A group of tenant-in-common investors purchased the Northtown Village at 10-20 Northwest Coon Rapids Blvd. for $20 million. At $120 per square foot, the 177,613 square foot center has an 8% cap rate.
Two seperate buildings make up the sale which sits atop a 7.5 acre parcel, with 275 parking spaces. The Center, whose tenants include Circuit City, Sports Authority, Bed Bath & Beyond, Hancock Fabrics, Michaels, Office Depot and T-Mobile was 100% occupied on the date of purchase.
Rick Biagini of Biagini Properties represented the seller, the buyers broker information was not available.
Image courtesy of Costar Group, Inc.
