Hanley Investment Group Arranges Sale Of New Retail Pads In Minneapolis

Hanley Investment Group Arranges Sale Of New Retail Pads In Minneapolis 

Hanley Investment Group Real Estate Advisors has completed the sale of two new construction retail pad investment properties, Riverdale Commons, a shopping center in Coon Rapids, Minnesota.

The Target and Home Depot-anchored retail property is situated in a suburb of Minneapolis metro. The sale price was $8.18 million. The transaction included a 3,893-square-foot single-tenant Café Zupas with a double drive-thru. The sale also included a 6,297-square-foot two-tenant pad building featuring a 2,797-square-foot Dave’s Hot Chicken with a double drive-thru and a 3,500-square-foot Chapter Aesthetic Studio.

Hanley Investment Group’s Executive Vice President and Partner Jeff Lefko and Executive Vice President Bill Asher, in association with Robert Wise and Jeff Jiovanazzo of CBRE in Minneapolis, represented the seller, TOLD Development Company. The buyer was New York-based Curbline Properties.

Café Zupas operates under a 10-year corporate triple-net lease with 10% rent increases every five years. Dave’s Hot Chicken and Chapter Aesthetic Studio both signed 10-year leases. Dave’s Hot Chicken features 2% annual rent increases, while Chapter Aesthetic Studio has 10% increases every five years.

SOURCE: connectcre