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SARA Investment Picks Up Twin Cities Retail
Stan Johnson Company (SJC) completed the sale of Penn American Retail Center, a 58,531-square-foot strip shopping center in the Twin Cities suburb of Bloomington, MN.
Located at 2100 W. 80th St. and anchored by Fresh Thyme Farmers Market, the property traded to Madison, WI-based SARA Investment for $19 million.
An SJC team of Tom Fritz, Brandon Duff, Matt Spangenberg and Mackenzie Wolfgram represented the seller, a Minneapolis-based developer. SARA was self-represented.
“Given the stellar location and Stan Johnson Company’s extensive marketing reach, we had interest from buyers across the U.S. and internationally that led to nearly 20 offers,” said Fritz, a senior director in SJC’s Chicago office.
He added, “The amount of interest we received from institutional and private investors speaks to the strength of the Minneapolis market, as well as the developer’s ability to deliver an A+ quality property.”
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