The property will undergo a renovation that will include a new facade and color scheme, improved lighting and updated tenant signage, Ellsworth says.
The deal is one of up to 10 community centers to be sold his year, according to industry sources. The community center sector in the Twin Cities has seen its vacancy rates drop in recent years. The average vacancy rate was slightly less than 7% last year, according to a survey by the Minnesota Shopping Center Association.
The real estate investment group paid an unidentified institutional investor an estimated $19 million for the property, according to industry sources. Eric Bjelland, a broker with United Properties, a commercial real estate firm based in Bloomington, MN, brokered the transaction. The community shopping center, which was built in 1986, is located 12 miles southeast of Downtown Minneapolis.
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