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CSM sells Eagan, Minn., shopping center for $126M

CSM Corp. sold its Central Park Commons shopping center property in Eagan, Minn., for $126.3 million to an entity related to American Realty Advisors, the Minneapolis/St. Paul Business Journal reported, citing a public filing.

The shopping center, which CSM built over several years, opened in October 2016. It is anchored by Hy-Vee Inc., Hobby Lobby, Total Wine & More and Sierra Trading Post.

The property totals 434,000 square feet of leasable space on 47 acres and is at almost full occupancy. The Dec. 21 report also noted that there are opportunities to develop small shops or restaurants in the parking area.

CSM will continue as the property's manager and also continue to handle leasing. The company also owns land for a second phase, which it said it intends to develop in the future, the report noted, citing a statement from the company.