Granite Realty Partners Buys Former Target Building at Broadview Village Square; Plans to Renovate, Lease Within Next 18 Months

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Granite Realty Partners (http://www.granitepartners.com), a real estate investment and development company, has purchased an unoccupied building at regional shopping center Broadview Village Square, Broadview, Ill.

This is a great space in a thriving shopping center – one that we plan to renovate and lease to one or possibly two new tenants within the next 18 months

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Granite Realty Partners (http://www.granitepartners.com), a real estate investment and development company, has purchased an unoccupied building at regional shopping center Broadview Village Square, Broadview, Ill.

Granite Realty Partners bought the 125,000-square-foot building, located at Cermak and 17th Avenues, from Minneapolis-based Target Corporation. The building was formerly a Target store before the retailer relocated within the 750,000-square-foot center to a larger space formerly occupied by Super Kmart. Other Broadview Village Square tenants include Home Depot, Marshalls, Sports Authority, PetsMart, Pep Boys, Office Max and Walgreens.

“This is a great space in a thriving shopping center – one that we plan to renovate and lease to one or possibly two new tenants within the next 18 months,” said Rob Palley, a Granite Realty Partners co-owner. He estimated that upon completion, the project’s cost will exceed $15 million.

Steve Swanson and Matt Friday of The Staubach Company represented Target in the negotiations, while Granite Realty Partners represented itself

The renovated property will be managed by Bonnie Management Corporation, a Granite Realty Partners affiliate.

About Granite Realty Partners, Inc.:
Granite Realty Partners (http://www.granitepartners.com) is a real estate development and investment firm focused on value-added acquisitions and development. It was founded in 1998 by Scott Inbinder, David Lasky and Robert Palley, who together have more than 75 years of commercial real estate experience. From its Oak Park, Ill., headquarters, it has completed more than $200 million worth of real estate projects throughout the Midwest, including shopping center acquisitions and re-developments, condominium conversions, condominium developments, office developments and land acquisitions.

About Bonnie Management Corporation:
Based in Oak Park, Ill., Bonnie Management Corporation (http://www.bonniemgmt.com) is a full-service real estate management company headed by David Lasky. It has two million square feet of retail space under management, and also offers development, leasing and construction management services.

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