Polo Park owner shelling out $18.5M for vacant Target store

The company that owns Polo Park Shopping Centre is buying the 107,000-square-foot vacant Target building just next door to the mall.

A spokesperson with Cadillac Fairview has confirmed the company has reached an agreement with Target to purchase the land and the building at 875 St. James St. in Winnipeg.

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Cadillac Fairview is shelling out $18.5 million for the Target location, which closed its doors in April.

In a written statement, the company said it is "always looking for opportunities to update the merchandising mix at its shopping centres."

The company wouldn't disclose what it plans to do with the building.

Target bought theleaseholds for189 Zellers stores from the Hudson's Bay Company in 2011. It opened its first Canadian Target outlet in 2013 in Ontario, losing nearly $1 billion across the country in its first year in business.

The retail giant announced it was uprooting its Canadian operations Jan. 15 because it was projecting huge losses over the next six years.