Park Avenue

Little Rock, Arkansas


Strode Property Company Lands Target To Anchor Little Rock Development

Commitment from national retailer demonstrates strength of local economy

LITTLE ROCK, Ark. (Sept. 14, 2009) – Strode Property Company of Dallas, Texas, today announced Target (NYSE:TGT) will build a new store at Strode’s Park Avenue development in midtown Little Rock. The Target will open in October 2010 and preliminary site work is underway.

“This is a tremendous boost for the Park Avenue development and for the city of Little Rock,” said Chuck Keller of Strode Property. “Target is the number one anchor tenant preferred by other retailers. Target’s plan to locate in Park Avenue testifies to the renewed strength in the Little Rock core retail market and advances our efforts in the continued redevelopment of the University Avenue corridor.”

Details of the Target deal were not disclosed and no other tenants have been confirmed at this point. Park Avenue is being developed as a mixed-use open-air complex on University Avenue, near the corner of Markham Street.

“I’m elated to see the construction of the Target development, particularly considering the nature of the national economy, ” said Little Rock Mayor Mark Stodola. “It is proof positive that national retailers are discovering the overall strength of the Little Rock market, and I am excited that Target has chosen the Park Avenue site as one of only 12 stores scheduled to open in 2010. It will be a great addition to Midtown which continues to be the center hub of our city. ” Strode also developed Midtowne Little Rock, an upscale shopping center that has attracted a host of specialty retailers and restaurants. Midtowne includes the state’s first Pottery Barn, Williams-Sonoma and The Container Store. The development, which opened in October 2006, also includes Jos A. Bank, Cantina Laredo and other retailers and restaurants.

“We have taken significant strides over the past three years to enhance the Little Rock retail environment,” Keller said. “It’s a great pleasure to land another national retailer like Target to attract more shoppers to central Little Rock.”

About Strode Property Company

Strode Property Company was founded in 1979 by James E. Strode, and specializes in developing high-quality urban retail shopping centers and credit build-to-suit opportunities. Over 30 successful years, the company has developed and managed over five million square feet of retail shopping and build-to-suit properties.

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For media inquiries specific to the new Target, please contact the Target Media Hotline at 612.696.3400.