RED DEVELOPMENT ACQUIRES RETAIL CENTER IN WOODBURY

WOODBURY, MINN. — RED Development, through a joint venture with an institutional partner, has acquired Woodbury Lakes Shopping Center in Woodbury. Located at the intersection of Interstate 94 and Hudson Road, the 400,000-square-foot lifestyle center is occupied by H&M, Trader Joe’s, Michaels, DSW, Ann Taylor, Banana Republic and Coldwater Creek. The center will be managed by RED’s property management division, RED Asset Mangement. RED and Opus Northwest built Woodbury Lakes and sold the property to Hartford, Conn.-based Cornerstone Real Estate Advisors in 2006. RED decided to acquire Woodbury Lakes after the property was recently returned the lender. The transaction is RED’s first acquisition as part of its new strategy to acquire completed or nearly completed core shopping centers that are either distressed or require a more hands-on approach to operations. Terms of the sale were not disclosed.