69,000-square-foot Minnesota shopping center anchored by Cub Foods
ST. PAUL, Minn., April 26, 2011 – A partnership between St. Paul, Minn.-based Paster Enterprises, a leading manager and developer of neighborhood shopping centers in the Twin Cities, and Shiner Capital Partners, a Chicago-based real estate investment firm with a focus on acquiring and developing retail shopping centers across the United States, announced today the purchase of Cahill Plaza, located in the northeast quadrant of Cahill Avenue and 80th Street in Inver Grove Heights, Minn. Paster Enterprises President Howard Paster made the announcement.
“At a time when so few deals are being done, we couldn’t be more pleased to have successfully completed this acquisition,” said Paster. “With a strong supermarket anchor, Cahill Plaza is a great addition to the Paster Enterprises portfolio. I’d like to personally thank our equity partners at Shiner Capital for their support.”
Cahill Plaza is a 69,000-square-foot shopping center that is anchored by a 52,017-square-foot Cub Foods and a 6,165-square-foot MGM Liquor. Additional tenants include Great Clips, RR Cleaners, C & A Nails, Edward Jones and Papa Johns.
The acquisition of Cahill Plaza officially closed on Thursday, April 21, 2011. There are no immediate plans for redevelopment.
Founded in 1946, Paster Enterprises is a family-owned leader in shopping center management and development that owns and manages more than 1,000,000 square feet of commercial real estate. For over 60 years, Paster Enterprises has planned, built, leased and managed attractive, successful shopping centers in the Twin Cities metropolitan area, as well as in greater Minnesota. Paster Enterprises is committed to helping retailers flourish and serving as an excellent corporate citizen in the communities in which they have shopping centers.