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December 18, 2007
Capital Growth Madison Marquette to Develop Major Retail Center in Northern Minnesota
Minneapolis, MN (December 18, 2007) Capital Growth Madison Marquette (CGMM), a national, fully-integrated commercial real estate company based in Minneapolis, today announced that it has entered into a joint venture with Bemidji businessman Harry Takhar to develop Pinnacle Village, a shopping destination, on a 60-acre site at the intersection of Highways 2 and 71 in Bemidji. Phase one of the center will comprise approximately 460,000 square feet of retail. CGMM will be involved in the development, construction, leasing, marketing and management of the new retail center.
This is a "very significant" project for greater Minnesota, said CGMM's Senior Vice President Dick Ward. "Nothing of this magnitude has been done outside of the state's major population centers," he said. The combination of traditional retail in a lifestyle setting, along with an outlet center and other small box retailer, all on the same site, also adds to the unique nature of this project, he said.
Groundbreaking on the project's first phase — a 115,000 square foot outlet center and a 170,000 square foot big box retailer — is planned for spring 2008 with completion in spring/summer 2009. The outlet portion of the development will be comprised of national retail tenants.
The second phase includes several freestanding restaurants, a bank, hotel and additional retail. Phase two completion is expected by 2011.
A major tourist destination and the only major commercial hub in Northern Minnesota, Bemidji draws "local" customers from a radius of more than 100 miles. "This is a major development not only for Bemidji but for all of Northern Minnesota, and for all tourists who take advantage of all that Northern Minnesota has to offer. This development has incredible potential," said John Nagle, CGMM President and Chief Operating Officer.
Minnesota-based Capital Growth Madison Marquette, a strategic alliance between Capital Growth Properties, Inc. and Madison Marquette, was formed in 2007. The alliance enables both companies to expand their activities nationally and in the Midwest specifically. CGMM specializes in a strategic array of value-enhancing third party services, including brokerage, construction, development, leasing, management and marketing. CGMM also aggressively pursues acquisitions and joint venture opportunities.
Capital Growth Madison Marquette is part of Capital Growth Properties, Inc. (CGP), a private real estate investment company headquartered in Birmingham, Ala. CGP owns, manages, acquires and develops retail, office and industrial properties across the United States. Through proprietary methodology, the company works diligently to provide attractive and stable returns for its investors through a diverse portfolio of income producing real estate assets. CGP's subsidiaries are Capital Growth Madison Marquette and Capital Growth Buchalter.
CONTACTS:
Martha Capps
Capital Growth Madison Marquette
Office: (952) 852-5190
Cell: (612) 581-0797
Deb Garvey
Garvey Communications
Office: (952) 949-9770
Cell: (952) 200-9403
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