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Hanley Arranges Sale of $12M Grocery-Anchored Center in Minneapolis
Hanley Investment Group Real Estate Advisors, a real estate brokerage and advisory firm specializing in retail property sales, arranged the sale of Edinburgh Festival Centre, a 91,563-square-foot grocery-anchored shopping center in Brooklyn Park, Minnesota, for $11.9 million. The asset was 96 percent occupied at the time of sale.
Hanley’s EVPs Bill Asher and Jeff Lefko, in association with ParaSell, Inc., represented the seller, LS Capital, Inc., a real estate asset management investment firm based in Los Angeles. The buyer was a private investor from Northern California.
“We helped the buyer facilitate a year-end closing in a short timeframe that included obtaining financing from a local bank despite the more challenging capital market conditions in the fourth quarter of 2023,” said Asher.
Located at 8505-8595 Edinburgh Centre Drive, the property is anchored by a 54,476-square-foot Festival Foods grocery store. The shopping center features a mix of tenants, including food, service-based, medical, and goods-based retailers.
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