By Camelia Bulea, Associate Editor<\/p>\n
Regency Centers purchased the 66,000-square-foot Calhoun Commons shopping center near Lake Calhoun for $21 million, bringing its portfolio in the Twin Cities to four shopping centers, with a fifth under contract.<\/p>\n
Calhoun Commons’ seller, Bloomington-based Doran, built the property in 1999 (it\u00a0still owns Sydney Hall\/Dinky Dome in Minneapolis). The Class A shopping center is fully leased and is now anchored by a 49,471-square-foot Whole Foods Market, along with national retailers such as Chipotle Mexican Grill, Caribou Coffee, Ben & Jerry\u2019s and Noodles & Company. The award-winning retail center consists of three buildings and includes beautifully landscaped grounds and walkways, as well as large sculptures.<\/p>\n
The acquisition is part of Regency Centers’ long-term strategy to own high-quality shopping centers. Its portfolio totals 396 properties around the country, some held in co-investment partnerships. Its dominant anchor tenants are grocery stores, a segment less affected\u00a0even in a challenging economy.<\/p>\n
Studies indicate that this year the retail segment in Minneapolis is showing promise. According to Marcus & Millichap Real Estate Investment Services, vacancy rates in this sector should drop 30 basis points, to 8.9 percent, throughout 2011. The rate fell 30 basis points last year, too.<\/p>\n
Rents should increase slightly in the retail sector in 2011. According to the report, Twin Cities retail operators will raise asking rents 0.2 percent to $17.20 a square foot. Effective rents will rise, too, by 0.8 percent to $14.77 a square foot.<\/p>\n","protected":false},"excerpt":{"rendered":"
By Camelia Bulea, Associate Editor
\nRegency Centers purchased the 66,000-square-foot Calhoun Commons shopping center near Lake Calhoun for $21 million, bringing its portfolio in the Twin Cities to four shopping centers, with a fifth under contract.
\nCalhoun Commons’ seller, Bloomington-based Doran, built […]<\/p>\n","protected":false},"author":271,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[36076,21742],"tags":[],"class_list":["post-1004052733","post","type-post","status-publish","format-standard","hentry","category-minneapolis-st-paul","category-latest"],"acf":[],"yoast_head":"\n