Target Purchases Plot at 101st Street and Memorial Drive

Target Corp. purchases 13.37-acre tact on northeast corner of 101 Street and S. Memorial Drive, for $5.389 million.
The price for the lot, adjacent to Jim Norton Toyota and the Ridge Pointe residential development, is $9.25 per SF.
Target plans to build an upscale 245,000-SF shopping center named South Town Market. The site will be developed as a 187,673-SF Target SuperStore, with groceries and 60,000 SF of shop space for lease and four out parcels.
Direct Development of Dallas, a company in which one of the partners is former Dallas Cowboy Troy Aikman, will develop the site.
Leasing of the out parcels and shop space will be jointly handled by Stan Frisbie Real Estate, LLC, and Direct Development. The seller was 1995 Land Company LLC. Stan Frisbie and Tony Lombardi of Stan Frisbie Real Estate, LLC, acted as transaction brokers.

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