Wilmington is set to get a second Target in Monkey Junction.
Big V Property Group, owners of the Village at Myrtle Grove, closed on approximately 8.9 acres of land with the Minneapolis-based company, said Greg Dobur, Big V Property Group's vice president of development, on Monday. According to the deed, Target Corp. paid Big V nearly $4.36 million for the property.
While it was rumored
earlier this year that the retail giant had plans to build a second Wilmington location in Monkey Junction, Target officials had remained mum about the plans. The new location is now listed on Target's website as a new store opening. The listing states the store will have approximately 128,000 square feet of space.
“Seeing this project advance from a vision to reality is a testament to the dedication of everyone involved,” Dobur said Monday. "Our sincere thanks go out to everyone who participated in this project. Their collaboration and hard work paved the way for this exciting new chapter at The Village at Myrtle Grove."
Dobur said his company plans to start site work in the area soon. The construction of the store is expected to take about two years to complete.
The shopping center, which is located at 5539 Carolina Beach Road, is home to a wide range of national chains and locally owned stores and restaurants, including Home Depot, Sawmill Restaurant, Celtic Monkey and Buffalo Wild Wings.
“Adding that additional anchor tenant is exactly what the property needed,” Dobur said, “and it will help fill any of the vacancies and continue to upgrade the tenant mix.”
The company is also working to renovate the adjacent former Staples space into four individual retail spaces. Dobur said the company aims to have the space ready for tenant build-out by the end of 2024 or early 2025. He expects businesses could open in the former Staples space in the summer of 2025.
The shopping center currently has eight vacant retail spaces for lease, three new build-to-suit sites and two out parcels for ground leases or build-to-suit, Dobur said.
Wilmington's first and only Target store opened more than 25 years ago at 4711 New Centre Drive. The store recently underwent an expansion that added more than 23,000 square feet to the more than 124,000-square-foot store.