Three MN Cabela’s Stores Sold to Same Buyer
UNDATED (WJON News) - The Cabela’s store in Rogers has been sold to an investment firm that also owns the outdoor retailer’s buildings in East Grand Forks and Owatonna.
Finance and Commerce Magazine reports Fortress, a Los Angeles-based investment group, bought the Rogers store for $41.8 million. In addition, the group bought the East Grand Forks building for $9.6 million, and the Owatonna Cabela’s Building for $22 million, bringing the total sales price for Fortress to an estimated $73.8 million.
The Rogers building sold for about $275 per square foot, while the East Grand Forks property sold for about $146 per square foot. All three properties were bought from Starwood Mortgage Capital in Miami Beach.
Cabela’s leases the buildings their stores are located in, and most of those buildings are built specifically for Cabela’s. Industry insiders say the supply of good retail space is selling at a premium, while the office space market remains soft.
The deal means three of the four Cabela’s stores in Minnesota are owned by the same firm. The Cabela’s building in Woodbury is owned by a real estate investment trust called STORE Capital, which paid $26.3 million for the building in 2017.
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