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Local investors and Illinois developer buy portion of Burnsville Center for $10.6M

Feb 4, 2022, 2:16pm CST

Marshall Nguyen

A group of local investors partnered with an Illinois developer to buy the portion of Burnsville Center comprised of Dick's Sporting Goods, Kirkland's, Panera Bread, Noodles & Company and the former Gordmans store. A small group of local investors and an Illinois-based developer have bought a portion of Burnsville Center, with plans to take part in the mall's revitalization. Under the entity Pacific Square Burnsville LLC, they paid $10.6 million to acquire the property at 901 County Road 42 from Kohan Retail Investment Group in a deal that closed at the end of January. The portion of the mall spans about 125,000 square feet between two levels and contains Dick's Sporting Goods, Kirkland's, Panera Bread, Noodles & Co. and a vacant space formerly occupied by a Gordmans store. Caspian Group broker Marshall Nguyen is part of the group of local investors that partnered on the purchase with Eddie Ni, president and CEO of Aurora, Ill.-based Windfall Group, which is currently developing a massive, Asian-themed "lifestyle center" in the Chicago area. Pacific Square will maintain Dick's, Kirkland's, Panera and Noodles as tenants and transform the former Gordmans space. Plans call for an Asian grocer that's new to the Twin Cities market to anchor the roughly 60,000-square-foot vacancy, as well as a food hall, restaurants and retail, including a liquor or wine store. Nguyen says the group plans to work with other stakeholders, including Kohan, to strategically bring in new concepts that will help revitalize Burnsville Center. Kohan bought most of Burnsville Center in a 2020 foreclosure auction for just under $18 million and is subdividing and selling off portions of the 47-acre mall site for future development. Nguyen represented the buyers in the deal and Skip Melen of Cushman & Wakefield represented the sellers.

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