According to court documents, Oxford Properties Corp. and Ivanhoe Cambridge want to lease 11 Target locations, including the stores at Square One Shopping Centre in Mississauga, Ont., and Oakridge Centre in Vancouver.
The offer price for the leases was not immediately available.
A lawyer for Target noted in the documents that the deal could signal that other potential bidders may come forward for the remaining properties.
The Ontario Superior Court is slated to address the proposal on Thursday.
In January, Target filed for creditor protection and abruptly announced that it was closing down all 133 of its stores because it would be unable to make a profit for at least five years.