St. Paul, MN, July 7, 2021 – Simek Property Group purchased Parkway Plaza for $6,200,00 as part of a 1031 Exchange. The 37,426 square foot retail center built in 1998 is located at 4701-4751 Hiawatha Avenue in Minneapolis and is currently 97% occupied.

“This was a great value-add opportunity―the location only gets better as it is in the middle of a major surge of new development” said Stuart Simek, President and Owner of Simek Property Group. “We plan to rebrand the center with façade updates, signage, landscaping, etc.”

Parkway Plaza is shadow anchored by Cub Foods and the Lowa46 development and is located across the street from the 46th Street Light Rail Station and Minnehaha Regional Park. Said Simek “With over 500 rental units being built in the area in the last 5 to 7 years we saw a real opportunity with this property. There are limited retail options in this area and this center is the anchor for the southeast corner of Minneapolis and Highland/Mac Groveland in St. Paul.”

About Simek Property Group. Simek Property Group has been involved in the commercial real estate investment business since 1995. Investment projects have included multi-family, office, and retail. Development projects have included townhomes, retail, and condo conversions. They own more than 350 apartment units and 100,000 square feet of retail and industrial throughout the Minneapolis-St. Paul area.