The Har Mar Mall in Roseville has traded hands between out-of-state buyers for $50.25 million, according to a public filing with the Minnesota Department of Revenue.
Bellaire, Texas-based Fidelis acquired the mall last week. The mall was constructed in the early 1960s and is home to tenants like Cub Foods, Barnes & Noble, Burlington and more.
The 446,000-square-foot mall is located on over 48 acres of land at 2100 Snelling Ave. N, southeast of Highway 36 and Snelling Avenue.
The property includes one large building with several exterior-facing tenants, as well as three standalone structures. Har Mar is around 83% occupied across all buildings, said Christian Williams, a senior vice president with CBRE.
Around 95% of the mall’s income comes from exterior-facing tenants such as the Cub, Burlington and Barnes & Noble stores, as well as Marshalls, Michaels Stores and HomeGoods locations.
There’s an opportunity to grow revenue among interior tenants. This would require an investment that repositions the mall’s interior space.
Har Mar’s other tenants include a Cub Wine & Spirits, Kyoto Sushi, Wingstop, Old Chicago, Famous Footwear and Tuesday Morning. Standalone buildings at the mall are home to a Chick-fil-A, Chianti Grill and D’Amico & Sons, among others.
CBRE’s National Retail Partners’ Midwest team – including Williams, George Good, Robert Mahoney, Richard Frolik, Michael Kaider and Adam Foret – as well as local broker James Leary, represented the seller in the deal.
The CBRE team’s pitch to investors included the good location of Har Mall. It’s next to the first Target store in the nation, the land around which is now home to infill developments. The mall also has a “best-in-class lineup” of tenants, Williams said.
The seller was an anonymous owner, which operated in the deal as Clarion Partners. Clarion is a New York-based real estate investment management firm.
The last entity to buy the Har Mar Mall was the Vanbarton Group, which paid $47 million in 2007 on behalf of the anonymous company, according to county property records .
Fidelis, the buyer, doesn’t appear to currently own any other properties in the Minnesota, according to public listings on its website. Fidelis says it’s one of the largest commercial real estate companies in Texas; it didn’t return a request for comment.
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