The property is anchored by a 55,000-sf Festival Foods Grocerystore. The rest of the space is 100% leased, and includes the Onthe Rocks wine bar and Dunn Bros. Grill & Cafe. Sources sayUnited bought the land for the property in June 2005 for $2million.

Eric Bjellend and Leah Truax with Northmarq Investment Servicesrepresented the seller in the deal. United Properties is a divisionof Northmarq.

Bjelland, VP of investment services, says United, which builtthe property in 2006, didn't need to stick around. "It wasn't astrategic long-term hold," he tells He says the saledoes indicate that quality properties with a strong income streamremain interesting to investors, even in the current credit crunch."This market, a northern suburb of the Twin Cities, is seeingstrong demographic growth, though it has slowed down a little bitlike everything else around the country."

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.