ARA Goes Shopping in Twin Cities
- Jan 05, 2018
American Realty Advisors has acquired Central Park Commons, a 403,219-square-foot mixed-use property located in Eagan, Minn. According to the Minneapolis Business Journal the sale price was $126.3 million. The seller was a joint venture between CSM Corp. and John Johannson, and was represented by CBRE’s Bob Mahoney in this transaction.
Located at 3333 Pilot Knob Road, the newly constructed property is approximately nine miles southwest of downtown St. Paul and 11 miles southwest of downtown Minneapolis. The development includes retail space and a medical business center and is currently 97 percent occupied by tenants including Hy-Vee, HomeGoods, Marshalls, Hobby Lobby, Ulta and Petco. Additionally, Central Park Commons is home to restaurants such as Punch Pizza, R Taco, Naf Naf Grill and Piada Italian Street Food.
“Retailers offering branded items at discount pricing in limited assortment that are difficult to transition online such as Marshalls, Home Goods, etc. are well-positioned to continue to perform in this retail landscape compared to retailers who may face more online competition,” ARA Senior Director in the Investment Group Albert Pura said in a statement. “Central Park Commons is dominated by these types of tenants, strategically positioning it to perform over the long-term.”
Recently, ARA expanded its Washington, D.C. footprint with a 192,000-square-foot property in the NoMad submarket that will be upgraded into a creative office building.
Image courtesy of ARA