QUINCY — Documents filed late Monday morning in the Adams County Recorder’s office show the Target Real Estate Corporation has acquired the rights to develop the Quincy property that formerly housed Kmart for a combined $5 million.
Eugene Reagan of Quincy, Mary Catherine Reagan Sprinkle of Chatham and Teresa Ann Reagan Blank of Ventura, Calif., sold the property at 3601-3701 Broadway for $4.14 million to NLA Quincy LLC of Northbrook. The property at 3727 Broadway was sold by Certified Capital, LP, of Woodland Hills, Calif., to NLA Quincy LLC of Montgomery, Ala., for $860,000.
Information was obtained from Illinois Real Estate Transfer Declaration forms accompanying recorded documents.
A memorandum of lease signed April 28 and filed in Adams County shows the Target Corporation, based in Minneapolis, will lease the property from Quincy Development Partners LLC. James L. Tucker, senior director of real estate for Target Corporation, signed the lease.
The memorandum of lease says the current building of 104,000 square feet will be expanded by 7,208 square feet for a total of 111,208 square feet.
Target Corporation is an American big box department store chain headquartered in Minneapolis. It is the eighth largest retailer in the United States and a component of the S&P 500 Index. A 2019 filing with the Securities and Exchange Commission says Target operates 1,931 stores throughout the United States. Target was ranked No. 30 on the 2021 Fortune 500 list of the largest U.S. corporations by total revenue. Target was ranked No. 12 among Fortune’s 2022 list of best companies to work for. The corporation has more than 450,000 employees.
Innovative Construction Solutions of Brookfield, Wis., started demolition work at the site last week.
Quincy Mayor Mike Troup would not comment when asked about the news after Monday night’s Quincy City Council meeting.
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