BROOKLYN PARK, Minn. - Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm arranged the sale of Edinburgh Festival Centre, a 96%-occupied 91,563-square-foot grocery-anchored shopping center in Brooklyn Park, Minnesota. The sale price was $11.9 million.
Hanley Investment Group's Executive Vice Presidents Bill Asher and Jeff Lefko, in association with ParaSell, Inc., represented the seller, LS Capital, Inc., a real estate asset management investment firm based in Los Angeles, California, and the buyer, a private investor from Northern California.
"We procured an experienced California-based private investor who owned similar grocery-anchored shopping centers across the country," Asher said. "We helped the buyer facilitate a year-end closing in a short timeframe that included obtaining financing from a local bank despite the more challenging capital market conditions in the fourth quarter of 2023."
Located at 8505-8595 Edinburgh Centre Drive in Brooklyn Park, Edinburgh Festival Centre is anchored by a 54,476-square-foot Festival Foods grocery store at the signalized intersection of Edinburgh Centre Drive and 85th Avenue, adjacent to State Highway MN-252.
The shopping center, which was built in 1996, spans 12.20 acres. In addition to Festival Foods, it features a synergistic mix of internet-resistant tenants, including food, service-based, medical, and goods-based retailers such as Dollar Tree, Caribou Coffee, Dairy Queen, Jackson Hewitt Tax Service, Kumon Reading and Math Center, and State Farm Insurance.
"Edinburgh Festival Centre represents a stable and secure investment with strong historical occupancy; 85% of the occupied square footage has been at the property for more than 10 years, with Festival Foods operating at the center since 1997 (26+ years) and Dollar Tree since 2012 (11+ years)," Asher highlighted.
Festival Foods stores in St. Paul and Minneapolis are owned by Knowlan's Super Markets, Inc. Based in Vadnais Heights, Minnesota, the company owns six Festival Foods stores and two Knowlan's Fresh Foods stores.
According to Asher, Edinburgh Festival Centre's location offers quick and convenient access to State Highway MN-252, connecting to downtown Minneapolis-bound. Brooklyn Park is a 15-minute drive to downtown Minneapolis and a 30-minute drive to Minneapolis-St. Paul International Airport (38 million annual passengers).
The Minneapolis metro area has experienced strong population growth in a robust job market that is home to 16 Fortune 500 companies, such as Target, General Mills, Best Buy, UnitedHealth Group, and 3M. More than 248,700 people live within a five-mile radius of the shopping center, with an average household income of $116,096 within a one-mile radius.
"Although rising interest rates slowed overall transaction velocity in the retail industry in 2023, grocery-anchored shopping centers with complementary daily needs tenants in major metropolitan areas continued to see steady demand," said Asher. "We anticipate this trend continuing and gaining momentum once interest rate cuts are implemented in 2024."
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory services company with over an $11 billion transaction track record that specializes in the sale of retail properties nationwide. Our expertise, proven track record, and unwavering dedication to putting clients' needs first set us apart in the industry. Hanley Investment Group creates value by delivering exceptional results through the use of property-specific marketing strategies, cutting-edge technology, and local market knowledge. Our nationwide relationships with investors, developers, institutions, franchisees, brokers, and 1031 exchange buyers are unparalleled in the industry, translating into maximum exposure and pricing for each property. With unmatched service, Hanley Investment Group has redefined the experience of selling retail investment properties.
For more information, visit www.hanleyinvestment.com.
Media Contact
Company Name: Hanley Investment Group Real Estate Advisors
Contact Person: Bill Asher, Executive Vice President
Email: Send Email
Phone: 949.585.7684
Address:3500 East Coast Highway, Suite 100
City: Corona del Mar
State: California
Country: United States
Website: https://hanleyinvestmentgroup.com/
