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Klaff Realty, LP announced today that a joint venture consisting of Klaff Realty, LP, Lubert Adler Funds, Cerberus Capital Management, Inc., Sun Capital Partners, Inc. and Acadia Realty Trust (NYSE: AKR) completed the purchase of Mervyn’s from Target Corporation for $1.175 billion.
Mervyn’s is a middle-market department store with 257 retail stores in 13 states primarily in the west and south, 4 distribution centers and 1 office building. In 2003, Mervyn’s generated $3.6 billion in revenue and $160 million in pretax segment profit for Target Corporation. Sun Capital will continue to operate Mervyn's from its headquarters in Hayward, California.
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