Dallas-based Cypress Equities recently announced the acquisition of the 1.1 million-square-foot Eden Prairie Center by a fund managed by its real estate investment management group. The fund has acquired more than 300 million of retail properties to date this year.
Located in an upscale suburb of Minneapolis, the two-level, enclosed shopping center opened in 1976 and has served the southwest suburbs of the Twin Cities. It was completely renovated and expanded in 2001 and now attracts more than 12 million shoppers annually. Anchored by Von Maur, Target, Kohl’s, JC Penney and Sears, the mall features more than 100 shops and restaurants. The property also has an entertainment wing that features an 18-screen AMC Theatres, Wildfire Steaks, Barnes & Noble Booksellers, Biaggi’s Ristorante Italiano and the new Prairie Tap House that opened on Oct. 11.
Todd Minnis, managing partner & CIO of the real estate investment management division of Cypress Equities, in a statement said it was “attracted to the asset based on the strong economic profile of the region and the continued growth in the southwest communities of the greater Minneapolis-St. Paul market.”
Eden Prairie was ranked third on Money magazine’s “Best Places to Live” in 2012, having previously occupied the top spot in 2010. Cypress Equities was assisted with the acquisition by Matthew Friday, senior vice president & market leader for SRS Real Estate Partners in Minneapolis.
“The acquisition of Eden Prairie Center is another great step in Cypress’ plans to develop, acquire and manage new and more diverse retail commercial properties throughout the country,” added Chris Maguire, CEO of Cypress Equities and SRS Real Estate Partners. “Having announced the addition of more than a half dozen new retailers in 2013, Eden Prairie Center is an excellent addition to our portfolio of first-class retail properties.”
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Photo Courtesy of Eden Prairie Center via Facebook: www.facebook.com/EdenPrairieCenter