BURLINGTON, MA— KeyPoint Partners, a Burlington, MA-based commercial real estate service firm, has negotiated a lease with Target Corporation to open a store at University Mall (UMall) in South Burlington, Vermont, according to Robert Lemons, Managing Partner of the firm.
KPP Vice President of Leasing Don Mace negotiated the lease. KPP manages and leases UMall on behalf of the owner.
The new Target store – the first in the state of Vermont – will occupy a prominent 60,000 square foot anchor space currently occupied by The Bon-Ton. Construction of the new Target will begin in February, with an October planned opening.
“Vermont shoppers have been waiting for Target to come to their state, and Target has been very patient in securing its first Vermont site. Working with all partners – Target, the City of Burlington, and Hannaford – was a truly pleasurable experience. Personally, it’s exciting to be able to transform shopping destinations of this level. The deal was a major milestone for Target – even CNN picked up the news”, says Mace.
The much-anticipated Target will become the centerpiece of an ambitious plan to re-merchandise UMall. Other planned leasing enhancements will be announced soon. KPP also recently negotiated a lease with L Brands to relocate and expand the Victoria’s Secret and Bath & Body Works stores at UMall.
UMall, located on Dorset Street in South Burlington, is Vermont’s largest enclosed mall at more than 610,000 square feet. UMall is anchored by Kohl’s, JCPenney,, and Sears, and includes more than 80 retailers and restaurants such as Charlotte Russe, American Eagle, Zumiez, Christopher & Banks, Applebee’s, and many others. Outparcel merchants include Hannaford Supermarket, Party City, Vitamin Shoppe, and People’s United Bank.
Minneapolis-based Target Corporation (NYSE: TGT) serves guests at 1,816 stores and at Target.com. Since 1946, Target has given 5 percent of its profit to communities, which today equals millions of dollars a week.