HomeMy WebLinkAbout1990-08-20 MN Real Estate Journal Article ' MN REAL ESTATE RNAL
AUGUST 20, 19906
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A last look at the old St. Croix Mall: Watson Centers Inc. teas renovated and
expanded the Oak Park Heights retaI evelopment. The center le abota !o per-
cent leased.
St. Croix Mall's renovation
and expansion completed
Oak Park Heights — Renovation an d expan-
sion of the 20- year -old St. Croix Mall in Oak
Park Heights was completed earlier this
month by St. Louis Park -based Watson
Centers Inc.
%tson Centers Inc. purchased the mall in
Seplmiber 1989, and at about the same lima,
8nalrred a lease with Herberger's for a 56DW
Square foot store. Herberger's opened Aug.
2. Watson Centers expanded the center by
about 30,000 square feet and has created a
new tenant mix. The 265,000 square foot
center is about 90 percent leased, according
to Stephen M. Watson, president and owner
of Watson Centers Inc.
St. Croix Mall's previous owners, Oak
Park Development Co., ran into financial
problems so the center had not been
renovated in some time, Watson explains.
The center is anchored by Herberger's, K
mart, Ace Hardware and Snyder Bros. Drug.
Watson says that as a result of the renova-
tion and expansion, the mall has been
converted from a convenience goods center
to a mall that is more suitable to offer stores
competitive with nearby regional centers,
Rosedale and Maplewood Mall.
Some other tenants at St. Croix Mall
include Fashion Bug Plus, Braun's,
Mslwce's, Vanity and Martin's — all
women's clothing shops.
Oak Park Development, headed by
brothers Norris M. and Norvin "Red" L.
Swsger, sold the retail complex in September
1Wto Oak Park Partners of St. Louis Park
for $6 million. Oak Partners includes Wat-
ON, Daniel A. Bergeron and Bradley A.
Hemming.