Marketing Campaign Underway for Buyer of Herberger’s Building
ST. CLOUD -- Herberger's hasn't moved out of their building in downtown St. Cloud yet, but the new owners of the building are already hard at work looking for its next tenant.
Jim Terrell is with A & G Partners, the company put in charge of selling off all of the former Bon Ton properties. He says the main floor has a lot of potential future uses.
There's a lot of windows so you could do a restaurant. They have the coffee bar on the corner where Capital One occupies, they also have a fitness center right in there. Certain uses along those lines compatible with a downtown vibe would make a lot of sense.
While a department store taking over the entire space probably isn't likely, he says don't rule out some sort of shopping experience.
Nordstrom Rack - for example - has made a fine living selling in basement spaces. So off-price discounters could really take that space and make it feel really cool.
The second floor, which is 47,000 square feet, is being leased to Capital One through 2028. Terrell says they would entertain leasing the Herberger's space in the building, but they would prefer to sell the whole building with the new owner taking over the Capital One lease.
There is no listing price.
Terrell says the property is being marketed nationally and so far he's sent out nine packages to interested potential buyers, however, there have been no offers yet.
There is no deadline for Herberger's to be out of the building, but Terrell says he expects it to be sometime in August.