A St. Louis company recently made an entrée into the Twin Cities market with a large purchase—in cash.
Bianco Properties recently closed a $12.83 million acquisition deal, purchasing the Kohl's-leased retail building at 13900 Aldrich Ave. S in Burnsville. Bianco bought the property from Cole Credit Property Trust III, Inc., an affiliate of Cole Real Estate Investments, in the all-cash sale.
According to Dakota County property records, the 102,798 square foot building was built in 1991. As of 2012, the site had a total estimated value $7,235,400, including both the land and the $4,124,200 building. It was last sold in 2008.
The Kohl's building is apparently Bianco's first acquisition in Minnesota.
“We are excited to be entering the Burnsville/Minneapolis market and are looking forward to growing our real estate holdings throughout the region,” Dan Wolk, Bianco's senior vice president, said in a press release. “This property is a great entry for us. It is located in a prime retail trade area near Burnsville Center Mall, Target and Costco, with access to Interstate 35."
Wolk added that Bianco hoped to continue its expansion into the Minneapolis-St. Paul area. The company has acquired at least seven other retail properties over the last two years, including prime real estate in Chicago's West Loop, right across from Union Station. Bianco's portfolio now includes over 30 properties (3 million square feet in all), spread across the Midwest, southern states and the northwest coast.