(For more retail coverage, click GlobeSt.com/RETAIL.)
BLAINE, MN-The Village of Blaine, a 228,810-sf regional community shopping center located at Interstate 35W and Lexington Avenue, was sold by developer Kelly Doran to MEPT Blaine LLC, an affiliate of the Multi-Employer Property Trust of Bethesda, MD. The sale price was $38.75 million, which includes assumption of the existing a $24.4 million mortgage held by John Hancock Life Insurance Co.
The shopping center has been owned and controlled by Doran since its development in 2000 through the Village of Blaine Limited Partnership. Doran plans to step down as head of the Minnesota operations of the Robert Muir Co.
The Village of Blaine is anchored by Cub Foods and Michael's, includes about 40 additional stores and restaurants, and is adjacent to Home Depot and Wal-Mart stores, which operate under separate ownership. Bill Katter of United Properties represented MEPT in the deal, and Bloomington, MN-based United will also take over the day-to-day management and leasing activities from the Robert Muir Co. on behalf of the buyer. Paul Anderson of Messerli & Kramer PA represented Doran.
Doran has recently stepped down as head of the Robert Muir Co. to campaign for a seat in the US Senate. In addition to the Village of Blaine, some of the Robert Muir's notable projects in Minnesota include Tamarack Village, Woodbury Village and Woodbury Commons in Woodbury, MN, Calhoun Commons in Minneapolis, Silver Lake Village in St. Anthony, and the soon-to-open Oakdale Village in Oakdale.
Multi-Employer Property Trust is a $4.5-billion commingled fund owned by Taft-Hartley and public employee pension plans that invests in a diversified portfolio of primarily union-built new construction, and institutional-quality real estate properties in major metropolitan markets.
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.
