January 8, 2018 Comments Off on American Realty Acquires Twin Cities Retail Center, MOB Views: 2179 Midwest, Minnesota, National News

American Realty Acquires Twin Cities Retail Center, MOB

Los Angeles-based American Realty Advisors (ARA) acquired Central Park Commons, a newly constructed retail shopping center and medical office building in Eagan, MN for $126.3 million. The 403,219-square-foot center is located within the Twin Cities suburb, 8.5 miles southwest of downtown St. Paul.

“This acquisition is well-aligned with our forward-looking strategy to acquire quality retail centers in top-tier trade areas,” says ARA’s Kirk Helgeson. “Central Park Commons is strategically located between St. Paul and Minneapolis, and is positioned to benefit from these two large-scale population bases.”

CBRE’s Bob Mahoney represented the seller, a joint-venture between CSM Corporation and John Johannson.

The property at 3333 Pilot Knob Road is currently 97% occupied by a variety of tenants including grocery-anchor Hy-Vee, as well as retailers such as Home Goods, Marshalls, Hobby Lobby, ULTA and Petco.

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