Essential Growth Properties Acquires Elk River Shopping Center For $20.8M

An Elk River shopping center, Elk Park Center, located along Highway 169, has been acquired by an entity associated with Cincinnati-based Essential Growth Properties for $20.8 million. The retail property, spanning approximately 205,000 square feet, is situated at 19112-19216 Freeport Avenue Northwest in Elk River, MN. The transaction took place on 12/21/2023. The sale price of $20.8 million corresponds to an approximate price per square foot of $101.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $20,800,000
• SF: 205,000
• PPSF: $101
• Buyer: Nick Hodge - Essential Growth Properties
• Seller: Freeport Elk River
• Brokers: Cory Villaume & Matt Hazelton - JLL

The buyer, Nick Hodge, represented Essential Growth Properties in the acquisition of Elk Park Center. The seller, Freeport Elk River, facilitated the sale of the retail property. The transaction was managed by brokers Cory Villaume and Matt Hazelton from JLL.