Oakdale Village shopping center buildings bought by Wellington Management

By Mark Reilly, Minneapolis / St. Paul Business Journal

Wellington Management Inc. has bought three buildings totaling 55,000 square feet in the Oakdale Village shopping center in a deal worth $15.3 million.

The seller was RCG Ventures, an Atlanta-based real estate investment firm that bought the retail center in 2019, according to a certificate of real estate value made public this week.

RCG paid $25.3 million at the time, but that deal included several additional parcels totaling 164,000 square feet, including a store leased by Best Buy Co. Inc.. RCG previously sold those parcels, including the Best Buy site in 2021.

Finance & Commerce reports on the latest deal, which includes David’s Bridal and Guitar Center stores and a Buffalo Wild Wings restaurant. St. Paul-based Wellington plans to make improvements to existing buildings and landscaping and develop a nearby vacant lot into another 16,500 square feet of space.