Project to be completed in September.
FRIDLEY, Minn., January 23, 2014—Westmont, Ill.-based Tri-Land Properties, Inc., a leading full-service real estate development company, announced today that its extensive renovation of the 20-acre Fridley Market community retail center is on track to be completed by September. Tri-Land President Richard Dube made the announcement.
The $21 million renovation of the 165,000 square foot project includes significant building, infrastructure, lighting, and paving improvements as well as new construction Fridley Market is located at the busy intersection of University Avenue, the main north/south spine through Minneapolis-St. Paul and I-694.
“What we’ve done is much more than a cosmetic facelift; this renovation has virtually reinvented Fridley Market as a retail destination,” said Dube. “The site has excellent fundamentals. Cub Foods is a great anchor tenant, the surrounding area has a solid demographic profile, and the accessibility and visibility are outstanding.”
Tri-Land engaged longtime tenants Cub Foods and Fridley Liquor Store early in the process by negotiating new long term leases, updating layouts and renovating their spaces. Cub Foods downsized its former 104,000 square-foot space to a new 65,000 square-foot store. The Cub remodel was the most extensive renovation in the company’s 45-year history.
New tenants at the project include Great Clips, a new free standing McDonald’s and a 15,000 square-foot restaurant anchor, Teppanyaki Grill. With the reconfiguring of space, Tri-Land was also able to add two new 10,000 square-foot outparcels and 60,000 square feet of additional junior anchor space constructed between Fridley Liquors and Cub Foods.
Plans for the next phase of Fridley Market are already in place. Tri-Land Properties controls an additional 2.5-acre contiguous parcel on the southern border of the site, and plans to build either 30,000 square feet of additional retail or a limited service hotel—for which they have already received approval.
To download images of the Fridley Market renovation and proposed hotel, click the images below.
Tri-Land Properties, Inc. owns and manages more than 2.8 million square feet of commercial retail space, located in the Midwest, Mid-Atlantic and Southeastern regions of the country. The Westmont, Ill-based firm is a full-service, real estate development/redevelopment company focused on successful acquisition, development, renovation and management of community centers ranging in size from 100,000 square feet to 750,000 square feet. Tri-Land specializes in transforming distressed and undervalued properties into dynamic commercial centers with increased value that generate steady consumer traffic and provide substantial investor returns.