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
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.
Players
Minneapolis Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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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