GREENWOOD VILLAGE, Colo: NexGen Properties has completed the successful disposition of Mainstreet Marketplace, a multi-tenant retail center located in Blaine, Minnesota. The transaction closed on February 17, 2026, with the property selling for $5.875 million, or $313.17 per square foot. The asset was acquired by CROW Holdings (https://www.crowholdings.com/).

Mainstreet Marketplace is a two-building, single-story, unanchored retail center totaling 18,760 square feet and situated on 2.11 acres at 12525–12555 Ulysses Street. Built in 2003 and 2004, the property was 91% occupied at the time of sale and features a diverse tenant mix that includes Starbucks, Bruegger’s Bagels, The American Red Cross, H&R Block, and Great Clips.

The center is positioned at the northwest quadrant of Highway 65 and 125th Avenue, a controlled intersection with three points of access, within a growing trade area of the Minneapolis–St. Paul metropolitan area. The property benefits from 213 parking stalls, including cross-easement parking with adjacent properties.

NexGen Properties acquired Mainstreet Marketplace in January 2015 and executed a long-term value creation strategy throughout 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, materially enhancing both the tenant mix and long-term stability of the asset. In January 2016, NexGen also completed the sale of the Perkins restaurant at the property in a separate net lease transaction.

“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 transaction was brokered by Amy Senn, Principal of Investment Sales, with Mid-American Real Estate. Mid-America also served as the property manager for Mainstreet Marketplace throughout NexGen’s ownership.

This disposition reflects NexGen Properties’ continued focus on recycling capital and concentrating future investment efforts in the Front Range of Colorado.