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Twin Cities Pad Site Sets Midwest Cap Rate Record
Hanley Investment Group Real Estate Advisors’ Jeff Lefko and Bill Asher represented seller OneCorp in the disposition of a two-tenant property occupied by Bank of America and CRAVE American Kitchen & Sushi Bar, and shadow-anchored by Lunds & Byerlys at The Shoppes at Arbor Lakes in Maple Grove, MN.
The purchase price of the two freestanding, net-leased properties was $9,150,000, representing a cap rate of 5.66%. This sale reportedly marked a Midwest record cap rate for a multi-tenant pad property selling above $7 million.
Maple Grove serves as the retail, cultural and medical center of the northwest region of the Twin Cities. With a market occupancy of 97%, “Maple Grove is a ‘must-have’ market for any national retailer operating multiple locations in the Midwest,” said Asher.
The buyer, a private investor from Southern California, was represented by Jim Batlle of Coldwell Banker Commercial NRT.
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