After acquiring the Owatonna Cabela’s building, the Fortress Investment Group is back for more: The purchaser also bought the Cabela’s stores in East Grand Forks and Rogers for a combined $51.4 million this week, public documents show.

Fortress, a Los Angeles-based investment group, has now purchased three of the four Cabela’s properties in Minnesota. The Woodbury location is owned by a real estate investment trust called STORE Capital, which paid $26.3 million for the property in 2017.

The East Grand Forks location was bought for $9.6 million, while the Rogers property sold for a higher $41.8 million. The Owatonna Cabela’s, the sale of which Finance & Commerce reported last week, went for $22 million, bringing the total Fortress spent on all three to about $73.8 million.

The price per square foot for the 151,623-square-foot Rogers store comes to $275.65. The price for the 65,678-square-foot East Grand Forks location comes in just under $146 per square foot.

The Rogers store is located at 20200 Rogers Drive and the East Grand Forks store is located at 210 Demers Ave. According to Catylist listings, the East Grand Forks property was valued at $4.3 million for tax purposes, while the Rogers Cabela’s was valued at $12.6 million, according to 2023 Hennepin County tax records.

All three properties were purchased from Starwood Mortgage Capital, a Miami Beach firm. All three have a financing arrangement with balloon payments in September 2027, with the Rogers location having a payment amount of $20.7 million, and the East Grand Forks location having a payment amount of $4.3 million.

Cabela’s, a Sidney, Nebraska-based outdoor retailer, leases the buildings their stores are housed in, though most stores are built specifically for Cabela’s. The Rogers and East Grand Forks stores opened in 2005 and 1999, respectively.

Skip Melin, a retail investment specialist at Cushman & Wakefield’s Bloomington office, in an interview last week about the Owatonna sale, said that there is a lack of product on the retail market and that it’s “not unusual” for something like a Cabela’s location to sell quickly.

“What [Starwood is] selling here isn’t just a 25-year-old building, what they’re selling is the cash flow of a credit tenant at the center there,” Melin said.

Melin said that there is a perspective that the market is bad right now because of the “office news” and low occupancy in office buildings. The retail market, he said, is a matter of “finding quality inventory to be able to buy.”

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