Investment group

Hanley Investment Group is arranging the sale of a three-tenant drive-thru investment on Outparcel in Menards in the Minneapolis metro for $11.45 million

“The sale included a single-tenant Bank of America plus a two-tenant building occupied by Famous Dave’s ‘Quick Que’ concept and the Banfield Pet Hospital in Coon Rapids, Minnesota.”

COON RAPIDS, Minn. – Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in the sale of commercial properties, today announced that the company has arranged the sale of Riverdale Village, a new construction to three tenants. by investment located on an exterior lot at Menards in Coon Rapids, Minnesota. The selling price was $11.45 million.

Hanley Investment Group executive vice presidents Jeff Lefko and Bill Asher, along with Robert Wise, vice president of CBRE in Minneapolis, Minnesota, represented the seller, OneCorp Global in Hollywood, Florida. The buyer, a private investor based in Evergreen, Colorado, was represented by Boston Weir, principal of Henry Group Real Estate in Denver, Colorado.

“We generated multiple qualified offers in the first week of formal marketing and selected a Colorado-based 1031 exchange buyer,” Lefko said. “Due to a very competitive bidding war, we closed escrow at $455,000 above list price and secured the lowest cap rate for a multi-tenant commercial building in the Midwest above- above $10 million.”

Lefko adds, “These were brand new buildings with long term leases located in a thriving and growing market, at a high traffic hub and surrounded by many big names in national retail.

Built in 2021, the three-tenant investment consists of a 4,150 square foot single-tenant building with a drive-thru occupied by Bank of America and a 6,700 square-foot two-tenant building occupied by Famous Dave’s and Banfield. Hospital. The buildings are located on 1.66 acres at the hard corner, signposted intersection of Northdale Boulevard and Main Street (45,000 cars per day) and adjacent to the US Route 10 entrance/exit ramps.

“The property received significant activity from buyers interested in multi-tenant retail, but due to the standalone Bank of America, single-tenant buyers also came to the table,” Lefko noted. .

It is a dominant regional retail destination in the Riverdale shopping area, notes Lefko. Major tenants include Costco, Dick’s Sporting Goods, Kohl’s, Lowe’s, Target, The Home Depot, Walmart, ALDI, Bed Bath & Beyond, Best Buy, Cub Foods, DSW, Five Below, Hobby Lobby, HomeGoods, JOANN Fabric and Craft, Michaels, Menards, Petco, PetSmart, Sportsman’s Warehouse, TJ Maxx and ULTA Beauty.

“Coon Rapids is a tight retail market with very few new retail development opportunities available,” Lefko said. “The area has seen a population growth of 7.47% between 2010 and 2020 within five miles of the property. Currently, there are over 165,000 people with an average household income of $102,000 within a five-mile radius of River Village.

Coon Rapids is a 25 minute drive from downtown Minneapolis and a 25 minute drive from Minneapolis-St. Paul International Airport (39.5 million passengers in 2019).

Hanley Investment Group has completed the sale of 177 Midwest commercial properties valued at $677 million over the past 48 months.

Lefko adds, “This sale is a great representation of compressing multi-tenant cap rates, especially for extremely well-located properties. We are at an all-time low in the supply of quality real estate, so when we bring generational assets to market, we receive unprecedented activity.

About Hanley Investment Group

Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory services company with an $8.9 billion transaction history that specializes in the sale of commercial properties nationwide. Our expertise, proven track record and unwavering dedication to putting customer needs first sets us apart in the industry. Hanley Investment Group creates value by delivering exceptional results through the use of property-specific marketing strategies, cutting-edge technology and local market knowledge. Our nationwide relationships with investors, developers, institutions, franchisees, brokers and 1031 exchange buyers are unparalleled in the industry, resulting in maximum exposure and price for every property. With unparalleled service, Hanley Investment Group has redefined the retail investment property experience. For more information, visit www.hanleyinvestment.com.

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Company Name: Hanley Investment Group Real Estate Advisors
Contact: Jeff Lefko, Executive Vice President
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Call: 949.585.7682
Address:3500 E. Coast Highway, Suite 100
Town: Crown of the Mar
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The country: United States
Website: https://hanleyinvestmentgroup.com/