This story has been updated with comments from Matt Paulson of MarketBeat
SIOUX FALLS, S.D. (KELO) — Investors in Sioux Falls added to a fast-growing comprehensive list of properties in the city.
Cresten Capital, founded by Kevin Tupy, and MarketBeat founder Matt Paulson, along with Karine Paulson, bought the Empire East retail center at at 3800 S. Louise Ave. in Sioux Falls.
Cresten Capital Holdings and Matt Paulson announced the purchase on their respective Facebook pages.
“This is the largest retail property,” Paulson said in a KELOLAND News interview about the partners’ property investments.
“We own the Savers building which is the old Menards on 41st Street. We own 10 buildings that we lease to Starbucks,” Paulson said.
The investors own about 40 commercial properties, Paulson said. Those properties along with apartment complexes started with a first investment in 2021.
Empire East has about 156,000 square feet of retail space with the three tenants of Ultra Beauty, Ashley and Kohl’s. Paulson said the leases with those tenants transferred.
The retail space is full but there is potential to change the parking lot, Paulson said.
“This is a nine-acre site,” Paulson said. “There’s more parking than there needs to be.”
It’s possible a quick service or fast food, restaurant could use part of the parking lot, he said.
The investors highlighted local ownership in their social media posts.
Paulson said in his interview that as a local owner, he sees the property frequently and will notice any wear and tear. One of the first projects for the property will be to make some repairs and improvements in the parking lot, he said.
Shriver Square, Silver Springs and the Que are just three of the 17 apartment facilities listed on the Cresten Capital website.
