Woodbury Lakes sold; expansion plans ahead
A Michigan-based company purchased Woodbury Lakes mall last week with plans to expand to add restaurants and entertainment uses.
Ramco-Gershenson Properties Trust, a publicly traded company that specializes in shopping center real-estate investment and management, bought the mall along with a Cincinnati, Ohio, center, for approximately $150 million, according to a news release.
RGPT has been looking for a way into the Minneapolis-St. Paul metropolitan market, which has the lowest unemployment rate in the nation and a faster growth rate than the national average, said Dawn Hendershot, vice president of investor relation and corporation communications.
“Woodbury Lakes provided that for us,” she added. “It’s an exceptionally high-quality property with extremely desirable anchor line-up as well as exciting specialty retailers that complement our existing portfolio.”
Woodbury Lakes is part of an expansive trade area that is bolstered by good schools, executive housing options, and convenient access via Interstate 94 with an average household income of $96,000, she said.
“We view the area as extremely desirable,” Hendershot said.
As part of the acquisition, the company has reached an agreement to purchase additional acreage for the development of restaurant and entertainment uses.
Woodbury Lakes opened in 2005 with 366,000 square feet of space. It was sold for nearly $100 million in 2005 before an investment group bought it for $35 million in 2010, property records show.
The mall is anchored by Trader Joe’s, Buybuy Baby, DSW and Michael’s. It also has a number of fashion specialty retailers and is currently 89 percent leased.
RGPT owns and manages numerous shopping centers in Michigan, Florida, Ohio, Georgia, Missouri, Colorado, Wisconsin, Illinois, Indiana, New Jersey, Virginia, Maryland, and Tennessee.