A Texas-based real estate investment company has bought the Har Mar Mall in Roseville for $50.25 million, according to a filing on record with the Minnesota Department of Revenue.
Based outside of Houston, Fidelis Realty Partners is one of Texas’ largest commercial real estate companies, with a longstanding focus on shopping plazas and strip malls in Texas and other corners of the South. Har Mar appears to be its first Minnesota property.
Fidelis, which could not be reached for comment, purchased the 60-year-old mall from Gateway Washington, Inc. of Los Angeles in a cash transaction, according to the electronic certificate of real estate value on file with the revenue department. A call Friday to the seller was not immediately returned.
The Minneapolis-St. Paul Business Journal reported that the 446,000-square-foot mall, located on more than 48 acres of land, is about 83 percent occupied. Exterior-facing tenants include Marshalls, Burlington, Michael’s Arts and Crafts, Tuesday Morning, Home Goods, Barnes & Noble Books, Famous Footwear, Cub Foods, Cub Pharmacy and Cub Wine and Spirits. Freestanding outbuildings are occupied by Chick-fil-A, Chianti Grill and D’Amico & Sons, among others.
Constructed in the early 1960s and named after founder Harold J. Slawik and his wife, Marie, Har Mar operates in the shadow of the larger Rosedale Center mall. Har Mar last was sold in 2007 for $47 million.
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