A group of investors just purchased a former Target in Lauderhill for $9 million. The deal come on the heels of the retailer announcing plans to close a dozen of its stores nationwide.
The 174,193-square-foot store at 7730 West Commercial Boulevard closed in February, as the sole store in South Florida to close. Other stores were in Illinois, Michigan and Minnesota, among other locations. In statement at the time, Target said it’s focusing on opening smaller stores.
The buyer, Three Amigos Lauderhill LLC, is led by Doron Valero of Global Fund Investments; Gabriel Navarro of MMG Equity Partners; and Roberto Suris Jr. of Estate Investment Group.
The deal gives the partners control of 13.7 acres of land on the southwest corner of West Commercial Boulevard and Northwest 76th Avenue. Records show Target Corp. paid $4.6 million for the site in 2000.
Suzanne Washburn at CBRE and Alan Esquenazi at CREC represented Target in the sale of the property.
Target joins a list of big-box merchants that have announced they will shutter some or all of their stores, including Sports Authority and Gander Mountain. Other retailers include Toys “R” Us, Sears, HH Gregg, Claire’s Stores and more recently, Mattress Firm.