No Plans to Redevelop Cahill Plaza, New Owners Say

The new owners of a 69,000-square-foot shopping center at the heart of Inver Grove Heights said on Wednesday that they don't have any immediate plans to redevelop the mall.

St. Paul-based Paster Enterprises announced Tuesday morning that it purchased Cahill Plaza, the shopping center at the corner of Cahill Avenue and 80th Street in Inver Grove Heights. While Paster Enterprises President Howard Paster wouldn't disclose the purchase price the company paid for the property, he did say the mall's location and financial stability drew the company to Cahill Plaza.

Paster Enterprises closed the deal for Cahill Plaza on April 21, according to a press release issued by the company. As part of the acquisition, the company  partnered with Shiner Capital Partners, a Chicago-based real estate investment firm with a focus on acquiring and developing retail shopping centers.

Founded in 1948, Paster Entreprises owns 12 other shopping centers in the Twin Cities area, including Mendota Plaza in Mendota Heights and Sibley Plaza in St. Paul. Like Cahill Plaza, many of the company's current properties are anchored by grocery stores, Paster said.

“This really fits right into the mold," Paster said of Cahill Plaza. “It’s a great neighborhood site with good, strong demographics."

The mall itself is anchored by a 52,017-square-foot and a 6,165-square-foot . Other tenants include: Great Clips, RR Cleaners, C & A Nails, Edward Jones and Papa Johns. While Paster ruled out any major redevelopment at the mall, the company is hunting for a new tenant to fill a 3,400-square-foot vacancy at the center, he said.

In 2010, Paster Enterprises began negotiating for the property with the former owner, Cahill Plaza LLC.

“At a time when so few deals are being done, we couldn’t be more pleased to have successfully completed this acquisition,” Paster wrote in a press release. “With a strong supermarket anchor, Cahill Plaza is a great addition to the Paster Enterprises portfolio."