A Developer "Dumbfounded" As Target Renegotiates

From Calculated Risk:

“We’re dumbfounded. We’ve been working on this deal for four-and-a-half years. I don’t know how, all of a sudden, the numbers don’t work.”
JMW Development Principal Mark Johnson

From the Minneapolis / St. Paul Business Journal: SuperTarget planned for Woodbury now on hold.

Target recently informed JMW that it would not proceed with the project unless it receives “a pretty significant discount” from its previously negotiated deal, JMW Principal Mark Johnson said.

“We’re dumbfounded,” Johnson said, noting that Target officials had told him as recently as June 24 that the project was on track.

Maybe Target has lowered their retail sales estimates for the store? Just saying …

I’m dumbfounded that anyone in the commercial real estate industry would be “dumbfounded” by bad news.

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3 Comments

  1. Broker says:

    Hasn't Mr Johnson noticed that Target's same store sales have been falling and their owned credit card division is getting hit by the same losses as the credit card banks? No developer is getting the same deal as two years ago – anyone expecting to is living on borrowed time.

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