Minneapolis real estate developer Stuart Ackerberg says he wants to "change the energy" of the Uptown landmark Calhoun Square.
Ackerberg, CEO and owner of the Ackerberg Group, confirmed Tuesday that his firm is under contract to buy the retail center, plus an adjacent parking ramp and potential development parcel, from current owner BlackRock Inc. He declined to reveal the purchase price. The deal is expected to close by mid-April.
He hopes to reposition the property, at the busy intersection of Hennepin Avenue S. and W. Lake Street, but said it's too soon yet to go into detail.
"I'd like to change the energy of the center," Ackerberg said. "It's not very inviting now. It's not a place you'd want to stay and hang out."
Calhoun Square opened in 1984 and, over the years, suffered a bit of an identity crisis as owners weathered economic cycles and tried to balance the mix of national and independent stores.
In 2007, the center changed hands for the second time in three years, when BlackRock, a New York investment firm, bought it for $47.3 million.
During BlackRock's ownership, trendy Swedish clothing retailer H&M opened a 23,000-square-foot, two-level store. And CB2, an offshoot of home superstore Crate & Barrel that targets a younger, hipper, demographic, arrived in 2011.
The center is now 88 percent leased. Major tenants include Kitchen Window, Bay Street Shoes, LA Fitness, CB2, Famous Dave's, Chiang Mai Thai, Republic and Sushi Tango.