This portfolio sale includes 405-551 87th Ln NE, Blaine (Rainbow Village) and 170 89th Ave NE, Blaine (Northtown Center).
Sale Price: Bidding to start at $1,400,000
SVN | Northco and RealINSIGHT Marketplace are pleased to present the sale of Northtown Center and Rainbow Village, two adjacent neighborhood centers that are located in the popular Northtown trade area of Blaine,
Minnesota, which is in the Minneapolis MSA ("Portfolio"). The Portfolio consists of approximately 187,550 SF (56,744 SF for Northtown Center and 130,806 SF for Rainbow Village) of retail space that is situated on
approximately 17.51 acres of land. Each center has a diverse tenant mix, and there is significant re-positioning and/or redevelopment potential at the each center, and at each site.
• The auction will be held via RealINSIGHT Marketplace on 11/12. All due diligence materials will be kept in the RealINSIGHT Marketplace document vault.
• The Portfolio consists of two adjacent retail centers, Northtown Center and Rainbow Village, which are situated on approximately 17.51 acres of land; the properties are not available individually
• The expected sale price is forecast to be a substantial discount to replacement value
• The Portfolio is in close proximity to Northtown Mall, the trade area's most popular shopping and restaurant destination which is visited by 5.5 million people each year, and which has a new Hobby Lobby, LA Fitness, Best Buy, 2 Becker Furniture World Stores, and Burlington as anchor tenants.
• Northtown Center: 56,744 SF, approximately 84% occupied. Tenants include Salvation Army (brand new lease & buildout), Cheapo/Applause Music, and Salon Concepts. This is a nearly stabilized center with one 9,500 square foot vacancy.
• Rainbow Village: 130,806 SF, approximately 26% occupied. Tenants include Dollar Tree, Home Choice, Cheung's Tailor, and Jackson Hewitt. Rainbow Village has significant value-add/redevelopment potential in the former anchor (Rainbow Foods grocery store).
• Located just off County Road 10 (19,100 VPD) with fantastic access to Highway 47 (31,500 VPD), Highway 65 (41,000 VPD), and Highway 610 (75,000 VPD). The Northtown trade area has some of the highest combined traffic counts in the MSA.
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