Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HUGO, MN-United Properties Development Co. has sold its 100% leased Victor Marketplace here for about $11.8 million, sources say. Victor Hugo Boulevard LLC purchased the 70,000-sf site, with a cap rate of about 6.9% on next year’s figures, sources say.

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

Eric Bjellend and Leah Truax with Northmarq Investment Services represented the seller in the deal. United Properties is a division of Northmarq.

Bjelland, VP of investment services, says United, which built the property in 2006, didn’t need to stick around. “It wasn’t a strategic long-term hold,” he tells GlobeSt.com. He says the sale does indicate that quality properties with a strong income stream remain interesting to investors, even in the current credit crunch. “This market, a northern suburb of the Twin Cities, is seeing strong demographic growth, though it has slowed down a little bit like everything else around the country.”

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


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 © 2020 ALM Media Properties, LLC. All Rights Reserved.