SEATTLE, July 8, 2016 /PRNewswire/ -- Seattle-based Nordstrom, Inc. (NYSE: JWN) announced today plans to open a Nordstrom Rack at CityPlace in Woodbury, Minn., outside of Minneapolis. The approximately 26,000-square-foot store is scheduled to open in spring 2017. The property is owned and managed by Elion Partners, a Florida-based real estate investment firm.
"We're excited to have the opportunity to expand our presence in Minnesota and better serve our customers by opening an additional Nordstrom Rack in the Twin Cities," said Geevy Thomas, president of Nordstrom Rack. "Our new store will offer customers in the surrounding communities of Oakdale, Landfall, Lake Elmo, Cottage Grove, Maplewood, Newport and Afton an additional way to shop for the Nordstrom brands they love at great prices."
Nordstrom Rack is the off-price retail division of Nordstrom, Inc., offering customers a wide selection of on-trend apparel, accessories and shoes at an everyday savings of 30-70 percent off regular prices. Nordstrom Rack merchandise, available at Rack stores and at Nordstromrack.com, comes from Nordstrom stores, Nordstrom.com as well as specially purchased items from many of the top brands available at Nordstrom. The Rack is designed to provide the ultimate treasure hunt to style-savvy customers.
This will be the fourth Rack store in Minnesota with existing locations in Bloomington at Mall of America, Arbor Lakes in Maple Grove and Shoppes at Knollwood in St. Louis Park. The company also operates two full-line stores at Mall of America and Ridgedale Shopping Center.
"Nordstrom Rack is a great compliment to the other topline tenants that have come to CityPlace," said Juan DeAngulo, managing principal with Elion Partners. "We look forward to the opening of the next phase in the spring of 2017."
Nordstrom, Inc. is a leading fashion specialty retailer based in the U.S. Founded in 1901 as a shoe store in Seattle, today Nordstrom operates 329 stores in 39 states, including 121 full-line stores in the United States, Canada and Puerto Rico; 200 Nordstrom Rack stores; two Jeffrey boutiques; and one clearance store. Additionally, customers are served online through Nordstrom.com, Nordstromrack.com and HauteLook. The company also owns Trunk Club, a personalized clothing service serving customers online at TrunkClub.com and its five clubhouses. Nordstrom, Inc.'s common stock is publicly traded on the NYSE under the symbol JWN.
CityPlace is a 100-acre, master-planned development located in Woodbury, Minnesota. The vision behind CityPlace is to create a dynamic, mixed-use development in a prime suburban location. A true work-play-stay community, CityPlace brings diverse opportunities for recreation, shopping, and cultural activities while balancing work with amenities and supportive functions. Located at the northeast corner of Radio Drive and Hudson Road, CityPlace includes pedestrian-friendly scenic trails, Class A office space, a Whole Foods Market, shopping, dining, and a Residence Inn by Marriott hotels. For more information, visit www.CityPlaceMN.com.
About Elion Partners
Elion Partners is a real estate investment firm focused on developing and acquiring quality commercial properties across multiple regions of the U.S., while delivering attractive risk-adjusted returns for its private and institutional investors. With more than 170 transactions valued in excess of $3.5 billion, Elion's principals have successfully managed full-cycle investments across a variety of asset types, including industrial, office, retail, multifamily and mixed-use properties. For further information, visit http://www.elionpartners.com.
Gail D. Shore
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SOURCE Nordstrom, Inc.