Cedar Point Commons at 1714 E. 66th St. in Richfield is home to stores from Great Clips, Noodles & Company and Xfinity. (Photo: Catylist)

The Blueprint

Cedar Point Commons in Richfield is a 9,906-square-foot strip center listed for $4.93 million.
The six-unit property is shadow-anchored by a high-performing Target and includes tenants such as Great Clips, Noodles & Company and Xfinity.
Doddway Shopping Center in West St. Paul spans 37,984 square feet and is about 10% occupied.
The Doddway site offers potential for retail lease-up, repositioning or redevelopment that could incorporate multifamily housing.

This week, On the Market features two inner-suburban retail properties with contrasting pasts, presents and (likely) futures.

Both have real potential for the right buyer, however. First up is a fully occupied Richfield strip center shadow-anchored by a Target superstore — the spitting image of turnkey retail. We finish with a much larger but mostly vacant West St. Paul shopping center that’s poised for a repositioning (or wholesale reimagining).

Cedar Point Commons retail center

Fronting the northeast corner of the recently redesigned roundabout intersection of Richfield Parkway and East 66th Street, this six-unit strip center is one small part of the much larger Cedar Point Commons retail development.

Cedar Point is shadow anchored by one of the busiest Targets in the United States, a top selling point in the listing narrative from Mid-America Real Estate Group brokers Amy Senn and Joe Girardi.

This Target location is “ranked No. 8 of 70 Minnesota locations and within the top 2.5% nationally, generating exceptional customer traffic and reinforcing the strength of the retail corridor,” Senn and Girardi say.

The 350,000-square-foot development has another big-box shadow anchor in Home Depot, which is located north of Target on the far side of the complex from the strip center.

Neither superstore is included in Mid-America’s offer, but several brand-name retail and restaurant tenants are, including Great Clips, Noodles & Company and Xfinity (the newest of the six). A high-end Italian restaurant, chiropractic office and beauty salon round out the rent roll.

The lineup is an “Internet-resistant, daily-needs tenant mix” in an “established first-ring suburban trade area with limited land available for future retail development,” Senn and Girardi say. Located just off Cedar Avenue/Highway 77, it’s easily accessible from the upscale South Minneapolis neighborhoods around Lake Nokomis.

Address: 1714 E. 66th St., Richfield

Type: Retail

Square Footage: 9,906 square feet

Asking Price: $4.93 million

Owner: MSP Venture Group, LLC et al (Maple Grove)

Listing Broker: Amy Senn & Joe Girardi, Mid-America Real Estate Group

Doddway Shopping Center

Clocking in at nearly four times the square footage of the Cedar Point Commons strip center, Doddway Shopping Center dominates this relatively quiet neighborhood a few blocks south of the St. Paul city line.

But as a “total ‘blank canvas’” with admittedly “high vacancy” — around 10% occupancy, per the public listing from CBRE brokers Sean Doyle and AJ Prins — and an undisclosed offering price “well below replacement cost,” it offers a very different opportunity set.

Were a new investor-owner willing to put in the work, the property would certainly benefit from a lease-up strategy to complement existing tenants like a Domino’s franchise and an independently owned Chinese restaurant. The elevated vacancy rate means few long-term leases stand in the way, and its unique location at what Doyle and Prins call a “hard corner” — a complex, signalized intersection with dedicated turn lanes at the meeting of Dodd Road and Smith Avenue — is “nearly impossible to permit or replicate in a mature, densely populated market like West St. Paul,” they say.

A more ambitious but no less realistic alternative is partial or full redevelopment that preserves neighborhood retail while adding housing or other uses.

“The site’s footprint and zoning flexibility make it an ideal candidate for long-term ‘highest and best use’ strategies, including potential multi-family housing integration,” Doyle and Prins say.

Address: 374 Bernard St. W., West St. Paul

Type: Retail

Square Footage: 37,984 square feet

Asking Price: Not disclosed

Seller: Paster Doddway, LLC (Minneapolis)

Listing Broker: Sean Doyle & AJ Prins, CBRE

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On the Market: Richfield, West St. Paul retail properties