Lowe’s sells Long Island site to Target
Lowe’s pullback on its expansion on Long Island, N.Y., provided an opportunity for Target, which purchased an 18-acre site in Huntington Station from the home improvement retailer, according to a report in the Long Island Business News.
Target paid approximately $22.5 million, according to a town source, for the property Lowe’s purchased in 2007 for $35 million. The North Carolina retailer, which spent another $8 million in improvements to the site, decided not to build a 130,000-sq.-ft. store there in October 2011, according to the article. At the time, Lowe’s closed 20 underperforming stores and canceled a number of other projects.
The Huntington Station store will be Target’s 13th location on Long Island.