Is Target Corp. Dumping Plans for a Lake View Store?

Crain’s Chicago Real Estate Daily is reporting that Target Corp. put up for sale a two-story building it owns at 3201 N. Ashland Ave., suggesting to investors that the urban market may be glutted.

The retailer has secured the Chicago office of Sierra U.S. Commercial Real Estate to sell the property it acquired last year for $11.5 million, Crain’s reported.

The company is scaling back on opening new stores, although its not clear why Target is dumping plans for the Lake View store. The retailer spent $536 million in capital expenditures for such stores in 2013 versus $673 million in 2012.

Last fall, Target Corp. suffered the worst security breach in retailer history last fall, which led to the CEO’s resignation last week.

Read the rest of Micah Maidenberg’s report in Crain’s