Target Sale Yet to Close, Investor Says
After announcing the deal is officially complete, the investor who confirmed the new City Target on Ashland Avenue says he spoke too soon.
The real estate investor who confirmed Target Corp. purchased the former LaSalle Bank building on the corner of Belmont, Lincoln and Ashland avenues now says he spoke too soon.
Frank Campise, CEO of JAB Real Estate Opportunity Funds, told members at the West Lake View Neighbors meeting Tuesday that Target officially purchased the building at 3201 N. Ashland Ave. However, Campise reached out to Patch Wednesday to say his announcement was premature.
“I was misinformed,” he said. “The deal, the purchase has not been closed… This will still be a fabulous addition to the street. That area has been dormant for two decades, so a Target would be a great addition.”
Campise’s announcement Tuesday came as a surprise to some officials with the West Lake View Neighbors who told residents earlier in the meeting Target was in talks to occupy the space. They added that an official lease could be signed later this month.
Later in the meeting, however, Campise said the retail giant actually purchased the land with no plans of leasing.
Along with Campise, Target representatives are also remaining mum on the property acquisition. According to public relations representative Erika Winkles, the retailer's only new plans for Chicago are in Old Town near Goose Island.
"Chicago is a great market for Target, and we continue to pursue new opportunities to serve guests there," Winkles wrote in an email. "However, I don’t have any information to share about a potential store in Chicago’s Lakeview neighborhood.”
While some area officials predict it's is a “done deal,” a new announcement on the property is expected later this month.