A Target store set to be complete later this year has recently been placed up for sale in Los Angeles’ Huntington Park neighborhood. The 53,000 square-foot retail building is being developed by Gryphon Capital and is currently listed with an asking price of $48.7 million, or about $870 per square foot.
The soon-to-be Target store will be located at 5731 Brickett Street on approximately four acres. According to the listing by Marcus & Millichap, in addition to Gryphon Capital’s investment into the property, Target is also investing $14 million into the building.
Target’s lease will run through 2038 and also includes four five-year lease extension options. With current lease terms, the property will offer a net operating income of more than $2 million per year.
Founded in Minneapolis in 1962, Target now operates more than 1,900 stores across the United States. The company also employs 350,000 employees across its stores and distribution centers. As of most recent data from 2020, the company also brought in revenue of more than $100.3 billion.
WIth its location in Huntington Park, the property is immediately south of downtown Los Angeles. Nearby are a number of retail stores, including The Home Depot, CVS and Starbucks. The Target location is also a short drive from several major freeways, such as Interstate 10, 110 and 710.
The area is also home to a large population with more than 1.3 million residents living within a five-mile radius. On average, households within the five-mile radius earn $62,136 per year.
