{"id":1004295587,"date":"2019-01-31T10:19:09","date_gmt":"2019-01-31T18:19:09","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004295587"},"modified":"2019-01-31T10:54:59","modified_gmt":"2019-01-31T18:54:59","slug":"new-format-target-in-raleigh-commands-7-4m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/new-format-target-in-raleigh-commands-7-4m\/","title":{"rendered":"New-Breed Target Store Commands $7.4M in Raleigh"},"content":{"rendered":"
\"\"

Target store adjacent to North Carolina State University, Raleigh, N.C. (Image courtesy of HFF)<\/p><\/div>\n

A new-format Target in Raleigh, N.C., has commanded $7.4 million for its emerging development team, Loden Properties. Completed in 2017, the two-level, 24,656-square-foot store was acquired by Stockbridge, the San Francisco-based real estate investment management firm.<\/p>\n

An HFF investment advisory team including Tom Kolarczyk, director; Justin Good, managing director; and Warren Johnson, associate, represented Loden Properties in the transaction.<\/p>\n

Located at 2512 Hillsborough Street, the store occupies a prime location adjacent to the campus of North Carolina State University, the largest in the state. The property is the only Target within a four-mile radius and is among some 130 small-format Target stores in the pipeline. Target is tailoring the slimmed-down format to suit compact urban cites and attract city residents.<\/p>\n

Targeting History<\/h2>\n

Of note, the new Target occupies the former site of a bowling alley popular with college students and other local residents. To reflect that history, the store incorporates such elements as wood from the bowling alley and its logo.<\/p>\n

\u201cLoden Properties did an exceptional job converting the bowling alley into this urban-format Target store while honoring the history of the asset,\u201d said Kolarczyk in a statement.<\/p>\n

Along with the 22,211-square-foot Target space, which includes a CVS pharmacy, the property features a 2,445-square-foot Guasaca, a fast-casual Venezuelan restaurant.<\/p>\n

Loden Properties is a new partnership of Russ Jones and Henry Ward, both veteran developers and entrepreneurs. A third-generation real estate developer Russ Jones serves as president of Davidson & Jones Corp. His credits include a recently completed Aloft in Durham N.C.<\/p>\n

Trained in engineering and law, Henry Ward has been involved in multiple Raleigh projects, including the redevelopment of 111 Seaboard; the acquisition of the Powerhouse Square project; and redevelopment plans for the 414 Hillsborough Street block. He has also served as COO of York Properties, a diversified real estate services firm based in Raleigh.<\/p>\n

Some 106,000 residents live within a three-mile radius of the store. The university alone offers more than 34,000 students and 9,000 faculty and staff, HFF noted.<\/p>\n","protected":false},"excerpt":{"rendered":"

Loden Properties, a partnership of two local real estate veterans, developed the project near North Carolina State University. The store incorporates elements of the popular bowling alley that formerly occupied the site. <\/p>\n","protected":false},"author":445,"featured_media":1004295578,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1604,21749],"tags":[35708],"class_list":["post-1004295587","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest","category-raleigh-durham","category-retail","tag-stockbridge-capital-group"],"acf":[],"yoast_head":"\nNew-Breed Target Store Commands $7.4M in Raleigh - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/new-format-target-in-raleigh-commands-7-4m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New-Breed Target Store Commands $7.4M in Raleigh\" \/>\n<meta property=\"og:description\" content=\"Loden Properties, a partnership of two local real estate veterans, developed the project near North Carolina State University. 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