By admin July 1, 2017
In 2006, Tri-Land acquired a 15.53-acre, 164,837 SF, Cub anchored shopping center from SPE, LLC. The property was repositioned into a 184,837 SF community shopping center with outlots, street retail, and a hotel.
- Downsize/remodel Cub Foods to a prototypical new store size of 65,000 SF at Cub’s expense.
- Constructed new Fridley Liquor store (at Cub’s cost) to allow for relocation/downsizing of Cub Foods.
- Constructed two new outlot buildings facing the new Cub Foods for McDonalds and various street retail tenants.
- Added Duluth Trading Company as a co-anchor to the shopping center.
- Renovated common areas to a new shopping center quality environment.
- Sold 2.5 Acre parcel to limited service hotel developer
- Increased center size from 164,837 SF to 184,279 SF.
- Upon sale of Fridley Market in 2016, achieved IRR of 36.6%