STILLWATER, MN-Chase Properties, a Beachwood, OH-based owner and operator of shopping centers, has bought Stillwater Marketplace from Edina-based Urban Associates for $17.3 million. Stillwater Marketplace is a 306,000-sf shopping center shadow-anchored by Target and Cub Foods, but the acquisition represents little more than 100,000 sf.

The two chains, Target and Cub, own the real estate for their own stores, and account for about two-thirds of the center's 306,000 sf. Among the tenants in Chase's center are Office Max, Petco, Maurices, Famous Footwear and Caribou Coffee.

NAI Welsh in Minneapolis brokered the sale of the grocery-anchored center, which drew a lot of interest since it was put up for sale last summer. The center, completed about three years ago, is located east of Highway 5 and north of Highway 36. Stillwater is located 18 miles east of Downtown Minneapolis and sits adjacent to the St. Croix River in Washington County, which is the 20th most affluent county in the US.

The acquisition represents a new market for Chase Properties, a full-service owner and operator of shopping centers located in 14 states throughout the Midwest and the Southern and Eastern US. Chase's main focus has been the development and acquisition of community shopping centers. The company, which owns and operates more than five million sf of shopping center space, says it seeks shopping centers that are well located, 100,000 sf, in the Eastern half of the US.