The Real Deal Chicago

Terraco Real Estate, Fifield ink Target lease in Logan Square

The retailer’s small format location will be in the building rising on the site of old Megamall
April 04, 2018 02:00PM

A new target set for Sacramento and Milwaukee (Credit: Target)

Terraco Real Estate and Fifield Companies have signed Target to a lease for their development rising on the site of the old Megamall in Logan Square.

The retailer plans to open one of its small-format stores in a 27,400-square-foot space in the building planned for the southwest corner of Sacramento and Milwaukee avenues, according to the Chicago Tribune.

XSport Fitness had planned to occupy 40,000 square feet on the ground floor of the project but that deal fell through last year, according to published reports. A Jewel-Osco also was once included with the gym in promotional materials for the project released by real estate broker U.S. Sierra.

A joint venture of Terraco and Marc Realty bought the Megamall property in September 2014 for $8.9 million from Kyun Hee Park.

Terraco and Fifield are developing a seven-floor building with 220 residential units on the site, with construction slated to begin this summer, according to the Tribune.

Representatives of the developers did not immediately respond to requests for comment. [Chicago Tribune]  — John O’Brien