CityPlace shopping center changes hands
WOODBURY -- CityPlace shopping center in Woodbury has a new owner.
Oak Brook, Ill.-based Inland Retail Property Fund, LP, acquired the retail center for $77.8 million. The closing date was Dec. 18.
The retail portion comprises about 30 percent of the 100 acre site.
Nothing will change for residents or shoppers, Woodbury Senior Planner Eric Searles said.
“The city is pleased to have a quality owner like Inland,” he added. "They will continue the implementation and the vision of CityPlace."
The sale won’t affect the construction of the 14,000 square foot Barnes & Noble store, which is expected to open in April. Plans also are proceeding for a 253 unit luxury apartment complex on the site.
CityPlace was developed by Elion Partners in partnership with Kraus-Anderson Realty Company. The first new businesses opened in September 2015.
Elion Partners will retain ownership of vacant acreage to north, which will undergo commercial development in 2019.
The 100-acre mixed use development is anchored by Whole Foods and includes on-site hotels the Residence Inn by Marriott and the 120-room Marriott Courtyard Hotel as well as Tria Orthopedic Center.