"This is the last of Carlson's retail properties," notes Prinsen, a vice president of investment services at Welsh.
Minnesota School of Business, which plans to open a school at the center, also bought a portion of the now vacant Kmart store, Prinsen adds.
The center, which has tenants such as Jo-Ann Fabrics, was built in 1973. The center includes the recently closed County Mart, a 19,000-sf grocery store space that is still under lease to SuperValu.
SuperValu, the Eden Prairie-based food retailer and wholesaler, closed the store after it built a new Cub Foods store nearby. The center is 98% under lease, including the space under lease to Super Valu, Prinsen says.
The 11-screen, 41,000-sf Marcus Theaters is considered part of the center complex, although it is owned by the theaters.
Prinsen and Bob Pound, senior vice president at Welsh, represented the seller, Carlson Real Estate Co., based in Minnetonka, MN. Peter Spindler, an independent real estate consultant, represented Minnesota School of Business.
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