Three shopping centers that are anchored by Cub Foods grocery stores have recently been sold in the Twin Cities.
Florida-based Sterling Organization said last week it purchased the centers, which have a combined size of close to 390,000 square feet, for nearly $53 million from Equity Group and Tri-Land Properties.
Sterling has bought the Oak Park Plaza in Blaine, the Fridley Market in Fridley and the Burnsville Market in Burnsville. Some of the properties' tenants include Ace Hardware, Duluth Trading Company and Anytime Fitness. The portfolio's occupancy is currently about 75 percent.
"We are pleased to be able to enter the Minneapolis market … We are confident that our team can add value to each asset by exercising varying degrees of execution expertise," Brian Kosoy, chief executive of Sterling, said in a statement.
The purchase marks the real estate investment firm's first venture in Minnesota.
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