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Commercial Property Development for Orange County Target Store

 

San Clemente, California – NNN Commercial Real Estate news today is from one of the premier areas in the Country, Orange County, California. Our NNN Commercial Real Estate investors have been interested the Super Target Stores in Boynton Beach, Florida. Well now San Clemente will get their first Target Store. The new Target NNN Commercial Real Estate development will be located at 990 Avenida Vista Hermosa, in San Clemente, California (The O.C.).

The Target Corporation has purchased approximately 14.65 acres from the city of San Clemente, for $13.8 million. This equates to about $933,000 per acre however it appears only approximately 9 acres area usable for a NNN Commercial Real Estate development. There is a large hill on the commercial real estate parcel so the price for the usable acres comes to about $1.54 million per acre. Also, the California area of Orange County still has some people who are not fans of commercial real estate developing. There were some letters sent in, with residents voicing disapproval of the commercial real estate development. However when it came to voting, there was a 7-0 vote with city planning commissioners pushing the City Council to approve Target’s plan to build. This Target Commercial Real Estate development will sit at the gateway to San Clemente’s exclusive Talega community.

This Target Commercial Real Estate development will be positioned across the street from a $23 million sports facility at 989 Avenida Vista Hermosa. The Target store will have about 501 parking spaces, and normal proposed hours of business for a Target Store. According to recent reports by Minneapolis-based Target, the typical Target shoppers have a median age of 42 with a median household income of approximately $60,523. This Commercial Property structure will be about 142,112 square feet. The Target Corporation purchase of 14 city-owned acres for $13.8 million will help fund the proposes park across the way. It is unclear if this will be a Net Lease Properties sale-leaseback opportunity in the future.

Target already has 28 stores in Orange County. That’s more stores than the giant retailer has in Connecticut, Kansas or Nevada. However, the Target retailer sees potential for more local Orange County stores, and other commercial property developments in Southern California. The Vice President of merchandising for Target has even said that he anticipates there will be opportunities to explore additional Target Store Commercial Properties in Orange County.

Apparently the NNN Commercial Properties with Target Stores, in Orange County, are more productive in terms of sales than the average stores. Also some polls have shown 62% of the voters want more Target stores in the O.C. (Orange County). The new San Clemente Target store is estimated to bring about $300,000 a year in sales tax revenue. Also for those opposed to NNN commercial real estate developing, should consider that this store alone can add up to 200 new jobs for San Clemente.

City Officials said the Target store could open in fall or by December of 2011. The new park should be ready by the end of 2011 also. Planning for the sports park began in 2004, but the city struggled to fund it. The city marketed the acreage across the street and picked Target’s offer to buy over offers from more than three dozen housing developers. These housing developers wanted to build up to 133 homes or 257 condominiums on the Orange County land. Meanwhile, the expected cost of the park eased a tad as the national economic slump made contractors hungrier for business, and lowered their fees.

It’s one of the largest commercial real estate land deals in Orange County, and Southern California, this year. Another Commercial Property had a recent deal valued at close to $15 million in Mission Viejo, where Target was the seller. Miami-based builder Lennar Corporation bought that 7.5 acre parcel of land to build condominiums and townhomes.

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