BlackRock has closed on its purchase of the Calhoun Square property in Minneapolis’ Uptown area from Iowa-based Principal Global Investors. The property was sold for more than $45 million, according to local reports.
“There is a considerable amount of planning that will need to take place before any real changes in the center are visible,” Erik Grabowski, vice president of BlackRock, said in a statement. “The redevelopment process requires patience, but we are motivated to make things happen.”
Located at the center of one of the Twin Cities’ busiest commercial districts, Calhoun Square is a mixed-use property with retail, entertainment and office space.
Principal Real Estate Investors, the property investment arm of Principal Global Investors, purchased the shopping center in 2004 in a joint venture with real estate developer North American Properties.
The retail center will be managed by Capital Growth Madison Marquette, a subsidiary of Capital Growth Properties, the property’s current management company.
Founded in 1988, BlackRock currently has $1.25 trillion in assets under management.