Simek Property Group purchased Riverdale Market in Coon Rapids, Minnesota, for $4.45 million in an off-market deal as part of a 1031 Exchange. The 18,102-square-foot retail center built in 2006 is located at 2740 Main St. NW in Coon Rapids.
The property has 10 retail spaces and is currently 94 percent occupied. The current national tenants include Subway, Verizon Wireless, State Farm Insurance, and Enterprise Rent-A-Car.
Riverdale Market is shadow anchored by one of the busiest Lowes in the Midwest. The property is located on a high visibility corner of Highway 242 (31,500 vehicles per day) and Highway 10 (76,000 vehicles per day). Atlas Commercial Real Estate is the exclusive leasing agent for the property and Mid-America is the property manager.
