Neighbor News
Target Corp. Opens Commonwealth Ave. ‘Mini-Urban Store’
16,262 SF Long-Term Lease at Landmark Grossman Cos.' Building
In July, retail giant Target Corp. opened its new 16,262 square foot store on Boston’s prestigious Commonwealth Avenue. This is one of the company’s first ‘mini urban’ flexible format concept stores in New England.
The property, on the Brookline-Boston line, has been owned and managed by The Grossman Companies, Inc., of Quincy (Mass.) for decades.
Making the announcement was David Grossman, co-president of The Grossman Companies based in Quincy, Mass., who said, “We are excited to welcome Target to this highly-visible location. It’s a great fit for our property’s retail mix and for the neighborhood.” The space had been occupied for many years by Ski Market, then East Coast Alpine.
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Representing Target in lease negotiations was Atlantic Retail Properties. Representing the Landlord, 860-872 Commonwealth Ave. LLC, was The Grossman Companies’ Brokerage team. The landmark mixed-use building is home to a range of medical, office and retail tenants. Available for lease at the property is 4,900 square feet, subdividable.
The average size Target store is about 130,000 square feet, but in recent years, the nation’s second-largest big-box retailer based in Minneapolis has introduced new concept smaller, flexible format stores of varying sizes and assortments geared to local markets where development space is limited. Designed with the BU campus and local residents in mind, the store features grab-and-go offerings, dorm and apartment essentials, and Boston Fan Gear.
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Grossman said, “This location is exceptional, with a population of 255,000+ within two miles and a median household income of $89,770.” Situated directly on an MBTA Green Line stop, the new Target is near the Boston University Residence Towers, John Hancock Student Village, and the Harry Agganis Sports Arena and Entertainment Complex. B. U. enrolls over 32,000 students. The site is convenient to Storrow Drive, the Mass. Pike and downtown Boston. Among adjacent retailers are CVS, Starbucks, 7-Eleven, and Chipotle, to name a few.
The Grossman Companies, Inc., (www.grossmanco.com) is a full-service commercial real estate firm involved in acquisition, development, management and brokerage. The company, which owns over three million square feet of commercial space in southern New England, has many buildings such as 860-872 Commonwealth Ave. that make up its ‘Main Street’ portfolio. For more information, contact David Grossman (david@grossmanco.com) or 617-472-2000.
By Stanley Hurwitz / 508-269-0570 / stanhurwitz@gmail.com
