The Target North Campus property is very valuable off 610 and 169.
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Target has land in Brooklyn Park all the to 169. They signed the short term lease at City Center. My guess is eventually TNC population will grow and move away from the rented downtown locations.
I heard all MERCH is re-locating to TGT-RICKS
Turn TNC into a medical device incubator office park for start-ups. Medical device is thriving in that area anyway. Rental fees can fetch a decent amount and contribute to the $2B savings.
They have learned their lesson and are worried about talent retention, not cost per square foot. TNC, if anything scares away the best people.
Would be hard to sell such a big property in the middle of nowhere, but I can tell you they certainly aren't moving people to TNC anymore.
Though... I suppose you could keep TNC as a "Rubber Room".
Well all projects at City Center have been on hold for weeks and 3 floors of NCF are unoccupied. Target owns TNC and the campus would be hard to seperate from TTC. Only variable is TFS which is basically a money pit due to years of short term fixes. (Not blaiming PD&D or CRE Ops, just don't think it was ever a funding priority.)
Anonymous75711, it depends on the lease agreement. If there is an 'out' clause, the property is probably not worth as much. Very doubtful there is one unless the current landlord is not very smart.
city center is pending sale. wouldn't target have the option not to resign under the new owner's lease terms?
This does make me smile.
The City Center lease is until 2021 and TP3 until 2030. That Retek Building sold for a record price due to the Target lease.
I think just the opposite. Cost per square foot probably costs less at TNC than leasing space downtown Minneapolis. Potentially move out of City Center.