Northmarq’s St. Louis office works with Bianco Properties on two retail property acquisitions totaling $34 million

ST. LOUIS, MISSOURI (January 20, 2022) – David Garfinkel, senior vice president/managing director of Northmarq’s St. Louis-based regional office, collaborated with Bianco Properties on two retail properties. Bianco’s primary focus is retail and industrial investment opportunities with an objective to continue expanding its presence in key markets. 

During the past two years, Bianco has acquired 415,000 square feet of retail space consisting of four properties with a value in excess of $116 million.  Within the last three years, Bianco has teamed with Northmarq and Mutual of Omaha to finance over 358,000 square feet of retail with a value of $95 million. 

“We have established a great lending relationship with Mutual of Omaha and Bianco Properties. This is the third acquisition we’ve done together over the last 18-months and knowing each other’s process has made for timely closing and certainty of execution,” said Garfinkel. 

Ridgehaven Shopping Center: Garfinkel collaborated with James Hoopes, senior vice president of Northmarq’s Minneapolis-based regional office to arrange acquisition financing of $22.5 million for this 140,418 sq. ft. class A retail property (built in 1982 and renovated in 2004). The property is strategically positioned at the intersection of I-394 and Plymouth Rd in Minnetonka, Minnesota with exposure to over 110,000 vehicles per day and features Target, Lunds & Byerlys grocery, Barnes & Noble and Ulta as tenants. More than 2.5 million customers visited in 2021, according to Placer.ai. 

“As the retail industry continues to evolve, it’s not a surprise to see brands like Target and Costco strengthen their position at the top of the food chain,” said Josh Bacott, VP of Acquisitions for Bianco. “When the anchor of a property is attracting upwards of 200,000 shoppers every month, complimentary retailers of all types want to feed off that traffic and we see properties like Ridgehaven and North Garland Crossing as unique opportunities to capitalize on the demand.”

North Garland Crossing Shopping Center: Garfinkel collaborated with Ron Reese, senior vice president/managing director in Northmarq’s Dallas office to arrange acquisition financing of $11.5 million for this 75,811 sq. ft. big box shopping center (built in 2004) located at 5435 North Garland Avenue in Garland, Texas. The shopping center is strategically positioned at the highly trafficked corner of North Garland Ave and President George Bush Turnpike, which serves as the primary retail intersection in the trade area. The center is shadow anchored by Super Target and includes national tenants Michaels, PetSmart, AT&T, and Starbucks.

“We are always looking for opportunities to acquire high-quality retail in the dynamic DFW market and we see North Garland Crossing as an excellent addition to our portfolio,” said Bacott. “Being ideally located within a retail hub that features Super Target, Walmart and numerous other regional anchors positions this center as a long-term destination for businesses looking to serve this growing region.”