PEBB Enterprises Closes $6.38 Million Sale of Hobby Lobby in West St. Paul, Minnesota
WEST ST. PAUL, MN – PEBB Enterprises, the entrepreneurial private real estate investment firm based in South Florida, completed the successful disposition of a Hobby Lobby center in West St. Paul, Minnesota. The firm closed the $6.38 million sale on July 14.
Located on four acres at 1660 S. Robert St., the 61,712-square-foot building was originally constructed in 1982 and renovated in 2015. Hobby Lobby, the largest privately owned arts-and-crafts retailer in the world with 900 stores in 46 states, occupies the building under a sublease agreement. It benefits from the store’s proximity to Super Target, Wal-Mart and Lowe’s and high visibility, with a daily average of 23,400 vehicles in front of the property.
Mesa Shopping Centers, LLC of San Diego, California is the buyer.
The property was originally a Rainbow Foods (Roundy’s) grocery store before the lease was assigned to J.E. West Saint Paul 2014, which closed the grocery store and subleased the building to Hobby Lobby. The size of the property offers future development potential for the buyer.
“This sale allows us to deploy additional capital for new acquisitions and developments in Florida and other target U.S. markets,” PEBB President and CEO Ian Weiner said. “The buyer will benefit from the strong in-place subtenant and prime location of the property in a growing area.”
Upland Real Estate Group of Minneapolis marketed the property for sale on behalf of PEBB.
About PEBB Enterprises: Based in Boca Raton, FL, PEBB Enterprises is an entrepreneurial, full-service private equity real estate investment company. PEBB has operated as a family-owned business for more than four decades and takes pride in the company’s team of forward-thinking associates who continue to push and expand PEBB’s growth on a daily basis. PEBB has an unparalleled track record of acquiring and developing high-quality neighborhood, regional and power shopping centers, as well as suburban office buildings. The company’s vast portfolio includes properties in Florida, Texas, Nevada, New York and numerous Midwest and Southeast states. For more information, visit https://pebbenterprises.com/.