Minneapolis-based Oppidan Investment Company has sold two of its grocery-anchored retail centers in Minnesota to Toronto-based Slate U.S. Opportunity Realty Trust. The trust has acquired East Brainerd Mall in Brainerd, Minn., and Phalen Retail Center in St. Paul.
In 2001, Oppidan purchased a 141,557-square-foot JC Penney-anchored enclosed mall located near the intersection of Highways 210 and 25 in East Brainerd. The company redeveloped the mall into a 191,639-square-foot retail development co-anchored by Cub Foods. When JC Penney left the development in 2008, Oppidan redeveloped the site again into a mixed-use retail and office complex co-anchored by Ascensus, which consolidated a number of its Brainerd-area offices to the site.
Today, in addition to Ascensus and Cub Foods, East Brainerd Mall tenants include Anytime Fitness, Caribou Coffee, Deerwood Bank, Denfeld Tobacco, Dollar Tree, Four Seas Buffett, Great Clips, Lakes Area Pregnancy Center, Lutheran Social Services, Select Life, Subway and Verizon Wireless.
In 2008, Oppidan purchased land and three buildings at the intersection of Maryland Avenue and Clarence Street in St. Paul. Later that year, the company opened Phalen Retail Center, a 73,678-square-foot retail development anchored by Cub Foods. Upon opening, Cub Foods Phalen was Minnesota’s first and only LEED Gold-certified grocery store. Today, in addition to Cub Foods, Phalen Retail Center tenants include Best Wireless, Destiny Café 2, Fantastic Sams, Farmers, Nail Salon, Papa Murphy’s, Snap Fitness, Subway and XO Boba Tea.
Joe Ryan, president of Oppidan, said, “These sales are indicative of changing investor confidence in the retail sector as the economy continues its recovery. I anticipate seeing more movement in our retail holdings in the coming months.”
Jim Leary, senior vice president with CBRE’s Investment Properties Group, represented Oppidan in both sales.
