Hanley Investment Group Real Estate Advisors arranged the sale of a new two-tenant Chipotle Mexican Grill with “Chipotlane” drive-thru and Heartland Dental in Forest Lake, Minnesota, in the Twin Cities metro area.
The property is adjacent to Walmart Supercenter-, ALDI- and Target-anchored shopping centers. The sale price was $3.425 million.
Despite the challenges of the COVID-19 pandemic, this transaction represents Hanley Investment Group’s fifth Twin Cities retail transaction this year.
Hanley Investment Group Executive Vice Presidents Jeff Lefko and Bill Asher represented the seller, Glenborough LLC, a California-based private real estate investment management company. The buyer was a private investor from Duluth, Minnesota, represented by Deborah Vannelli of Upland Real Estate Group in Minneapolis.
Located at 107 12th St. SW in Forest Lake, the 6,812-square-foot building sits on a 1.05-acre pad adjacent to the signalized intersection of Broadway Avenue and 12th Street, with 40,000 cars per day at the intersection. The property is located next to Interstate-35, a primary north/south freeway that connects Forest Lake to St. Paul and Minneapolis to the south.
Lefko and Asher are one of the most active net-lease teams in the Midwest with more than $400 million in Midwest transaction volume. In the last 18 months, Lefko and Asher have sold $52 million in retail properties in the Twin Cities metro area.
