James S. Smith, Managing Principal
Bloomington, MN - September 10, 2015 - Kensington Realty Advisors, an investment manager based in Chicago has sold a 137,625 square foot power center located in the Southdale trade area in Bloomington, MN to Menard, Inc. headquartered in Eau-Claire, WI. The shopping center was 100% leased to several national retailers including Trader Joe's, Marshalls, Cost Plus, Michaels, Staples, Total Wine and Total Hockey.
The property, developed in 1994, is located at I-494 and France Ave with excellent highway visibility. "The market was very receptive to this offering and after 22 years of ownership, we decided it was the optimum time to sell," said James Smith, Managing Principal of Kensington.
"We managed through two bankrupt tenants, a store went dark and two spaces downsized just within the past eight years," said Smith, referring to the bankruptcies of Comp USA and Circuit City in 2007 and 2008. The property began leasing up again in 2009-2010 and, with the invaluable assistance of Welsh & Colliers, Kensington's joint-venture partner, in the project, leasing agent and the property manager for the center, the property was full leased again within five years. "Welsh & Colliers' leasing capabilities and property management expertise in conjunction with Kensington's fiduciary focus and careful tenant selection led to positive results for our investor," according to Smith.
CBRE National Retail Investment Group in Chicago, CBRE Minneapolis Investment Properties Group and Welsh & Colliers International I Minneapolis/St. Paul represented the seller in the transaction.
About Kensington Realty Advisors
Kensington Realty Advisors, Inc. is an investment advisory company providing investment management and advisory services. Acting strictly as a fiduciary, its primary clientele includes institutional, pension, off-shore and high net worth investors. KRA is composed of a team of highly experienced real estate professionals with extensive backgrounds in real estate investment and asset management. The firm focuses on investments in apartments, student and senior housing and industrial property on a nationwide basis.
About Welsh & Colliers International I Minneapolis-St. Paul
Welsh is a full-service commercial real estate company headquartered in the Twin Cities with regional offices in Minnetonka, Minneapolis and Shoreview, Minnesota. Welsh consists of more than 300 professionals whose expertise extends into every aspect of commercial real estate including brokerage, corporate solutions, real estate management, facility management, construction, architecture, development, and financing. Welsh has partnered with Colliers International, a global leader in commercial real estate services, with more than 16,300 professionals operating out of 502 offices in 67 countries.
For the latest news from Welsh and Colliers International, visit www.welshco.com or www.colliers.com/msp, or follow us on Twitter: @WelshCo @ColliersMSP @ColliersIntl
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