Brookdale Mall Closing on Offers, Listed at $17.5M
The Minnesota business owner who wrote a letter of intent to purchase Brookdale Mall earlier this year said that he plans to submit an offer “in the range” of the $17.5 million listing price. Wednesday is the last day that bids will be accepted.
Donald Jackson, owner of Maple Grove-based Poor No More, Inc., said that he has been in communication with the mall's brokerage firm CB Richard Ellis and that he will submit his offer Wednesday morning.
Stephen Lysen, a broker at CB Richard Ellis, confirmed that Wednesday is the final day that bids will be accepted. He said that several bids for the property have been submitted but would not provide an exact number.
Brookdale is currently owned by Capmark Finance, Urban Development Fund II, and Paramount Community Development Fund.
The owners purchased the mall, which spans 64 acres and includes more than 605,000 square feet, for $12.5 million in a February auction. The property does not include Sears-the only store that remains open at the mall-or the former Macy's store, which closed in December.
If Jackson's offer is accepted, he said that he plans to keep 70 to 80 percent of the mall, which is located in Brooklyn Center, as retail space. He hopes to use some of the remaining space for film and music production studios.
In addition, Jackson said that there is interest in an employment training camp that would assist inmates with their transition back into society. The program would probably occupy between 2,500 to 5,000 square feet of space, Jackson said.
Jackson said that he will represent himself in the deal and plans to put his commission-about $250,000-back into the property if his bid is accepted.