the high-demand submarket, OceanSky’s deal with Target also included a lease the retailer made back in October 2015 with fast-food chain Raising Cane’s.

While the purchase price was not disclosed, the Bexar County Appraisal District values OceanSky’s portion for $961,810. Target’s remaining 8.7-acre stake is valued at $11.3 million, which includes the land as well as all improvements made to the property.

Target did the same thing with its location at 13700 San Pedro Ave. last year when it sold an approximately 3,139-square-foot piece of the store’s parking lot to fast-casual restaurant Zoe’s Kitchen.

Click here to read the full article: Target sells a portion of property, restaurant lease included San Antonio Business Journal 1/4/2017

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