X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MINNEAPOLIS-Ray Harris, the developer and longtime owner of the Calhoun Square shopping center in Uptown Minneapolis, recently hired Bloomington-based United Properties to sell the 142,000 sf complex.

Two decades ago, Harris converted a series of older buildings at Lake Street and Hennepin Avenue into a retail and entertainment complex that became a successful urban shopping enterprise. The project is located at 3001-3027 Hennepin Ave.

Many of the tax benefit of the project are already played out ,and the owners are in their 70s. Lately, however, the shopping center has lost a few tenants, and some retail experts think the complex could benefit from new owners.

Among the current tenants are Figlio and Famous Dave’s restaurants, Bay Street Shoes, Kitchen Window cooking goods store and Borders Books, as well as a HealthPartners clinic and a Bremer bank branch.

Unlike such urban specialty center projects as Galtier Plaza in downtown St. Paul or St. Anthony Main near downtown Minneapolis, both of which have closed, Calhoun Square has done well over the years. Industry sources say that there are about a dozen bidders on the project; a sale is expected to be done in the first quarter of next year.

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

Once you are an ALM digital member, you’ll receive:

  • 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

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.