Search
 

Frank's Bankruptcy Nixes $70M Deal

WOODBURY, MN-Robert Muir Co., an Edina-based developer of retail properties, takes its Woodbury Village Shopping Center off the market after a tentative deal fell through due to Frank's closing its store there. The company also took the Village of Blaine off the market.

By Jim McCartney | Updated on September 28, 2004

WOODBURY, MN-The recent bankruptcy filing of Michigan-based Frank’s Nursery & Crafts Inc., and its decision to close its 13 local stores, led to a break in negotiations of the sale of a 430,000-sf section of the 600,000-sf Woodbury Village Shopping Center. Negotiations with Inland Real Estate Group for the local site ended following Detroit-based Frank’s Nursery’s bankruptcy filing and aftermath, which included closing its store at Woodbury Village.

The Robert Muir Co., an Edina-based developer of retail properties, says it has withdrawn its offer to sell a 430,000-sf section of the 600,000-sf Woodbury Village Shopping Center located at Valley Creek Drive and Interstate 494.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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.