Target Looks to Downtown DC

Wednesday, September 4, 2013

By Desiree

First Marshalls, now Target?

So it seems. The Minneapolis-based, big-box retailer is thinking about opening a store in the 40,000 square feet (SF) of vacant space left by ESPN Zone (555 12th Street) three years ago, according to Capital Business.

If it happens, the major retailer will join Marshalls and T.J. Maxx (601 13th Street) in the Downtown area. Marshalls officially announced last month that it will open in space vacated by Filene’s Basement in the National Press Building (529 14th Street) come December. T.J. Maxx opened in the Homer Building (601 13th Street) to much fanfare last year.

One caveat to the Downtown Target opening:  the 555 12th Street building is still for sale, according to Capital Business. It was marketed with Target as a potential tenant. That has now changed until a new owner is identified.

(A July edition of BISNOW Real Estate reported several sources as saying that Morguard REIT is under contract to purchase the 782,000 SF building from Manulife Financial for between $500 million to $530 million, a price per SF of more than $650. Both Morguard and Manulife are Canadian firms.) 

Target, the “expect more, pay less” retailer with 1,856 stores in the U.S. and Canada, says it has no information to share at this time. We think that means "you can ask, but we won't tell!" The company also has a smaller format called CityTarget, rolled out last year, when Target celebrated its 50th anniversary.

 

(This article was updated on Thursday, Sept. 5)