4th Dimension Properties Acquires Northtown Mall In Blaine, Minnesota For $31M
398 Northtown Dr Blaine, MN 55434, USA
$31,000,000
$31/SF
Building Size
1,000,000 SF
Asset Type
Retail
Closing
Aug 16, 2023
About this deal
AI
4th Dimension Properties has acquired the 1 million square foot Northtown Mall in Blaine, Minnesota, for $31 million from Washington Prime Group. The mall is located at 398 Northtown Drive and is a retail property. The sale price of $31 million reflects a price per square foot of $31.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $31,000,000
- Address: 398 Northtown Drive, Blaine, Minnesota
- Market: Blaine, Minnesota
- Buyer: 4th Dimension Properties
- Seller: Washington Prime Group - Christopher Conlon
4th Dimension Properties plans to renovate the Northtown Mall, which is anchored by stores like Best Buy and Hobby Lobby. Additionally, the company intends to add a hotel to the property. This acquisition presents an opportunity for 4th Dimension Properties to enhance the mall and potentially increase its value in the retail market.
On the Map
$31,000,000
$31/SF
Retail
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.51%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93