Simek Property Group, a St. Paul-based real estate investment group, purchased Coon Rapids’ Riverdale Market for $4.45 million in an off-market deal as part of a 1031 Exchange — a term for swapping investment properties in a way that allows capital gains taxes to be deferred.
The 18,102-square-foot retail center built in 2006 is located at 2740 Main St. NW, Coon Rapids.
The property has 10 retail spaces and is currently 94% occupied. Some of the current national tenants include Subway, Verizon Wireless, State Farm Insurance and Enterprise Rent-A-Car.
Atlas Commercial Real Estate is the exclusive leasing agent for the property, and Mid-America is the property manager.