Bizbeat: Cahill Plaza in Inver Grove Heights has a new owner

  • Article by: SUSAN FEYDER , Star Tribune
  • Updated: November 10, 2013 - 11:05 PM

A business entity whose partners include St. Paul-based Paster Enterprises has sold Cahill Plaza shopping center in Inver Grove Heights.

Paster and Chicago-based Shiner Capital Partners sold the center for about $8.4 million to a real estate investment trust overseen by Phillips Edison and American Realty Capital, according to the CoStar Group. The same real estate investors also own New Prague Commons and Savage Town Square.

Cahill Plaza has about 69,000 square feet, and it is anchored by a Cub Foods. It was built in 1995 and most recently was renovated in 2002.

Lakeville leads in homebuilding

Lakeville has emerged as the leading homebuilding market so far this year based on housing permit numbers compiled by the Keystone Report for the Builders Association of the Twin Cities.

The city has recorded 281 housing permits through the end of October, edging out Woodbury’s 280 for the same period. Lakeville had 195 permits for the same period in 2012, according to the report.

Other Dakota County communities posting year-over-year gains for the 10-month period include Apple Valley, which had 40; Eagan, with 86; Farmington, with 102; Inver Grove Heights, with 54, and Rosemount, with 62.

Year-over-year declines for the period were recorded by Burnsville, which had four; Hastings, with 19, and Mendota Heights, with two.

New Mendota Heights boutique

Apricot Lane Boutique is expanding its Twin Cities footprint with a new store at the Village at Mendota Heights set to open Thursday. A party and ribbon-cutting ceremony will be at 4 p.m. Wednesday.

The new store will be the second in the metro area. Apricot Lane also has a store at the Shops of West End in St. Louis Park that opened a year ago.

The stores specialize in brand-name fashions, jewelry, handbags, accessories and gift items. All stores are franchised units of California-based Country Visions Inc., and each franchisee does its own buying, so no two stores are the same.

Send your Dakota County business news to susan.feyder@startribune.com.

Susan Feyder • 952-746-3282

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