Kmart Leasehold

Location: Highland Park, IL

In 1996, Klaff Realty, LP acquired the leasehold interest in the Highland Park, Illinois Kmart store.  Through significant negotiations with the property owner and the City of Highland Park, a contract was negotiated and Klaff Realty, LP purchased the stand-alone store and adjoining land in 1997.

A major marketing effort identified Target as a user that wanted to enter this market.  In 1998, the property was sold to Target, which subsequently constructed a new 135,000 square foot store.