MINNEAPOLIS & GREENWOOD VILLAGE, COLO. – Mid-America Real Estate and NexGen Properties announced the successful sale of Mainstreet Marketplace, an 18,760-square-foot neighborhood retail center located in Blaine, Minnesota. The property sold for $5,875,000 ($313.17 per square foot), with the transaction closing in February 2026. The asset was acquired by a real estate fund advised by Crow Holdings Capital.

Located at 12525–12555 Ulysses Street NE at the northwest quadrant of Highway 65 and 125th Avenue, Mainstreet Marketplace is a two-building, single-story retail center situated on approximately 2.11 acres. Built in 2003 and 2004, the property was 91% occupied at the time of sale and features a diverse tenant lineup including Starbucks, Bruegger’s Bagels, American Red Cross, H&R Block, Great Clips, and $5 Tan, among other service-oriented retailers. The center benefits from strong visibility, multiple access points, and shared parking with adjacent properties in one of the northern Twin Cities’ growing trade areas.

NexGen Properties originally acquired Mainstreet Marketplace in January 2015 and implemented a long-term value creation strategy during its ownership. Key initiatives included redeveloping an end-cap space to deliver a newly constructed Starbucks with a drive-thru and securing an American Red Cross Blood Donation Center, further strengthening the tenant mix and long-term stability of the property. The recent addition of Starbucks under a long-term lease further enhanced the asset’s income profile and investor appeal.

“Closings like this continue to reinforce what we’re seeing across the market: well-located neighborhood retail with strong tenancy and long-term leases remains in demand when fundamentals lead the story,” said the Mid-America Minnesota Investment Team.

The transaction was brokered by Amy Senn and Bryce Thompson of Mid-America Real Estate – Minnesota, LLC, in cooperation with Joe Girardi and Eric Geskermann of Mid-America Real Estate Corporation. Mid-America also served as the property manager for Mainstreet Marketplace during NexGen’s ownership.

“After an 11-year hold, it’s rewarding to see NexGen Properties come full circle with the strategic disposition of Mainstreet Marketplace, which allows us to focus our energy on investments closer to home,” said Matt Bernstein, Vice President of NexGen Properties. “We were able to capitalize on the strong demand for unanchored retail and fully realize the value created through the Starbucks and American Red Cross leases.”

The sale highlights continued investor demand for well-located neighborhood retail centers anchored by daily-needs and service-oriented tenants.

About Mid-America Real Estate

Mid-America Real Estate is #1 in retail real estate services in the Midwest, with full-service offices in Illinois, Michigan, Minnesota and Wisconsin. Our exclusive focus on retail property, combined with cutting-edge technology and unsurpassed service, distinguishes Mid-America within the industry and provides clients with a competitive edge. The total consideration value of leasing and investment sales transactions facilitated in 2024 was $2.28 billion. Mid-America leases and manages more than 50 million square feet of retail space and represents over 270 retailers and other tenants. For more information, visit www.midamericagrp.com.

About NexGen Properties

Founded in 2004, NexGen Properties is a Colorado-based private real estate acquisition, development, and investment firm that focuses on the acquisition and repositioning of real estate assets in Colorado. As an entrepreneurial investment company, NexGen Properties can expeditiously underwrite and close complex real estate transactions. The principals invest their own capital, can close on an all-cash basis, and handle all phases of due diligence and investing from underwriting to management to promote a responsive culture focused on results. For additional information, visit www.nexgen-properties.com

Media Contact for More Information:

Suzanne K. Jones | [email protected]

Photo Courtesy of: Mid-America Real Estate