Ramsey Shopping Center Sold For $14M

Phillips Edison purchased the Northstar Marketplace—which is anchored by a Coborn’s grocery store—last week, marking its fourth shopping center acquisition in Minnesota.

A Cincinnati-based company recently purchased a nearly 100,000-sqaure-foot shopping center in Ramsey for about $14 million.
 
About 60,000 square feet of the center is occupied by a Coborn’s grocery store. The shopping center also features an Anytime Fitness, Dollar Cents, Subway, Verizon, and a Caribou Coffee.

St. Cloud-based Coborn’s is an employee-owned company that operates 48 grocery stores in Minnesota, the Dakotas, Iowa, Illinois, and Wisconsin. It also owns and operates 35 liquor stores, as well as “CobornsDelivers,” an online grocery ordering and home-delivery service. Coborn’s expanded last week with the acquisition of five new Captain Jack’s liquor stores in North Dakota. The company currently has about 7,400 employees.

Phillips Edison-Arc Shopping Center, Inc., bought the Northstar Marketplace on December 5 and said the center isn’t in need of any significant renovations. The purchase marks its fourth shopping center acquisition in Minnesota.
 
In October, it bought Cahill Plaza—a shopping center that totaled about 70,000 square feet and is anchored by a Cub Foods—in Inver Grove Heights for $8.35 million. In June, it acquired Savage Town Center—which totaled about 87,000 square feet—in Savage. And in October 2012, it bought New Prague Commons, which totaled about 60,000 square feet, in New Prague. A Cub Foods also anchors the Savage Town Center.
 
In addition to the Ramsey property purchase, Phillips Edison said it bought a shopping center in Bowie, Maryland, and one in Golden, Colorado (each roughly 120,000 square feet) for about $30 million and $20 million, respectively.
 
Phillips Edison is a real estate investment trust that acquires and manages grocery-anchored neighborhood shopping centers. The company said its three latest acquisitions brought the company’s total portfolio to 72 grocery-anchored shopping centers throughout 21 states—which together total about 7.4 million square feet and for which it paid about $1.1 billion to acquire.

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