Rouse Properties Completes Sale of The Shoppes at Knollwood
Company Release – 1/14/2015
$106.7 Million Disposition Highlights Portfolio Value Creation
NEW YORK–(BUSINESS WIRE)– Rouse Properties, Inc. (NYSE:RSE), a national owner and operator of enclosed regional malls, today announced the disposition of The Shoppes at Knollwood, in suburban Minneapolis, Minnesota, for gross proceeds of $106.7 million.
“This transaction is illustrative of the significant value we are creating throughout our portfolio. At The Shoppes at Knollwood, we transformed an under-productive regional mall located in a highly competitive market into an institutional quality, super-market anchored power center,” said Andrew Silberfein, president and chief executive officer of Rouse Properties. “The sale generated in excess of $70 million of proceeds above the existing mortgage of approximately $35.1 million, which after closing costs and remaining construction obligations, will be recycled into higher yielding acquisitions and our ongoing capital investments within our existing portfolio.”
The Shoppes at Knollwood is a 457,000 square foot, newly redeveloped open-air shopping center situated on approximately 40.36 acres of land in the suburban Minneapolis city of St. Louis Park, Minnesota, located approximately 6.5 miles from downtown Minneapolis. The property features an impressive roster of highly desirable tenants including Cub Foods, Nordstrom Rack, Kohl’s, TJMaxx/HomeGoods, DSW, Old Navy, and Ulta.
The Shoppes at Knollwood was acquired by an institutional investor and Rouse was represented by David F. Monahan of Jones Lang LaSalle.