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Target's downtown space on the market for $13M

Retail spaces at The Emerson, River Forest Town Center also up for sale

February 16th, 2018 4:54 PM

Updated: Feb. 19th, 2018 11:34 AM

By Timothy Inklebarger

Staff Reporter

The retail space housing the recently opened small-format Target on Lake Street in downtown Oak Park is already on the resale market with an asking price of $13.2 million.

The listing recently appeared on the website for Mid-America Real Estate Corporation. Separately, Mid-America has a single listing for the other two retail spaces in the 271-unit Emerson Apartment building, which are currently occupied by The Groomery, a pet supply store at 106 N. Maple Ave., and Firecakes Donuts, at 104 N. Maple; and another for the Wheel & Sprocket, a bicycle store at 1118 Westgate St.

The Groomery and Firecakes locations are listed as having 3,186 square feet, while the Wheel & Sprocket is 3,175 square feet.

There was no asking price for the other Emerson properties, which are owned by Clark Street Real Estate, who developed the Emerson with Lennar Multifamily Communities.

Clark Street Principal Andy Stein could not be reached for comment.

The listing for the states that Target "is subject to a long-term 15-year lease" at the location.

Mid-America also notes in the listing that more than 34,406 people earning an annual household income of $112,564 live within a mile of the store. "These levels increase to over 118,371 residents with average household incomes of $100,158, within two miles," the listing states.

That's not the only retail on the market through Mid-America. The company also has a listing for the shopping center at the southwest corner of Lake Street and Harlem Avenue, known as River Forest Town Center, which includes: Whole Foods; Petco; Ulta Beauty; Men's Wearhouse; DSW Designer Shoe Warehouse; Loft; Chico's; Rally House; Panera; Walgreens; Lens Crafters; Noodles & Company; Boston Market; Massage Envy; Athletico Physical Therapy; Starbucks and Children's Urgent Care.

That listing also includes retail stores to the east of Harlem known as the Shops of Downtown Oak Park, which includes: GAP; Pier 1 Imports; AT&T; Old Navy; Slice Factory; and TGI Fridays.

The listing for the two shopping centers, which are owned by RFTC 1 Corp., also does not include an asking price.

A Mid-America contact who asked to not be identified in the article said the Target listing is "pretty fresh" but did not say how long the Emerson properties had been on the market.

He said Mid-America already is speaking with a number of private and institutional investors about the property. He noted that the Target could get packaged with the other Emerson properties.

The contact described Oak Park as "a fantastic market" adding that Clark Street is "one of the best developers in Chicago."

"We're lucky to have a relationship with them on a few other things," the contact said. "It's a great property and a great market, and it's been a lot of fun."

Contacts for the other Mid-America-listed properties could not be reached for comment.

CONTACT: tim@oakpark.com