Wellington Management has acquired Clydesdale Marketplace in Medina from Ryan Companies for $4.45 million.
Clydesdale Marketplace, part of a larger, 170,000-square-foot project that included a Target store and Wells Fargo office, was considered the first major retail shopping center in the west-metro suburb.
Ryan constructed the Medina complex during the 2005-06 real estate boom. The sale price was said to be about $1.5 million less than the original listing.
Wellington Management CEO Steve Wellington said he acquired the specialty-retail hub because additional housing is planned for the area; the 33,254-square-foot Clydesdale center is 85 percent leased, and he is confident he can fill the vacant space.
“We have three pretty solid prospects for the vacancies that remain at Clydesdale,” Wellington said. “Our other retail projects in the Twin Cities have filled in the past 12 months. We expect that Medina will provide an attractive location for retailers interested in a strong west-metro location.”
Ryan, the big, Minneapolis-based developer and contractor, said it had hung on to the property long enough.
“We buy land, develop, design and build and then lease [properties] and sell them … and the sweet spot on that project had come due,” said Mark Schoening, senior vice president of Ryan’s retail development business. “It was time for us to move on and Steve had expressed interest.”
The tenants of Clydesdale Marketplace include Office Max, Dover Saddlery, Caribou Coffee and Verizon Wireless.
St. Paul-based Wellington, established in 1984, is a developer that also owns and manages about 4 million square feet of commercial space in the Twin Cities.