Just Listed brings you the latest news and information from the Twin Cities-area commercial and residential real estate market and beyond from veteran reporters Jim Buchta and Kristen Leigh Painter.

Woodbury Lakes shopping center sold to Michigan investment trust

Posted by: Janet Moore Updated: July 22, 2014 - 4:28 PM

The Woodbury Lakes shopping center, located in the eastern suburb along Interstate 94, has been sold.

The center in Minnesota and another called Bridgewater Falls near Cincinnati were sold for about $150 million. The pricetag for the individual centers was not revealed by the buyer, Ramco-Gershenson Properties Trust of Michigan.

Spanning 366,000 square feet, Woodbury Lakes features Trader Joe's, buybuy Baby, DSW, H&M, The Gap, Charming Charlie and Michael's as anchor retailers. In-line retailers include Banana Republic, Victoria's Secret, White House/Black Market, American Eagle, Chico's, LOFT, Buckle and Express.

Built in 2005, the center is now 89 percent leased. Part of the deal involves Ramco-Gershenson to purchase additional acreage for the development of restaurants and other entertainment uses.

Ramco-Gershenson is a publicly traded real estate investment trust with 79 shopping centers and one office building in its portfolio.

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