August 31, 2016
Contact: Anne Behrendt, 952.288.2000
(Bloomington, MN) Doran Companies, the trend setting developer of high end student housing at the University of Minnesota and numerous luxury multi-family apartment projects in Minneapolis and its western suburbs, announced today that they have closed on the $24.9 million purchase of the 90,000 square foot Calhoun Village Shopping Center located on the north end of Lake Calhoun at 3200 West Lake Street. The seller was Pfaff Calhoun, LLC.
Kelly Doran, Founder and Principal of Doran Companies said the deal, completed on Tuesday of this week, “was attractive because of its location and potential for upgrades and expansion in the future.” Doran said the retail property is currently over 90% leased and while some tenant changes could occur in the future there are no immediate plans in place. Among current tenants are Walgreens, Punch Pizza, Burger Jones and Barnes and Noble.
Doran is no stranger to retail developments as earlier in his career he was responsible for several large shopping centers in the Twin Cities area including the Whole Foods –based shopping center Calhoun Commons located directly across Lake Street from Calhoun Village. Currently, Doran’s commercial management entity manages over 1.7 million square feet of shopping centers in the Twin Cities metro and St. Cloud, including Tamarack Village in Woodbury.