Eden Prairie mall sold for $100 million
- December 9, 2013 - 9:07 PM
Eden Prairie Center has been sold for $100 million.
The 1.1-million-square-foot, two-level mall with more than 100 stores was been sold by owner General Growth to an entity related to Cypress Equities of Dallas, according to real estate documents filed late last week in Hennepin County.
The mall had been listed by a Pittsburgh-based mortgage broker for $99 million, and news surfaced in October about the impending deal.
The only other Twin Cities property owned by Cypress is Centennial Shops, a lifestyle center on France Avenue near Interstate 494 in Edina. It features West Elm, Container Store and Pinstripes as tenants.
Eden Prairie Center, which is 99 percent leased, is anchored by Target, Sears, Von Maur and J.C. Penney, and has an 18-screen AMC movie theater that is the third-highest-grossing in the Twin Cities.
The mall opened in 1976 and was renovated and expanded in 2001.
General Growth, based in Chicago, is one of the largest owners of shopping malls in the country and owns Ridgedale Center in Minnetonka, Apache Mall in Rochester, River Hills Mall in Mankato and Crossroads Center in St. Cloud.
The sale of Eden Prairie Center is the largest involving a Twin Cities mall since last year’s sale of the Galleria in Edina to Hines Global REIT for $127 million.
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