Ridgedale Plaza

1800 Plymouth Rd, Minnetonka, MN 55305
Strategy: Levered Core
Status: Current
Purchase Price: $9,067,500
Acquisition Date: 7/25/2019
SqFt: 15,949
1031 Exchange Replacement Property

Ridgedale Plaza is one of the only small shop buildings in front of Ridgedale, the 4th largest mall in Minnesota. Ridgedale Plaza has excellent visibility from the road leading to Ridgedale, and has consistently attracted the best tenants looking in this market for space outside of the mall.

We acquired the Ridgedale Plaza along with the Riverdale Plaza shopping center in a 1031 tax-deferred exchange after selling the Park Commons shopping center.

Our business plan required replacing the roof, working with two tenants to secure long-term lease renewals, and moving rents to market rates, with tenants paying below-market rates.

We plan to hold the asset long-term given its trophy status, its excellent prior performance in all economic cycles, and taxable gain we deferred coming into the acquisition.