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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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- ◦Sale/Acquisition

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