New investment fund targets underutilized retail spaces for Asian-focused redevelopment
- J.D. Duggan
- 4 days ago
- 3 min read
By J.D. Duggan – Staff Reporter, Minneapolis / St. Paul Business Journal
Jun 2, 2025 (https://www.bizjournals.com/twincities/news/2025/06/02/asian-center-real-estate-fund.html)
Story Highlights
Marshall Nguyen and Eddie and Judy Ni launch Asian Center Real Estate Fund.
Fund aims to create nationwide Asian-centric lifestyle shopping centers.
Team is developing 100,000-square-foot project in Las Vegas.
Part of the team that’s transforming Twin Cities malls into Asian shopping and lifestyle centers wants to expand the concept across the U.S.
Marshall Nguyen, CEO of Wyn Group, is teaming up with father-daughter duo Eddie and Judy Ni, CEO and director of real estate at Aurora, Illinois-based Windfall Group, to launch the Asian Center Real Estate Fund, an investment fund that aims to fuel “the creation of a nationwide series of premier Asian-centric lifestyle shopping centers,” according to an email from Nguyen.
Nguyen and the Nis are involved in Pacifica of Burnsville and the Pan Asian Center at Maplewood Mall's former Macy's, both of which are similar redevelopment efforts but aren't part of the fund.
Investors who want to be involved in the fund must be accredited and invest at least $25,000. The fund is flexible with three classes of shares, one of which includes ownership in specific development projects.
The team is already working on a three-level, 100,000-square-foot project in Las Vegas. It’s “the gateway to Chinatown” and is “going to be an incredible development,” Nguyen said. He said he couldn’t yet disclose the location or many details, but it fits the fund’s theme to take underutilized retail projects and fill them with Asian vendors.
Several more projects are in the pipeline, Nguyen said. “They’re very meaningful projects. I think it’s more than just real estate.”
He wouldn’t say what the fundraising goal is, but called it substantial and said the team is already getting good traction.
Shopping center anchor stores and big-box retailers have shuttered at a fast clip since e-commerce and the pandemic upended retail. For example, at Eden Prairie Center, the former JCPenney is the focus of discussions for a potential large redevelopment. At Edina's Southdale Center, the former Herberger's is now a Kowalski's Market.
Judy Ni said the fund is her team’s solution to that. They’re taking underutilized properties and injecting life into them. The fund is also a chance to share Asian culture and heritage while offering Asian community members the chance to go to a familiar shop that might be closer to them.
Nguyen has been involved with similar projects, like the repositioning of a Gander Mountain into Asia Mall in Eden Prairie and the effort to add Asia Village to Northtown Mall in Blaine.
The team is looking across the country for opportunities. The Twin Cities is saturated with Asian shopping centers now, Nguyen said, but the team is eyeing areas with growing Asian populations or long-established Asian communities. He named California, many Sun Belt states and the Midwest.
"We take a very hands-on approach to the development," said Judy Ni. The team is directly involved in finding the property, acquiring it, managing it and leasing it. They also have local partners to help understand the different markets.
The team is holding a launch event June 5 near Chicago.
The board of directors includes Roger Puerto, principal of Westlake Village, California-based real estate firm GA Group; Bryan Pham, founder of Asian Hustle Network and a venture partner with Outliers Fund and Hyphen Capital; Steve Medinger, principal at Cincinnati-based commercial mortgage banking firm BlueMark Capital; Chicago attorney William Bazianos; and Santa Clara, California-based real estate hedge fund manager Cherif Medawar.
"We're very excited," Nguyen said. "The next few decades are going to be very interesting. It's going to be really fun."