Champlin Marketplace sells for $ 15.45 million – Finance & Commerce
Much of the Champlin market was recently sold to an entity called Brixmor Champlin LLC for $ 15.45 million.
IRC Champlin Marketplace LLC sold the suburban mall in June. Four fully leased buildings make up the Market, but only three were included in the sale. These are located at 11401-11468 Marketplace Drive N., according to a certificate of real estate value released this week.
The buyer used the address of New York-based Brixmor Property Group and contact details for Chicago-based Barack Ferrazzano Kirschbaum & Nagelberg LLP, which also has an office in Minneapolis. The buyer paid for the properties in cash, according to the eCRV.
The seller used the contact details of Detroit-based Dickinson Wright PLLC in the eCRV. CoStar lists the owner of one of the plots as Danny Berenberg, from Ponte Verde Beach, Florida. Representatives of the buyer and seller, as well as Berenberg could not be reached for comment.
Built in 1998, a Cub Foods, Cub Liquor, and Walgreens anchor the 11-acre market on its south side. Cub Foods and Cub Liquor were not included in the sale, according to the eCRV.
In total, the market has nearly 102,294 square feet, according to CoStar.
Walgreens is in its own building, with 10,200 square feet of space. The Class C building was constructed in 1998, and CoStar estimates the rent to be between $ 20 and $ 25 per square foot. Berenberg owns this building, according to CoStar.
Cub Foods and Cub Liquor are located across from the Walgreens parking lot.
To the north is a Class B building housing smaller retail spaces. Tenants in the 1998 building include Great Clips, Anytime Fitness, Enjoy China Restaurant, Bewoolen and Chanticlear Pizza. This building has over 80,300 square feet. Located across the parking lot for that line of retailers is a building housing Arigato Steakhouse & Sushi Bar, which was included in the sale, according to the eCRV.
The most recent building included in the sale is a 2005 building of almost 8,400 square feet. A Jimmy Johns, H&R Block, UPS store, Yarwood’s Martial Arts and Style Nails are renting space in this building.
All buildings in the market are fully leased, according to CoStar.
The four plots included in the sale are worth $ 9.836 million, according to Hennepin County real estate records.
The center is located directly east of Jefferson Highway North and less than a mile north of 109th Avenue North. Retail businesses are neighboring the market to the west, southwest and south. This includes a movie theater, many restaurant chains, and a bicycle shop.
South Pond Retail Center at 11209-11223 Aquila Drive N. Sold to Plymouth-based TOLD Development in 2017 for $ 6.175 million. This center, located on the other side of 114th Avenue North from the Market, comprises two buildings with a combined total area of 12,655 square feet. The price is $ 487.95 per square foot, Finance & Commerce reported.
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