A Real Estate Deal That Points Straight to H Mart
A real estate entity with direct ties to H Mart's CEO just purchased Midway Marketplace in St. Paul for approximately 16.5 million dollars.
The buyer, GSC RE Saint Paul LLC, is based in New Jersey and connected to the same leadership and development companies behind other H Mart locations across the country. The entity name follows the same naming pattern used for H Mart real estate acquisitions in San Francisco, Jacksonville, and other cities.
The 324,000 square foot retail center on University Avenue sold for roughly half of its 2019 purchase price of 31 million dollars.
That decline reflects years of major tenant departures, including Walmart, TJ Maxx, At Home, and Cub Foods, which collectively left hundreds of thousands of square feet sitting empty.
The remaining anchors are LA Fitness and a Dollar Tree.
What Makes H Mart Different
H Mart is the largest Asian supermarket chain in the United States with nearly 100 locations across 18 states.
The stores carry a wide range of Korean and Asian specialty products alongside everyday grocery staples, including fresh seafood, produce, and prepared foods.
Most locations also include food halls featuring multiple Asian cuisine restaurants under one roof.
The closest H Mart to the Twin Cities is currently in Chicago, about a six hour drive.
Twin Cities residents have been vocally requesting an H Mart location for more than a decade, and this acquisition suggests that wait may finally be ending.
A Growing Wave of Asian Specialty Retail
This potential H Mart opening fits a broader pattern of Asian specialty retail expanding across the Twin Cities metro.
Asia Village, a 125,000 square foot development, opened in Blaine recently.
Pan Asian Center in Maplewood drew massive opening crowds.
Japanese value retailer Daiso generated long lines when it opened in Crystal.
And Mall of America has been actively leasing to Asian retailers as part of its tenant strategy.
For the communities surrounding these developments, the arrival of major specialty retailers signals growing demand and rising consumer activity, both of which tend to support nearby property values and attract additional commercial investment.
The Midway Neighborhood Is Transforming
The Midway Marketplace purchase doesn't exist in a vacuum.
The property sits just one block from Allianz Field, home of Minnesota United FC.
A development group led by team owner Dr. Bill McGuire is building United Village around the stadium, with restaurants, an office building, a public garden expected this year, and a boutique hotel scheduled for 2027.
That kind of mixed use investment changes the trajectory of a neighborhood.
For anyone watching the St. Paul real estate market, the combination of a nationally recognized grocery anchor and ongoing neighborhood redevelopment is worth paying attention to.
Thinking about buying or selling in the Twin Cities? Let's talk. Text Darin Bjerknes at 612-702-5126 or DM on Instagram @darintheminnesotan.
