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Twin Cities Retail Sets Records for Pricing, Cap Rates
Hanley Investment Group Real Estate Advisors arranged the sale of Commons Plaza, a new-construction, retail property in the Twin Cities suburb of Woodbury, MN. The sales price was $11,780,000, representing the highest price-per-square-foot and the lowest cap rate for a multi-tenant pad building above $10 million in the Midwest.
VP Jeff Lefko and EVP Bill Asher represented the seller, Onecorp of Davie, FL. The buyer, a private investor from Orange County, CA, was represented by Steve Tucker of Tucker Investments.
“We were able to maximize value for the seller and achieve an above-list-price sale,” said Lefko.
Asher added, “We procured a California-based 1031 exchange buyer the first day of formally marketing the property, and negotiated a 14-day due diligence period with no financing contingency.”
Tenants at Commons Plaza include a brand-new, 2,926-square-foot freestanding Raising Cane’s quick-service restaurant, Sleep Number, WellHaven Pet Health and Restore Cryotherapy.
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