Maple Grove Crossing Sold For $28.3M To Investment Firm

MAPLE GROVE, MN — Maple Grove Crossing has new owners after a Seattle-based real estate investment firm bought the shopping center as part of a deal worth more than a quarter-billion dollars.

Bridge33 Capital purchased the 266,000-square-foot property for $28.3 million in October, as first reported by the Minneapolis/St. Paul Business Journal.

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Bridge33 also acquired retail centers in New Hampshire, New Jersey, Ohio and Pennsylvania as part of its $264 million deal with Retail Value. Each of the five properties “is a dominant power shopping center in its respective market,” Bridge33 executives said in a news release.

“The portfolio presents a unique investment opportunity: a strong, stable base of national credit tenants with impressive performance combined with upside opportunities by leasing current vacancy,” Bridge33 Head of Acquisitions Julio Siberio said in the release.

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Maple Grove Crossing is anchored by several national retail companies, including Bed Bath & Beyond, Kohl’s, Old Navy and Barnes & Noble. The shopping center’s Cub Foods store is separately owned and was not included in Bridge33’s $28.3 million acquisition, the Minneapolis/St. Paul Business Journal reports.