Hanley Investment Group Real Estate Advisors has completed the sale of a new construction 6,702-square-foot building occupied by E*Trade and Roti Modern Mediterranean restaurant at 3901 W. 70th Street in Edina, Minnesota.
The sale price for the two-tenant building was $8.25 million, representing a 6 percent cap rate, a record low cap rate for a multi-tenant retail pad above $8 million in the Midwest. It also represented the highest price-per-square foot all-time for a multi-tenant retail property in Minnesota, according to CoStar Group.
Hanley Investment Group’s vice president Jeff Lefko and executive vice president Bill Asher represented the seller, OneCorp Real Estate based in Davie, Florida. The buyer, a Denver-based private investor, was represented by Jim Seabold of Coldwell Banker Burnet in St. Paul, Minnesota.
The newly built freestanding building is located on 0.62 acres at the signalized intersection of France Avenue and 70th Street with average daily traffic counts of more than 44,000 cars a day.
E*Trade and Roti share the intersection with Galleria Edina, which features high-end stores such as David Yurman, Eileen Fisher, Louis Vuitton, Kate Spade New York, Tiffany & Co., Restoration Hardware, Tumi, Allen Edmonds and Lululemon.
