Interstate Development - Media

Just Sold: Plymouth retail center sells for $6.2 million

Published January 1st, 2020 by: Anne Bretts.

Editor’s note: “Just Sold” is a Finance & Commerce feature based on certificates of real estate value recently filed for commercial transactions and significant residential transactions in Twin Cities counties. Additional details in the transactions come from Plat Research, the Minnesota Secretary of State’s Office, company documents, online real estate listings, F&C archives, CoStar and other research. Some purchase prices and per-unit calculations have been rounded. Full prices are available on the CRVs posted here.

An entity related to Eden Prairie-based Interstate Development has paid $6.2 million for Cottonwood Plaza, a 39,743-square-foot neighborhood retail center at 3900 Vinewood Lane in Plymouth.

Vinewood Acquisitions LLC closed Dec. 20 on the acquisition from Cottonwood Plaza LLLP, an investment entity related to Security Bank & Trust in Glencoe. The center was built in 1987 on 3.2 acres in the southeast quadrant of Rockford Road and Vinewood Lane, just east of Interstate 494. The center is nearly fully leased, with 11 tenants, including Domino’s and MGM Wine & Spirits.

“A lot of them have quite a legacy,” said Victoria Perbix, project manager, of the center’s tenants. “Some of them have been here more than 20 years.”

There are two small vacancies, but Interstate is in negotiations with a potential tenant, she said.

The strip center is old but has a key location across Rockford Road from a Walgreens, a SuperTarget and a larger strip center that includes Kohl’s, TJMaxx, HomeGoods and more than a dozen other tenants.

The price works out $156 per square foot.

Interstate has developed and acquired over 6,500,000 square feet within the last 15 years, including industrial, retail, medical, office and special use. Interstate’s Minnesota office rebranded from Interstate Partners to Interstate Development in 2015 and currently owns and/or manages approximately 2 million square feet of space, with an estimated asset value of $180 million.

Purchase price: $6.2 million, with a listed down payment of $50,000 and a new mortgage

Price per square foot: $156

Last sale: N/A

Date of deed: 12-20-19

ECRV released: 12-27-19

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