OAK PARK, ILL. — SRS Real Estate Partners has negotiated the $11.9 million sale of a 22,000-square-foot retail real estate property occupied by Target in Chicago’s Oak Park. The small-format Target features a full-service CVS Pharmacy and a Starbucks. Built in 2017, the store is the ground-floor retail component of The Emerson, a mixed-use development that includes 271 residential units. Britt Raymond, Matthew Mousavi, Patrick Luther and Kyle Fant of SRS represented the New York-based buyer, who purchased the asset at a cap rate of 5.5 percent and completed a 1031 tax-deferred exchange. A Chicago-based developer was the seller. Target launched its new small-format concept three years ago and now has eight stores open in Chicago, with two more slated to open this year and four scheduled to open in 2019.