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A Minnesota Mall Sold and It Wasn’t Value-Add, Plus 9 More Deals

March 17, 2022

Bakersfield, California: The 117,228-square-foot Ming Plaza sold for $26.5 million. Faris Lee Investments represented the seller and arranged financing for the buyer. The fully leased property includes three outparcels leased to Starbucks, Chase and Long John Silver’s.

Los Angeles: Reliable Properties purchased Washington Plaza, a 136,908-square-foot shopping center located on an entire city block downtown, for $44.75 million. Marcus & Millichap represented the seller, Eagles Nest Property LLC. Anchored by 99 Cents Only Stores and Rite Aid, the center includes a 60,000-square-foot industrial component with long-term garment industry tenants.

Washington Plaza

Palm Desert, California: A 2,700-square-foot, single-tenant Habit Burger Grill drive-thru restaurant at the new, 130,000-square-foot Monterey Crossing shopping center sold for $4.6 million. Hanley Investment Group represented the seller, Fountainhead Development, which had developed the center. Voit Retail Estate Services represented the buyer, a private 1031 exchange investor based in Southern California.

Lafayette, Colorado: A 21,930-square-foot, single-tenant building leased to Tractor Supply Co. sold for $6.8 million. The Boulder Group represented the buyer, a California-based 1031 exchange investor. Cushman and Wakefield represented the seller.

Tractor Supply Co.

Edina, Minnesota: 70th Street Properties LLC bought the 398,585-square-foot Galleria, an enclosed mall that’s 99% leased to such luxury tenants as Bluemercury, Louis Vuitton, Lululemon, Peloton, Pottery Barn, Tiffany & Co., Tory Burch and Warby Parker. JLL Capital Markets advised the seller, Hines. “Galleria Edina is one of the premier retail assets in the Midwest and has an expansive trade area as a result of being the sole location for many of the tenants in the Midwest region,” said JLL senior managing director and co-head of U.S. retail capital markets Danny Finkle. “This is the essence of a generational asset within a remarkable market with unlimited growth opportunities ahead.” Park State Bank led the acquisition financing.


Olean, New York: Tabani purchased the 53,642-square-foot Shops at Walmart Plaza from an Andover, Massachusetts-based private buyer for $12.05 million. The center is 94% occupied by such tenants as Maurices, Old Navy, Pet Supplies Plus and Shoe Dept. Palomar Real Estate Group represented the seller in the transaction.

The Shops at Walmart Plaza

Greensboro, North Carolina: An Asian supermarket operator acquired a shopping center it anchors. Li Ming Global Mart operates a 60,000-square-foot store at Greensboro South and paid First Republic Corp. of America $9.8 million for the 10-acre, two-building property.

Monroe, North Carolina: Irgang Group bought the 196,462-square-foot Poplin Place from Big V Property Group, which had repositioned the asset. Now fully leased, the 2005 power center is anchored by Big Lots, Burlington, Ross Dress for Less and T.J.Maxx. Bruner Group represented the buyer, and JLL Capital Markets represented the seller. Irgang, which has focused on New York City multifamily and mixed-use, started adding suburban retail centers to its portfolio last year.

Poplin Place

Warwick, Rhode Island: Capital Group Properties bought the 160,000-square-foot Warwick Center from Nuveen, a division of TIAA, for $12.35 million. Tenants include Barnes & Noble, DSW, The Edge Fitness Clubs, Ulta Beauty, Carrabba’s Italian Grill and Walpole Outdoors.

Park City, Utah: Columbus Pacific sold the 25,410-square-foot, fully leased Kimball on Main Street retail, office and event property to Stanton Road Capital. JLL Capital Markets represented the seller and helped arrange an acquisition loan for the purchaser. Retail tenants include Free People, L.L.Bean, Sunglass Hut and upscale local restaurants and fashion retailers.

The Kimball on Main Street

By Brannon Boswell

Executive Editor, Commerce + Communities Today

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