Bridge33 Capital Acquires The Shoppes of Oak Park Heights in Minnesota Retail Deal

Bridge33 Capital has acquired The Shoppes of Oak Park Heights, a 173,283-square-foot open-air retail center located at 5825 Krueger Lane North in Oak Park Heights, Minnesota, the firm announced. The acquisition marks Bridge33 Capital's second property in Minnesota and adds a nearly fully leased, multi-tenant power center to its national portfolio of open-air retail assets.

Property Overview and Tenant Mix

Built in 2004, The Shoppes of Oak Park Heights sits on approximately 20.9 acres along Minnesota Highway 36 within an established regional retail corridor. The center was approximately 91% occupied at the time of the transaction, with two spaces currently available across its 173,283 square feet of gross leasable area.

The property is anchored by Kohl's with an in-store Sephora shop, TJ Maxx, and Michaels, and is shadow-anchored by Walmart and Menards. The combination of off-price, specialty, and necessity-based retailers provides what Bridge33 Capital described as a diverse national tenant base. The weighted average lease term stood at approximately four years at the time the property was marketed for sale, offering a balance of near-term lease roll and in-place income from credit tenants.

Location and Demand Drivers

The center's position along Hwy 36 places it within a mature, destination-retail node that also includes Target, Lowe's, Cub Foods, and Harbor Freight, among other national brands serving the Oak Park Heights and Stillwater trade area. The property is adjacent to Stillwater Area High School, which enrolls more than 2,700 students, generating consistent daily traffic and visibility for tenants.

An additional demand driver is taking shape roughly one mile from the property. HealthPartners is constructing a new 400,000-square-foot regional hospital and clinic campus — the new Lakeview Hospital — at Hwy 36 and Manning Avenue in Stillwater, representing approximately $400 million in healthcare investment in the St. Croix Valley. The facility is targeted to open in early 2028. The proximity positions The Shoppes of Oak Park Heights to capture incremental retail demand from hospital employees, patients, and visitors once the campus opens.

Bridge33 Capital's Strategy and Commentary

Derrick Almassy, Vice President Investments at Bridge33 Capital, commented on the acquisition in the firm's announcement.

"We are thrilled to close on our second property in Minnesota," Almassy said. "The Shoppes of Oak Park Heights is a high-quality asset strategically positioned within a key trade area in the attractive and stable Stillwater market. The property's strong location, national tenant base, and diverse tenancy provide a compelling combination of durable income, long-term stability, and meaningful value-creation potential, reinforcing our disciplined approach to acquiring well-located retail assets in high-quality markets."

The property was marketed as a value-add, institutionally owned open-air retail center.

About Bridge33 Capital

Bridge33 Capital is a vertically integrated real estate company focused on open-air retail centers. Since its founding in 2013, the firm has acquired approximately 17.7 million square feet of commercial real estate across 26 states and currently operates approximately $2.8 billion in assets under management.