The Robert Muir Co., an Edina-based developer of retail properties, says it has withdrawn its offer to sell a 430,000-sf section of the 600,000-sf Woodbury Village Shopping Center located at Valley Creek Drive and Interstate 494. The company also took off the market the Village of Blaine, a 447,000-sf shopping center at the intersection of Interstate 35W and Lexington Avenue in Blaine. The properties were reported to be on the market for $70 million and $40 million, respectively.
Muir officials will look for a new tenant for the Frank's space and expand the shopping center. Woodbury Village was developed in stages beginning in 1990 and concluded with the completion of the Shoppes of Woodbury Village in 2002.
Both properties were put on the market last summer, and both attracted interest from a number of potential buyers, according to Muir officials. The company also says it determined holding the properties as long-term investments was a better strategy than selling them.
The Robert Muir Co. owns and manages nearly two million sf of retail space in the Twin Cities. In addition to Woodbury Village and Blaine Village, their properties include Tamarack Village and Village Green in Woodbury and Calhoun Commons in Minneapolis.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
