Perhaps it’s a sign that retail is in recovery mode in Minneapolis/St. Paul: An Illinois-based real estate company recently made a big investment in the Twin Cities’ retail market with its purchase of the Silver Lake Village and Woodbury Commons shopping centers.
Inland Real Estate Corporation spent more than $46 million on the properties, so its investment was no small one.
But Inland’s president of property management, Scott Carr, said the price was a reasonable one to pay considering the strategic advantages that the pair of Twin City retail properties provides the company.
“These two acquisitions exemplify our strategy of acquiring high-quality assets in the best infill locations within our primary markets,” Carr said in a written statement. “Both of these centers offer significant upside potential through a targeted leasing program that will fill vacancies through our existing relationships with tenants already in our portfolio.”
The key here is that Inland, like many commercial real estate companies, considers the Twin Cities and its suburbs to be one of the top markets in the Midwest. The numbers bear this out; Minneapolis/St. Paul is in recovery mode, and commercial real estate activity here is increasing.
Inland Real Estate Corporation spent $36.3 million to purchase Silver Lake Village, a grocery-anchored community center in St. Anthony, an inner-tier suburb of Minneapolis. The company spent $10.3 million to buy Woodbury Commons, a community center located in the wealthy suburb of Woodbury.
