Herbergers Department Store Extends Marktplatz Mall Lease

New Ulm Retail and Development, LLC, the new owner of the Marktplatz Mall in New Ulm, Minnesota, announced that Herbergers, the anchor store for the 60,000 square foot mall, has extended its lease through 2012.

Part of a regional chain of department stores in the Mid-West, New Ulm Herbergers is one of the original stores in the chain. “Herbergers decision to renew the lease for four more years was based on our confidence in the owner’s plans to reposition the Marktplatz Mall to attract new tenants and to work with the community to spur the growth of the retail business sector in the City of New Ulm,” Rollo Lentz, Herbergers manager, explained.

Marktplatz Mall is the only fully enclosed class “A” mall with subterranean parking in the city. Turnkey retail spaces in a variety of sizes are available for short or long-term leases with flexible terms. Wilshire Finance Partners, a Los Angeles-based commercial real estate lending organization, provided New Ulm Retail and Development with a junior debt toward the September 2008 purchase of Marktplatz Mall. American Bank of Minnesota carries the senior debt.

Headquartered in Irvine, CA, New Ulm Retail and Development is an association of licensed real estate professionals with over five generations of combined experience. Managing partners Cliff Strand, Irvine, California and Lance Warner, Sandusky, Ohio are members of the Society of Exchange Counselors, one of the most preeminent real estate organizations in the nation.