Calhoun Commons Retail Center Sold for $21M

The acquisition of Calhoun Commons, which is anchored by a 49,471-square-foot Whole Foods Market, gives Regency Centers its fourth shopping center in the Twin Cities market.

Calhoun Commons, a 66,150-square-foot shopping center in uptown Minneapolis, has exchanged hands.

Jacksonville, Florida-based Regency Centers on Tuesday announced that it bought the property on July 1 for $21 million. It purchased the retail center from Calhoun Commons Shopping Center Limited Partnership, a subsidiary of Bloomington-based commercial real estate developer Doran Companies.

Regency owns, operates, and develops shopping centers that are anchored by grocery stores. Calhoun Commons is home to a 49,471-square-foot Whole Foods Market and has a variety of other tenants, including Chipotle, Caribou Coffee, Ben & Jerry's, and Noodles & Company. The retail center, which is located between West Lake Street and Excelsior Boulevard, was built in 1999 and is fully leased.

“Calhoun Commons is a premier property consistent with Regency's portfolio of quality centers characterized by market-dominant anchors, infill locations, and superior demographics,” Stuart Brackenridge, Regency's vice president of transactions, said in a statement. “Calhoun Commons has all the key attributes of a Regency core acquisition.”

Including the recently completed Calhoun Commons acquisition, Regency owns four retail centers near the Twin Cities, which together comprise more than 550,000 square feet: Apple Valley Square in Apple Valley, Colonial Square in Wayzata, and Rockford Road Plaza in Plymouth.

Nationally, the company owned 396 retail properties totaling 52.9 million square feet as of the end of March.

According to Doran Companies' Web site, the company owns and manages the Sydney Hall/Dinkydome student housing property on the University of Minnesota's Minneapolis campus, as well as the Silver Lake Village mixed-use development in St. Anthony.