Matthew Klein

Purchase of the Polar Plaza Center in North St. Paul, Minnesota

MOUNTAIN VIEW, Calif., Nov. 1 -- Waba Financial has acquired the Polar Plaza retail center located in North St. Paul, Minnesota. Financial terms of the transaction were not disclosed.

The 23,362 sq. ft. neighborhood retail center is situated on 3.35 acres and is partially leased to a variety of retail tenants. At time of purchase, 7,769 sq. ft. was available for lease.

Waba Financial's Principal Eric Swildens says, "This building is well located to serve this North St. Paul neighborhood. We will be actively working on finding tenants for the available space and ensuring existing tenant needs are met."

"This multi-tenant retail property fits in well to our portfolio. It provides an opportunity for retail tenants to reach their neighborhood customers at reasonable rates," stated Amie Heddle, Waba Financial's Chief Financial Officer.

According to the buyer's agent Matthew Klein of Eagan, MN based KW Commercial Midwest, "We are excited to have the opportunity to reposition the building and take advantage of the ever improving market fundamentals."

The property will be managed by Anderson Property Management, which provides comprehensive real estate management services, specializing in third-party management of commercial property between 5,000 and 100,000 square feet in size.

Waba Financial acquires and manages a variety of real estate and related investments, focusing on income producing opportunities in high quality locations in the Midwestern United States. It is privately held and operates out of Mountain View, California.