Hook Options (pick one for delivery):

1. Knollwood Shopping Center in St. Louis Park just sold for $85 million—and that’s 20% less than its last sale.

2. Did you know one of St. Louis Park’s biggest shopping centers just sold at a loss?

3. The Shoppes at Knollwood changed hands again, but this time the price dropped nearly $22 million.

4. Big news in St. Louis Park retail—Knollwood just sold, and here’s why the price is lower.

5. From $106 million to $85 million—what’s happening at Knollwood Shopping Center?

Main Script (≤45s):
The Shoppes at Knollwood in St. Louis Park just sold for $85.25 million, nearly 20% less than its last sale in 2015. KPR Centers, a New York-based company, bought it with an assumable loan locked in at a 5.67% rate. Experts say the drop in value comes down to two things: today’s tougher capital markets and Kohl’s leaving the property—Kohl’s took up about 20% of the space, and filling that footprint will cost millions in tenant improvements. Even with the price drop, retail demand in Minnesota is strong, and Knollwood still has plenty of tenants. But it’s a sign of how much market conditions and anchor tenants can impact property value. Would you like to see the old Kohl’s space turned into several new stores or a big replacement tenant?

Closing Line (required):
And as always, I’m Darin the Minnesotan, your favorite Twin Cities Realtor, I keep up with all things Minnesota, so you don't have to.

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📲 CAPTION / DESCRIPTION

The Shoppes at Knollwood in St. Louis Park just sold for $85.25 million, marking nearly a 20% drop from its last purchase price of $106.7 million back in 2015. 🏬

So why the decline?
👉 Changing capital markets and higher interest rates
👉 Re-tenanting costs after Kohl’s left the property, leaving a 20% vacancy
👉 The challenge of dividing or re-outfitting large retail spaces

Even with this sale price dip, experts say retail in Minnesota remains in demand, and Knollwood still has a strong tenant base. But this deal highlights how important anchor tenants and financing structures are in shaping commercial real estate values.

What do you think should replace the former Kohl’s space—one big brand, or a mix of smaller shops and experiences? Drop your thoughts below ⬇️

#darinbjerknes #Minnesotan #TwinCitiesRealtor #StLouisPark #MinnesotaRealEstate #Knollwood #ShoppesAtKnollwood #CommercialRealEstate #TwinCitiesNews #MNDevelopment #RetailRealEstate #LocalMinnesota

🔑 TITLE OPTIONS

1. Knollwood Shopping Center Sells for $85M

2. Why Knollwood Sold for $22M Less

3. St. Louis Park’s Knollwood Drops in Value

4. Kohl’s Exit Impacts Knollwood Sale Price

5. Knollwood Shopping Center’s $85M Deal Explained

📝 BLOG POST VERSION

Knollwood Shopping Center Sells for $85 Million in St. Louis Park

The Shoppes at Knollwood, one of St. Louis Park’s landmark shopping centers, has officially changed hands in a deal worth $85.25 million. The sale represents a nearly 20% decrease from its last purchase price of $106.7 million back in 2015.

Why the Price Dropped

According to real estate experts, the price reduction is tied to two key factors:

• Capital Markets: Interest rates and financing conditions are much different today compared to 2015, making buyers more cautious and cap rates higher.

• Kohl’s Departure: The closure of Kohl’s, which occupied roughly 20% of the property, left a large vacancy. Filling that space—or dividing it among multiple new tenants—will cost millions in tenant improvements and landlord expenses.

What This Means for St. Louis Park

Despite the lower sale price, retail in Minnesota remains strong. Knollwood still houses a variety of tenants and benefits from its prime location along Highway 7. However, the sale underscores the impact that anchor tenants have on property value, especially when leases expire or stores close.

Looking Ahead

The new owner, KPR Centers, purchased the property with assumable financing that carries a 5.67% interest rate and a $51 million balloon payment due in 2030. While assumable loans aren’t common, they can give buyers a competitive edge in deals like this.

For residents of St. Louis Park and the greater Twin Cities, the big question now is: what’s next for the old Kohl’s space? Will it be replaced by a single anchor retailer, or reimagined into multiple smaller shops and experiences?

Either way, the Knollwood sale is another example of how Minnesota’s retail landscape continues to evolve—and how national market shifts ripple down to local communities.

If you’re thinking about buying or selling real estate in the Twin Cities—residential or commercial—reach out. I stay on top of the latest market trends so you don’t have to.

📍 GEO & SEO TAGGING

GeoTags / Keywords:
St. Louis Park MN, Twin Cities, Minneapolis suburbs, Knollwood Shopping Center, Shoppes at Knollwood, Highway 7 St. Louis Park, Hennepin County retail, Minnesota commercial real estate, Kohl’s St. Louis Park, KPR Centers Minnesota

Alt Text (for photos):
“Aerial view of Shoppes at Knollwood in St. Louis Park, Minnesota, recently sold for $85 million, showing main retail tenants and former Kohl’s anchor space.”