Rouse Properties Completes Sale of The Shoppes at Knollwood
- Jan 25, 2015
By Ioana Neamt, Associate Editor
New York City-based Rouse Properties Inc. has completed the sale of The Shoppes at Knollwood in St. Louis Park, Minn. According to a news release, the property sold to an institutional investor for gross proceeds of $106.7 million. Rouse was represented in the transaction by David Monahan of JLL.
”This transaction is illustrative of the significant value we are creating throughout our portfolio,” Andrew Silberfein, president & CEO of Rouse Properties, said in a statement. “The sale generated in excess of $70 million of proceeds above the existing mortgage of approximately $35.1 million, which after closing costs and remaining construction obligations, will be recycled into higher-yielding acquisitions and our ongoing capital investments within our existing portfolio,” Silberfein explained.
Located at 8332 Highway 7 in St. Louis Park, roughly 6.5 miles from downtown Minneapolis, The Shoppes at Knollwood comprises 457,000 square feet of retail space on approximately 40.36 acres of land. Tenants include Cub Foods, Nordstrom Rack, Old Navy, Kohl’s, Panera Bread, Subway, Applebee’s, DSW and many others. The newly redeveloped shopping center serves more than 265,000 people working within a five-mile radius.
Rouse Properties is a national owner and operator of regional malls that debuted on the New York Stock Exchange in 2012, following the completion of its spinoff from Chicago-based General Growth Properties (GGP).
Image courtesy of Sean Neuert via Panoramio.
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