Target NNN Properties For Sale: Listings, Cap Rates and 1031 Buyer Guide

This page tracks Target net lease properties observed for sale in the United States, refreshed automatically from listing broker materials, checks the tenant against the investment grade threshold, and walks through how to evaluate one before you make an offer. If you want the corporate credit story, the Target credit rating and cap rate profile covers it. This page is about the inventory: what is on the market, what it is asking, how the pricing breaks down by term, state and lease type, and how a buyer, especially a 1031 exchange buyer, should work through it.

Target NNN Properties For Sale: Latest Listings

Up to twelve of the most recently listed single-tenant Target properties with published pricing. Open any listing and register for full property data, including the address, location map and an IG summary with due diligence questions.

Search all 7 Target properties on the market

Market observations aggregated from listing broker materials; not offerings by Investment Grade Income Property, LP. Asking price, cap rate and NOI as published by the listing party. Information deemed reliable but not guaranteed. Verify all figures before relying on them.

What You Are Actually Buying

Target does not franchise. Target Corporation is the tenant on every store, so there is no operator credit to underwrite and no franchise agreement running alongside the lease. The complication is the real estate itself. Target owns most of its stores, so leased inventory is thin, and what does come to market is usually one of two things: a ground lease under a Target-owned building, or a fee-simple box of well over 100,000 square feet. The pricing bands on this page reflect that. A Target listing is a large-check, long-duration asset whose value sits as much in the land and the box as in the rent.

The general merchandise prototype is roughly 125,000 to 135,000 square feet on ten or more acres, either freestanding or anchoring a shopping center, with larger SuperTarget stores and small urban formats under 50,000 square feet at either end. Ground leases typically carry 20-year initial terms with multiple five-year or ten-year options, flat or modest primary-term rent and increases concentrated at option exercise, with Target responsible for the entire building. Fee-simple leases are usually NNN with the tenant maintaining the structure. Target has said it plans hundreds of new stores over the coming decade, many larger than the existing prototype, and is remodeling much of the base.

Across the current inventory, roughly 0% of listings with a reported build year were delivered in the last four years, and about 0% are marketed as NN, NN+ or simply Net, which usually means the landlord retains roof and structure and sometimes parking and HVAC. Read the lease rather than the brochure headline. If the rating framework behind investment grade tenancy is unfamiliar, the investment grade guide explains it.

Target Cap Rate, Price and Term Distribution

These tables are generated from the live inventory and refresh every few hours. Use them to place any individual listing in context rather than judging an asking cap rate in isolation.

How to read the pricing

The spread inside the Target inventory runs from 4.85% to 11.00%, against a median of 5.25%. Three variables help explain much of that spread, although these tables describe asking prices and do not isolate any single effect. First, remaining term, shown in the term table above. Second, geography, shown in the state table below. Third, lease structure and real estate quality: longer terms, stronger guarantors, absolute NNN structures and strong access generally ask lower cap rates, while leases with landlord responsibilities (NN) and secondary access generally ask higher ones; ground leases can price on either side, depending on rent and land value. When a listing sits far outside the band its term and state would predict, there is usually a reason in the lease, and it is worth finding before you write the offer rather than after.

Where Target NNN Properties Are For Sale

Current inventory spans 4 states. Differences between states in the table below can reflect local buyer demand, growth, taxes and the mix of lease terms in each state’s listings as much as anything about the tenant, and small state samples can shift quickly.

Target as a 1031 Exchange Replacement Property

The median asking price in the current Target inventory is $15.33M, and about 14% of listings fall in the middle of the market between 1.5 and 3.5 million dollars. Whether that fits an exchange depends on the equity coming out of the relinquished property and on the debt you need to replace.

• Identify from the live list, not a stale one. Listings move. Identify two or three specific properties under the three-property rule and keep a backup that is realistically still available.
• Debt replacement is the trap. If the relinquished property carried a mortgage, you must replace that debt or add cash to fully defer gain. Where lender pricing sits above the asking cap rate, financed acquisitions run negative leverage. Run your own debt numbers before you identify.
• Term should match your hold. If you plan to hold through the next exchange or pass the asset to heirs, prioritize term and options over 25 basis points of cap rate.
• Certainty of closing matters more than price. A clean estoppel, a current lease and no pending relocation are worth paying for on a 45-day clock.

For identification mechanics, timelines and the NNN, DST and UPREIT alternatives, see the 1031 exchange into investment grade property guide.

Target NNN Due Diligence Checklist

These are the items that change the value of a Target listing and are rarely resolved by the offering memorandum.

• Ground lease versus fee simple. Establish whether you own the building or only the land. On a ground lease, confirm total term including options, reversion of improvements, and whether Target may demolish or rebuild without consent.
• Escalation timing across a 20-year term. Many Target ground leases are flat through the primary term with increases only in options. Run yield on cost over the full hold, since two decades of unchanged rent on a low cap rate erodes real return.
• Go-dark rights and assignment. Big-box leases typically let the tenant close, sublet or assign while continuing to pay. Confirm whether the landlord has recapture rights, because a dark 130,000-square-foot box is a demising project, not a re-lease.
• Exit liquidity at this price point. Eight-figure single-tenant boxes trade to a limited buyer pool and depend on lender appetite for big-box retail. Check adjacent co-tenancy clauses tied to Target as anchor, since they affect the surrounding center’s stability.

How Investment Grade Works With Target Buyers

Investment Grade Income Property, LP is a licensed commercial real estate brokerage providing national advisory on acquisitions and dispositions of net lease property, with Broker of Record co-listing partnerships in all 50 states. On a Target acquisition we screen the live inventory against your criteria, pull the lease abstract behind any listing you want to pursue, benchmark the asking cap rate against the distribution above, and negotiate on your side of the table through closing. On most transactions there is no separate fee to the buyer because compensation is paid from the transaction by the listing side. Where that is not the case we disclose it in writing before you engage.

Owners of existing Target properties can use this page as a valuation benchmark. If you are weighing a sale, an off-market disposition to a qualified 1031 buyer often closes faster and with less retrading than a broad marketing process.

Frequently Asked Questions

• Target Credit Rating and NNN Cap Rate Profile
• NNN Cap Rates 2026: Tenant by Tenant Benchmarks
• 1031 Exchange Into Investment Grade Property
• Investment Grade Credit Tenant Ratings
• Search All Observed NNN Listings