Capital Growth Madison Marquette Remains Property Management Group
MINNEAPOLIS -- BlackRock, one of the world's largest publicly traded investment management firms, today announced the purchase of Calhoun Square, a Twin Cities retail icon located in Minneapolis' Uptown neighborhood.
"There is a considerable amount of planning that will need to take place before any real changes in the center are visible," says Erik Grabowski, vice president for BlackRock. "The redevelopment process requires patience, but we are motivated to make things happen."
Effective at closing Friday, July 27, BlackRock - on behalf of its investment clients, became the new, and sole, owner, while Capital Growth Madison Marquette (CGMM), the retail center's current management company, will continue to provide full-service property management and leasing services for BlackRock.
"We are extremely optimistic about the future of Calhoun Square," says Keith Anderson, executive vice president for CGMM. "BlackRock is committed to redeveloping the center to its full potential and enhancing community ties."
"Capital Growth Madison Marquette will remain the property management group because of its local market relationships," says Craig Estrem, managing director for BlackRock. "It's a strong organization, with the necessary expertise to drive the development process forward."
Although it is premature to anticipate development plans for the retail center and adjacent properties, those involved in the purchase agree that all the elements for success exist at the busy intersection of Hennepin Avenue and Lake Street.
"BlackRock will leverage its strengths and build on the knowledge CGMM gained through earlier development plans," says John Nagle, president and chief operating officer of Capital Growth Properties. "It's much too early to know specifics, but, in the near future, we will re-initiate the planning process with the city. It is clear Calhoun Square plays a vital role within the Uptown community, and BlackRock, along with CGMM, will work to fulfill that role."
For the time being, the new owners and existing Calhoun Square management will initiate a dialogue between current tenants, community leaders and local residents to ensure future plans for the center encompass a shared vision.
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