Calhoun Square Deal Closes; North American Properties brings in Principal Real Estate Investors As Financial Partner.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--June 10, 2004 North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. Properties and a new financial partner, Principal Real Estate Investors A real estate investor is someone who actively or passively invests in real estate. An active investor may buy a property, make repairs and/or improvements to the property, and sell it later for a profit. , have finalized the deal to purchase Calhoun Square Calhoun Square is an indoor shopping mall located in the Uptown district of Minneapolis, Minnesota. History The mall was built at the southeast corner of Hennepin Avenue and West Lake Street in the early 1980s. from the partnership that owns the building, it was announced today. After signing an initial purchase agreement in March 2004, North American Properties brought in Des Moines-based Principal Real Estate Investors as a financial partner. Under terms of their agreement, North American will develop and manage the property, and Principal Real Estate Investors will own it, on behalf of its U.S. Property Account. The sellers are the building's original developers, Ray Harris, and Doug and Martha Head. Principal Real Estate Investors manages or sub-advises $25 billion in commercial real estate assets, primarily for retirement plans and institutional clients. It is the fifth largest institutional real estate manager in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , based on tax-exempt assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. . It is part of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group. North American Properties is a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. that develops, owns and manages a diverse portfolio of retail, office and residential properties across the United States. Headquartered in Cincinnati, Ohio “Cincinnati” redirects here. For other uses, see Cincinnati (disambiguation). Cincinnati is a city in the U.S. state of Ohio and the county seat of Hamilton County. , the company also has offices in Atlanta, Dallas, Fort Meyers and Minneapolis, and has a variety of retail and mixed-use properties here, including The Watertower and Southwest Station in Eden Prairie Eden Prairie A city of eastern Minnesota, a residential suburb of Minneapolis. Population: 57,300. . "We are pleased to be partnering with such a high quality organization and we're confident that together, we'll be able to accomplish more than we could on our own," said Jay Scott of North American Properties. Ryan Smidt of Principal Real Estate Investors said that one of the firm's goals has been the expansion of their investment portfolio to include additional urban multi-use properties. "Principal Real Estate Investors has been investing in the Twin Cities for many years and we are eager to now be involved with one of the city's urban landmarks. To be able to partner with a creative and experienced group like North American Properties makes the opportunity all the more enticing," Smidt said. "We continue to believe that Calhoun Square is one of the most exciting retail properties in the City of Minneapolis," said Scott. "We plan to build on the strong heritage established here by the team that developed and owned the property over the past 28 years, and we predict a very exciting future for Calhoun Square." Scott Pollock and Pete Rand from United Properties represented the seller. |
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