Bridge33 Capital Acquires The Shoppes of Oak Park Heights in Minnesota

Bridge33 Capital has acquired The Shoppes of Oak Park Heights, a 173,283-square-foot open-air retail center located at 5825 Krueger Lane in Oak Park Heights, Minnesota, the firm announced Sept. 9. The acquisition marks Bridge33 Capital's second property in the state and adds to the firm's growing portfolio of open-air retail centers across the country.

Property Overview and Tenancy

Built in 2004, The Shoppes of Oak Park Heights sits on approximately 20.92 acres along Highway 36, within an established regional retail corridor in the Stillwater market. The center is shadow-anchored by Walmart and Menards and anchored by Kohl's and Sephora, TJ Maxx, and Michaels. Those anchor tenants collectively account for approximately 80% of the center's gross leasable area and roughly 70% of in-place revenue.

The property is 91% occupied, with approximately 15,876 square feet of vacancy — comprising endcap and in-line space — available for lease-up. The multi-tenant, open-air center spans the 5805 to 5845 Krueger Lane frontage, with individual anchor addresses including 5805 Krueger Lane for Kohl's and 5845 Krueger Lane for Michaels.

Location and Demand Drivers

The center's positioning along Highway 36 provides high visibility within a corridor that benefits from several established demand generators. The property is adjacent to Stillwater High School, which serves more than 2,700 students, contributing consistent daily traffic to the retail center.

The Shoppes of Oak Park Heights is located approximately one mile from a new HealthPartners regional hospital campus — a six-story, 400,000-square-foot Lakeview Hospital and clinic facility anticipated to open in early 2028. The proximity to that campus is expected to add incremental daily traffic from medical staff, patients, and visitors, supporting tenant performance across food, soft goods, and daily-needs categories.

Bridge33 Capital's Strategy and Commentary

Derrick Almassy, Vice President Investments at Bridge33 Capital, commented on the transaction 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."

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 of assets under management.

Value-Add Opportunity

The acquisition fits Bridge33 Capital's broader strategy of targeting open-air centers where existing occupancy provides stable cash flow while remaining vacancy offers leasing upside. At The Shoppes of Oak Park Heights, the approximately 15,876 square feet of available endcap and in-line space represents the primary near-term value-creation opportunity, alongside the longer-term demand tailwind from the forthcoming HealthPartners hospital campus roughly one mile away.

Sources

Bridge33 Capital — The Shoppes of Oak Park Heights Acquisition Announcement