Galleria sale won't mean change in management
- Blog Post by: Janet Moore
- August 23, 2012 - 12:26 PM
For 40 years, the Galleria shopping center in Edina has been a fixture at 69th and France Ave. in Edina. The upscale mall, home to premium brands Tiffany & Co., Louis Vuitton and Crate & Barrel, local merchants, such as, Ampersand and Twill by Scott Dayton, and eateries Good Earth and Pittsburgh Blue, among others.
Occupancy rates have long hovered above the 95 percent mark — the envy of retailers throughout the metro area. Galleria has long been managed by Gabbert & Beck.
But when news came down recently that the center had been sold to Texas-based Hines Global REIT Inc. for $127 million, some wondered whether the change would result in a new management team.
Not to worry, according to Galleria spokeswoman Susan Evans.The same management team will stay intact.
A Hines securities filing said funds for the sale came from proceeds from an initial offering, borrowings from a revolving credit facility, and a $65.5 million loan with Allianz Life Insurance Co. of North America.
Janet Moore covers commercial real estate for the Star Tribune.
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