The newly inked lease between Federal Realty Investment Trust (NYSE: FRT) and Target Corp. for the retail giant’s planned Cleveland Park smaller-format store sets out very specific rules for its future home — Sam’s Park & Shop on Connecticut Avenue NW.
The lease, effective Oct. 31, was signed Monday by Deborah Colson, Rockville-based Federal Realty’s senior vice president for legal operations, and Michael Seaman, senior director of real estate with Minneapolis-based Target (NYSE: TGT). It was recorded with the District on Wednesday.
The deal provides Target 23,220 square feet in Sam’s Park and Shop, which, as the WBJ’s Rebecca Cooper exclusively reported Wednesday, largely consists of the existing Petco space plus additional square footage on the lower level. The length is 10 years plus three optional five year extensions and an additional set of months for a maximum 29.5 years.
The filing recorded a consideration amount of $5.9 million.
Those are the basics, which take up two pages…
Read the full story from the Washington Business Journal.
