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VEREIT Pays $14.1M for At Home Store in Blaine

The Store is Part of the Village of Blaine Shopping Center
February 23, 2018
A home furnishings and décor store in Blaine has been snapped up by VEREIT, one of the nation’s largest retail real estate investment trusts.

An entity tied to Plano, TX-based At Home sold its 140,684-square-foot location at 4405 Pheasant Ridge Dr. to VEREIT for $14.1 million in a deal that closed on Feb. 8, according to a certificate of real estate value made public on Wednesday. The store is part of the Village of Blaine, a shopping center just off Interstate 35 West anchored by a Cub Foods grocery store and a Home Depot.

At Home bought the 17-year-old building from the former user, Walmart, in January 2016 for $5.2 million, according to CoStar data. The company renovated it shortly thereafter.
See CoStar COMPS #3486055.

At Home has one other location in the Twin Cities, which is in Burnsville.

VEREIT is based out of both Phoenix, AZ and New York City. It focuses on single-tenant properties, and has a marked preference for well-established, national brands like is Red Lobster and Walgreens, its biggest tenants.

VEREIT owned 4,091 properties across the U.S. as of Dec. 31, 2017, with a total book value of $14.7 billion, covering 94.4 million square feet in all, according to its website. About 41.2 percent of its holdings were retail, and 22.4 percent were restaurants, 19.6 percent were office and 16.8 percent were industrial or warehouse properties.

It had 51 properties in Minnesota, most of which were restaurants or dollar stores. VEREIT’s largest property at the time was a 131,000-square-foot Fed Ex facility in Roseville.

Over 2017, VEREIT was active on both the buying and selling side. The trust spent $745.6 million on acquisitions over that year, picking up 91 properties in all, according to fourth quarter and year-end results released on Thursday. VEREIT also sold off 137 of its holdings during that period, generating an aggregate sales price of $574.9 million.

VEREIT’s buying and selling spree has continued into 2018. Between the first of the year and Tuesday, the trust acquired six properties for $66.3 million, and sold seven for an aggregate sales price of $57.4 million.

Executives at VEREIT and At Home could not be immediately reached for comment on the sale.

See CoStar COMPS #4148648.

Clare Kennedy, Minneapolis / St. Paul Market Reporter  CoStar Group   
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