Another vacant Rainbow to be redeveloped.

This one is the 70,000 sf empty box on Lake Street, east of Hiawatha.   Wellington Management has purchased this property and has plans to re-lease the space, and even potentially adding new retail space and apartments to the site.    Purchase price was reported as $5.35m per Finance & Commerce, with Wellington purchasing the property from Watson Centers. Inc.   Wellington Management also owns the Hi-Lake center on Lake Street, just west of this site.