MVK Capital JV Buys Minneapolis-Area Shopping Center

Cliff Lake Centre. Image courtesy of Mid-America Real Estate Corp.

MVK Capital and True North Investments have purchased Cliff Lake Centre, a 74,182-square-foot retail center in Eagan, Minn. Mid-America Real Estate Corp. brokered the transaction on behalf of the seller, DRA Advisors.

Shadow-anchored by Target and Cub Foods, the shopping center features a mix of local and national retailers including Dollar Tree, Snap Fitness, The UPS Store, Davanni’s, H&R Block and Great Clips. The property previously traded for $420,000 back in 1999, CommercialEdge data shows.

Cliff Lake Centre occupies a 14.8-acre site at 1960 Cliff Lake Road, in the North Dakota County submarket. The property is near the intersection of Interstate 35E and Route 77, in an area where the daily car traffic reaches nearly 94,000 vehicles. The retail center serves more than 65,000 residents within a 3-mile radius, having average household incomes of $111,000. Downtown Minneapolis is some 16 miles north.

Mid-America Vice President Amy Senn and Principal Joe Girardi negotiated the deal on behalf of the seller. At the end of last year, the company represented PMAT Cos. in the sale of a 178,784-square-foot retail center in Milwaukee through a 1031 exchange.