Hanley Investment Group Real Estate Advisors has arranged the sale of Riverdale Village, a new construction, three-tenant drive-thru investment located on an outparcel to Menards in Coon Rapids, Minnesota. The sale price was $11.45 million.
Hanley Investment Group’s Executive Vice Presidents Jeff Lefko and Bill Asher, in association with Robert Wise, vice president with CBRE in Minneapolis, represented the seller, OneCorp Global in Hollywood, Florida. The buyer, a private investor based in Evergreen, Colorado, was represented by Boston Weir, principal of Henry Group Real Estate in Denver.
Built in 2021, the three-tenant investment consists of a single-tenant, 4,150-square-foot building with a drive-thru occupied by Bank of America and a two-tenant, 6,700-square-foot building occupied by Famous Dave’s and Banfield Hospital. The buildings are situated on 1.66 acres at the hard-corner, signalized intersection of Northdale Boulevard and Main Street and adjacent to the route U.S. 10 entrance/exit ramps.
This is a dominant regional retail destination within the Riverdale shopping area, notes Lefko. Anchor tenants include Costco, Dick’s Sporting Goods, Kohl’s, Lowe’s, Target, The Home Depot, Walmart, ALDI, Bed Bath & Beyond, Best Buy, Cub Foods, DSW, Five Below, Hobby Lobby, HomeGoods, JOANN Fabric and Craft, Michaels, Menards, Petco, PetSmart, Sportsman’s Warehouse, T.J. Maxx and ULTA Beauty.