A Maryland-based investor has added to its Twin Cities portfolio with the purchase of the Village of Blaine shopping district, according to a certificate of real estate value released last week.
The Village of Blaine, a nearly 220,700-square-foot facility in the north suburb, was bought by First Washington Realty the CRV revealed.
The cash purchase was made for $45.8 million, per the CRV. The center is located at 4335 Pheasant Ridge Drive NE, according to an online listing.
A press release by First Washington called Blaine one of the fastest-growing areas in the Twin Cities metro, highlighting Blaine’s plans for development, including housing and other retail, like the National Sports Center.
“The Village of Blaine demonstrates our ability to identify properties within rapidly growing suburban markets with proven consumer demand and long-term value creation opportunities,” the firm’s senior vice president of investments, Amrit Chase, said in the release.
With its $45.8 million sale, the price works out to around $207.64 per square foot.
The property was bought by First Washington alongside a Missouri shopping center called Liberty Corners. Other properties in the Bethesda, Maryland...