"We have had our eye on the Twin Cities for a while," says Edward Glazer, executive vice president at First Allied. Glazer adds the center was attractive due to its "great lineup of tenants, a busy intersection and strong demographics."
The seller was Chicago-based M&J Wilkow, a real estate investment partnership. Wilkow says the sale follows its "repositioning efforts designed to increase tenant quality and occupancy at the center."
"We were drawn to Tower Square initially due to the attractive growth dynamics of Eden Prairie, the planned repositioning of the adjacent Eden Prairie Mall, and the perceived potential of improved tenant quality and rental rates at the center," says John Wiechart, vice president with M&J Wilkow.
Improvements to the center's tenancy include the addition of Pier 1 Imports, Starbucks Coffee, Gymboree Play and Music and Cold Stone Creamery and the expansion of Wolf Camera.
Northstar Partners, the Twin cities affiliate of Cushman & Wakefield, brokered the sale.
M & J Wilkow also owns and manages Crossroads of Roseville Shopping Center in Roseville, MN, and is hoping to buy other properties in the Twin Cities market.
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