Hanley Investment Group Real Estate Advisors arranged the sale of a new-construction single-tenant ALDI in Chaska, Minnesota, in the Minneapolis metro area. The sale price was $3.023 million for the absolute triple-net ground lease. This transaction represents Hanley Investment Group’s seventh ALDI investment sold in 18 months.
Hanley Investment Group Executive Vice Presidents Jeff Lefko and Bill Asher represented the seller and developer, TOLD Development Company of Minneapolis. The buyer was a private investor from Santa Barbara, California.
Located in a suburb southwest of Minneapolis at 110 Hazeltine Blvd., the 23,201-square-foot ALDI grocery store sits on a 2.36-acre pad at the signalized intersection of Hazeltine Boulevard and Chestnut Street adjacent to the Hazeltine National Golf Club. Hazeltine joins Pinehurst Resort as the only U.S. sites to host a U.S. Open Championship, PGA Championship, U.S. Senior Open Championship, U.S. Women’s Open Championship, Women’s PGA Championship, U.S. Amateur Championship and the Ryder Cup.
Chaska is part of the Twin Cities metro area, one of the strongest Midwest economies.
Lefko noted that ALDI was recently recognized, for the 10th consecutive year, as the value leader in the 2020 Market Force Information® Grocery Benchmark Study, which surveys thousands of U.S. shoppers about their grocery buying preferences. In addition to earning the top spot for value in 2020, ALDI private label brands were named the most preferred among U.S. consumers.
Lefko and Asher have become one of the most active net-lease teams in the Midwest with more than $400 million in Midwest transaction volume, many at record-low cap rates and the highest price per square foot. In the last 24 months, Lefko and Asher have sold $51 million in retail properties in the Twin Cities metro area.