Burnsville, Minn. — Mid-America Real Estate Corp. has arranged the sale of Burnsville Crossing, a 97,210-square-foot retail center located in Burnsville, a suburb of Minneapolis and St. Paul. Becker Furniture and Mattress anchors the property. Joe Girardi, Rick Drogosz and Ben Wineman of Mid-America — in cooperation with Amy Senn of Mid-America — represented the seller, IRC Retail Centers/DRA Advisors, in the transaction. HBI Cos. acquired the center for an undisclosed price.
Minneapolis — Retail giant Target Corp. (NYSE: TGT) has announced plans to open 300 stores and enhance the majority of its 2,000-store portfolio. The news comes on the heels of the company’s fourth-quarter 2023 earnings reports, which saw comparable sales and traffic trends improving for the second consecutive quarter. Target also plans to invest in its supply-chain operations in hopes of bolstering its next-day delivery options through the use of artificial intelligence for improved inventory efficiency. Enhancements to the Minneapolis-based company’s existing portfolio are set to include remodels adding Ulta Beauty …
Austin, Texas — Cushman & Wakefield has arranged $100 million in refinancing for a portfolio of grocery-anchored retail centers on behalf of the borrower, Austin-based Epic Real Estate Partners. Totaling 625,000 square feet, the portfolio includes Eagan Towne Center in Eagan, Minnesota; Ventana Village in Tucson, Arizona; Preston Trail Village in Dallas; Kauai Village in Kapa’a, Hawaii; and Cobbler Crossing in Elgin, Illinois. The properties, which were 93.2 percent leased at the time of sale, are anchored by Cub Foods, Kroger, Bashas, Safeway and Jewel Osco. Beth Lambert, Chase Johnson, Caleb …
Brooklyn Park, Minn. — Hanley Investment Group Real Estate Advisors has brokered the $11.9 million sale of Edinburgh Festival Centre, a retail center located in Brooklyn Park, roughly 11 miles outside Minneapolis. A 54,476-square-foot Festival Foods anchors the 91,563-square-foot property. Other tenants at the center, which was built in 1996, include Dollar Tree, Caribou Coffee, Dairy Queen, Jackson Hewitt Tax Service, Kumon Reading and Math Center and State Farm Insurance. Bill Asher and Jeff Lefko of Hanley, in association with ParaSell Inc., represented the seller, LS Capital, in the transaction. The …
Bloomington, Minn. — WHP Global, parent company of Toys “R” Us, will open an 11,000-square-foot flagship store within the 5.6 million-square-foot Mall of America in Bloomington, roughly 10 miles outside Minneapolis. Scheduled to open before Thanksgiving, the store marks the second flagship store in the country and the first in partnership with Go! Retail Group. Additional openings are scheduled for next year. Beginning next year, the Mall of America shop will also introduce branded elements including a Geoffrey’s Café and ice cream parlor as well as interactive experiences and product demonstrations.
Fairmont, Minn. — Cleeman Realty Group has brokered the $5.1 million sale of a single-tenant property located in Fairmont. Hy-Vee occupies the 54,740-square-foot building on a triple-net-lease basis. Jeremy Scheer of Cleeman represented the undisclosed buyer in the transaction.
Minneapolis — The Target Corp. has announced plans to close nine stores in four states. Scheduled to close Oct. 21, the stores are located in New York City; Seattle; Portland, Oregon; San Francisco; and Oakland, California. In a statement, the brand attributed the closures to the fact that “theft and organized retail crime are threatening the safety of [its] team and guests and contributing to unsustainable business performance.”
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The Picklr to Open 80 New Venues in 11 States
Kaysville, Utah — Utah-based indoor pickleball brand The Picklr will open 80 new venues across eleven states, including Arizona, Colorado, Florida, Georgia, Illinois, Minnesota, Nevada, Tennessee, Texas, Utah and Wyoming. The facilities will be opened in partnership with 13 new franchisees. “With seven corporate owned facilities, our first-mover advantage has undeniably led to a high level of interest from well capitalized candidates across the entire country,” says Scott Schubiger, chief growth officer of The Picklr.
New Ulm, Minn. — Timber Development Corp. has sold Super Center Square, a retail center located in New Ulm. The property comprises 40,700 square feet adjacent to a 210,000-square-foot Walmart Supercenter. An undisclosed buyer acquired the property for $4.1 million. AJ Prins and Sean Doyle of CBRE brokered the transaction.
Eden Prairie, Minn. — Three new restaurant concepts will open at Eden Prairie Center, a 1.4 million-square-foot retail center located in the southwest Minneapolis suburb of Eden Prairie. Gyu Mai Japanese BBQ and Ichiddo Ramen will open within a dual-concept space comprising 7,996 square feet, with both concepts scheduled to open in December of this year. Starting in July, Where’s The Flour?, a gluten-free fast-casual restaurant, will lease 808 square feet within the development’s food court. Additionally, Café Viola will open a coffee kiosk and occupy 252 square feet, beginning …
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