Target store property at Bayshore mall is for sale

From the Article:

The Target store that opened at Bayshore in 2021 was listed for sale this month for almost $14.4 million, along with two other buildings at the Glendale mall.

The Target store's sale isn’t likely to affect its operations, as a buyer would want the property because the national retailer is leasing the building and paying rent. There are 11 years remaining on Target’s lease for the building, plus options to extend that for up to 50 more years, according to the marketing materials for the property.

That Target store is an anchor for the most recent redevelopment of Bayshore. Mall manager Cypress Equities, of Dallas, built the two-story Target on the footprint of the mall’s former Boston Store, which closed in 2018. Cypress also tore down portions of the enclosed mall at Bayshore, opening land for new apartments and other additions.

Bayshore, through a spokesperson, on Tuesday issued an emailed response to questions about the attempt to sell the Target. The listing to sell the building to an investor is a “standard course of operational business in the real estate industry,” according to Bayshore’s statement.

SRS Capital Markets’ Chicago office is listing the Target store for sale, along with two other standalone buildings at Bayshore. The marketing materials say Bayshore ranks in the 97th percentile among U.S. shopping centers with 5.5 million annual visits in 2023, according to data compiled by Placer.ai.

“The subject property affords an investor the rare opportunity to acquire a generational legacy asset leased to one of the premier retailers in the world, with unmatched underlying intangibles, while further mitigating risk with far-below market rent and an acquisition price substantially below replacement cost,” the materials state.

The property has 128,512 square feet of rentable building space on 3.57 acres.

Also for sale is the Bayshore building at 5600 N. Bayshore Drive that houses First Citizens Bank and Crumbl Cookies. Its asking price is $3.28 million. The U.S. Bank branch at Bayshore is also for sale, with a $4.67 million asking price.