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Chicago & Midwest  + Midwest  + Retail  | 

Edina Retail Pad Sets Records for Cap Rate, Price Per Square Foot

Hanley Investment Group Real Estate Advisors has completed the sale of a new-construction 6,702-square-foot building occupied by E*Trade and Roti Modern Mediterranean in the Twin Cities suburb of Edina, MN. The sale set a new per-square-foot pricing record for multi-tenant retail in Minnesota, Hanley said, citing CoStar data.

The sale price for the two-tenant building at 3901 W. 70th St. was $8,250,000, representing a 6% cap rate. That represented a record low cap rate for a multi-tenant retail pad above $8 million in the Midwest.

Hanley VP Jeff Lefko and EVP Bill Asher represented the seller, Davie, FL-based OneCorp Real Estate. The buyer, a Denver-based private investor, was represented by Jim Seabold of Coldwell Banker Burnet in St. Paul, MN.

“The sale represented the rare opportunity to own one of the best corners in one of the top markets in the Midwest,” said Lefko.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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