Woodbury Commons attracts furniture store
A new furniture store will join a cluster of other retailers in Woodbury this fall.
Becker Furniture World will open at Woodbury Commons, the owner of the center, Inland Real Estate Corporation, announced.
The company that acquired the retail property for approximately $46 million, said the 40,000 square foot store will bring the leased occupancy of the center to 100 percent.
Company spokesman Joel Cunningham said Inland Real Estate Corporation purchased Woodbury Commons because "we liked the location of the center and strong demographics of the trade area.
"We believed we could leverage our local retailer relationship to fill vacancy at the center," he added.
Becker Furniture World will be located in the center that houses Outback Steakhouse, Applebee's, Hancock Fabrics, Payless Shoe Source and Sally Beauty Supply.
The property is also anchored by Walmart.
"These two acquisitions exemplify our strategy of acquiring high-quality assets in the best infill locations within our primary markets," said Scott Carr, president of property management for Inland Real Estate Corporation, referring to Woodbury Commons as well as the Silver Lake Village center in St. Anthony, Minn.
"Both of these centers offer significant upside potential through a targeted leasing program that will fill vacancies through our existing relationships with tenants already in the IRC portfolio," Carr said. "In addition, these assets were acquired in an off-market transaction sourced from a local developer with whom we have an established relationship."