North Branch Mall LLC Acquires Retail Strip Center In North Branch For $7.25M

The property involved in this transaction is a retail asset located at 38500 Tanger Drive in North Branch, MN. The retail strip center encompasses 135,000 square feet and occupies an impressive 15.95 acres. The sale price for this property was set at $7,250,000, reflecting a price per square foot of $54. Currently, the center is 65% occupied, indicating ongoing interest from businesses in the area.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $7,250,000
• Address: 38500 Tanger Drive
• Market: North Branch, MN
• Acres: 15.95
• Square Footage: 135,000
• Price Per Square Foot: $54
• Buyer: North Branch Mall LLC
• Seller: North Branch Retail LLC
• Brokers: Lars Anderson & Sam Steadman - Re/Max

This transaction showcases the involvement of North Branch Mall LLC as the buyer, acquiring the property from North Branch Retail LLC, which previously purchased it for $2.5 million two years ago. The brokers representing this deal are Lars Anderson and Sam Steadman from Re/Max, indicating a collaborative effort in facilitating this transaction. Notably, the retail center has experienced value-added repositioning, attracting interest from local and regional businesses.