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Chicago & Midwest  + Midwest  + Retail  | 

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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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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