The vacancy left by Best Buy’s exit from Tenleytown will be filled by a retailer in D.C. expansion mode: Target.
The lease between Cityline at Tenley Center Inc., an affiliate of Invesco Real Estate, and Target Corp. (NYSE: TGT) was signed Feb. 11 and recorded with the District Thursday. The 10-year lease, with six five-year extension options, has a recorded value of $23.4 million. Target is expected to open in 2020.
Best Buy closed Nov. 3. Target is leasing 46,153 square feet, per the lease, though a permit application filed Jan. 21 for the build-out pegs the store at 43,382 square feet. The Best Buy was roughly 49,000 square feet.
Cityline at Tenley at the Tenleytown Metro station is a 1940s structure that Roadside Development preserved and expanded in the early 2000s to include retail topped by condos. It last changed hands in November 2005 for $45.2 million. Prior to its renovation it housed a Sears and Hechinger.
Target is in growth mode across the District, largely with smaller,…Read the full story from the Washington Business Journal.