facebook
Traded Co logo
Submit
Daily limit: 0/10

Contrarian Properties & Spinoso Real Estate Group Acquire Crossroads Center For $79.87M

Property Image
SOLD
$79,867,741

Minnesota

See Similar Deals
Retail900,000 SF
Sold 05/02/2024
the dealplayerscompscontact
Property Image
SOLD

Contrarian Properties & Spinoso Real Estate Group Acquire Crossroads Center For $79.87M

4101 Division Street

See Similar Deals
Retail900,000 SF
Sold 05/02/2024
the dealplayerscompscontact
Contact now

Summary

MINNESOTA
Asset Type:Retail
Price Per Square Foot:$88
Total Square Footage:900,000 SF
Transaction Type:Sale

The Crossroads Center in St. Cloud, Minnesota, has been acquired by Contrarian Properties and Spinoso Real Estate Group for nearly $80 million. The mall, spanning almost 900,000 square feet, is home to major retailers like J.C. Penny, Macy’s, and Scheels, with Target owning its connected location. The sale price equated to approximately $89 per square foot for the property located at 4101 Division Street.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $79,867,741
  • Buyer: Contrarian Properties; Carmen Spinoso - Spinoso Real Estate Group
  • Seller: Trigild
  • Broker: Matt Hazelton - JLL
  • Market: St. Cloud, Minnesota
  • Address: 4101 Division Street
  • Square Footage: 900,000

Contrarian Properties and Spinoso Real Estate Group jointly acquired the Crossroads Center in St. Cloud after Trigild took over as receiver in January, replacing Brookfield Properties. The aim of Contrarian and Spinoso is to revitalize the mall, making it a premier shopping and entertainment destination in the St. Cloud area through various management and marketing efforts.

Players

Matt Hazelton
JLL
Matt Hazelton
8 deals$287.2M volume(612) 396-7723
BROKER

Details

SOLD
IMAGE: Carmen Spinoso & Matt Hazelton DATE: 05/02/2024 ADDRESS: 4101 Division Street MARKET: St. Cloud, Minnesota ASSET TYPE: Retail BUYER: Contrarian Properties; Carmen Spinoso (@CarmendSpinoso) - Spinoso Real Estate Group (@Spinoso_REG) SELLER: Trigild BROKER: Matt Hazelton - JLL (@JLL) SALE PRICE: $79,867,741 SF: 900,000 ~ PPSF: $89 NOTE: Contrarian Properties and Spinoso Real Estate Group have jointly acquired the Crossroads Center in St. Cloud for nearly $80 million, as revealed in public documents. This acquisition follows the appointment of Trigild as receiver in January, taking over from Brookfield Properties. The mall, spanning almost 900,000 square feet, is home to major retailers like J.C. Penny, Macy’s, and Scheels, with Target owning its connected location. Contrarian and Spinoso aim to revitalize the mall and establish it as a premier shopping and entertainment destination in the St. Cloud area through management, leasing, redevelopment, operations, and marketing efforts. #

Stay in the Know

Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.

By subscribing, you agree to our Terms of Service and Privacy Policy.

Similar Deals

Contact

Get in touch with the broker you want

Suggestions
CRE CalculatorAnalyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results.
Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$4,259,612.84

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$283,753.23
Cash-on-Cash Return-1.27%
Monthly Debt Service$378,613.84
Annual Debt Service$4,543,366.07