Waite Park property market plans redevelopment

WAITE PARK – Waite Park Market, a commercial property with restaurants, retail and offices, is under new ownership and plans are underway to redevelop and modernize the property.

Kevin Brink, owner of Trivista Brink Commercial Real Estate, oversees the management and leasing of the property. He is also part of the investor group, Marketplace LLC, which purchased the property last month.

Parking lot improvements, new signage and exterior renovations will likely begin this summer, he said Wednesday.

“The more I got into this deal, the more I thought there was so much opportunity here…I just wanted to come in and run this and do this,” Brink said.

The property includes five buildings on the southeast corner of Second Street and Second Avenue South:

• Marketplace Mall, an office building and retail space with Pizza Ranch, Orangetheory Fitness and Once Upon a Child;

• Annex Marketplace with the Mexican restaurant Anejos and the bar-restaurant Friends;

• And three stand-alone buildings, including Fuji Sushi & Steakhouse, Starbucks, and a two-tenant building with All Star Nutrition and a smokehouse.

The property’s office space is 95% full, Brink said. The three-story office building at the rear of the mall includes an executive service floor, where tenants can rent space and receptionist service is included.

“It’s a bigger corporate feel, but you’re only renting smaller spaces,” Brink said. “This office space is St. Cloud’s best kept secret.”

Related: A retired Waite Park soldier, 95, reflects on the service

Property vacancies are around 50%, Brink said. He believes the improvements to the property will attract more commercial tenants and breathe new life into the shopping and business center.

“We just have a phenomenal location with a lot less congestion than you see on Division Street,” Brink said.

It hopes to mirror the updated look of the neighboring former Kmart building which now houses Dick’s Sporting Goods, Fresh Thyme Farmers Market and Five Below.

“We’re trying to take this out of the 90s and into the 2020s,” Brink said.

Marketplace is considering additional changes that will bring more retailers into the property, such as moving traffic lanes through the lot to allow parking closer to storefronts, reducing the depth of some spaces for rent, and finding new medical services. for a good mix of tenants.

An additional freestanding building in front of the mall is also being considered, similar to the Mattress Barn store just down the block, Brink said.

Work on the property will likely begin in 60-90 days when renderings are finalized.

About Wanda G. Warren

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