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4th Dimension Properties Acquires Northtown Mall In Blaine, Minnesota For $31M

Property Image
SOLD
$31,000,000

Minnesota

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Retail1,000,000 SF
Sold 08/16/2023
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Property Image
SOLD

4th Dimension Properties Acquires Northtown Mall In Blaine, Minnesota For $31M

398 Northtown Dr Blaine, MN 55434, USA

See Similar Deals
Retail1,000,000 SF
Sold 08/16/2023
the dealplayerscompscontact
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Summary

MINNESOTA
Asset Type:Retail
Price Per Square Foot:$31
Total Square Footage:1,000,000 SF
Transaction Type:Sale

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

Christopher Conlon
Acadia Realty Trust
Christopher Conlon
10 deals$591.2M volume
BROKER
Christopher Conlon
Washington Prime Group
Christopher Conlon
10 deals$591.2M volume
SELLER

Details

SOLD
IMAGE: Christopher Conlon DATE: 08/16/2023 ADDRESS: 398 Northtown Drive MARKET: Blaine, Minnesota ASSET TYPE: Retail BUYER: 4th Dimension Properties (@4thDimensionProperties) SELLER: Washington Prime Group - Christopher Conlon SALE PRICE: $31,000,000 SF: 1,000,000 ~ PPSF: $31 NOTE: 4th Dimension Properties has acquired the 1 million square foot Northtown Mall in Blaine, Minnesota, for $31 million from Washington Prime Group. The company plans to renovate the mall, anchored by stores like Best Buy and Hobby Lobby, and add a hotel.

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$110,136.45
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