Target selling MWC store

[Patrick]

Looks like MWC will be getting a new Super Target store. They're selling the old store. I'm glad to see Target competing well with Wal-Mart. Hopefully they'll show that Wal-Mart needs to up their level of quality or hit the streets running.

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"Target takes bids for sale of Midwest City store

by Brandice J. O'Brien
The Journal Record
6/10/2005



Target, which is building a Super Target discount store in Midwest City, has put the building it will replace on the market with an asking price of $3.5 million.
Bids, with a letter of intent, are due to Brian Murphy, senior vice president of Staubach Retail in Dallas by June 15. A decision should be made by June 20.

No earnest money is required when placing a bid. Bidders must enclose their financial capabilities and experience to prove ability to close the deal, said Murphy, broker in charge of the disposition.

"We'll accept bids and Target will make the determination," Murphy said.

If bids are too low and Target opts not to sell and continue marketing, bidders will be informed. If there are several offers that are close in price, the selected bidders will be notified that they are among the finalists. Their original bid will be rejected and they can bid again. The remaining bidders will be rejected.

Once a bid is accepted by Target, the company will negotiate an option with the buyer. Upon execution of the agreement, the bidder is expected to pay the earnest money.

"I think there's a lot of interest in medical use (for the building), because of the proximity to the medical center, it could be that and retail," Murphy said. "Maybe a portion could be retail and a portion medical. I've had a number of calls and requests for packages."

Whatever the new owner decides, there is one restriction. The building at 7601 E. Reno Ave. cannot be turned into a grocery store or discount store, Murphy said.

Built in 1963, the 111,000-square-foot building sits on about 11 acres. Its replacement should open this fall in the Midwest City redevelopment project between Air Depot Boulevard and Marshall Drive.

Send bid requests to: Brian Murphy at Staubach Retail, 15601 N. Dallas Parkway, Suite 400, Addison, Texas, 75001 or fax to: (972) 361-5909.

For more information, call (972) 361-5076."

[mranderson]

The building is being sold to Midwest Regional Medical Center for use as a clinic. I am guessing it will be open in a year. (unless MRH backed out)