Andover and Lakeville Retail Centers Sell to Investors
Cushman & Wakefield/NorthMarq completed sales of two Twin Cities shopping centers in April of 2016: Andover Station and Lakeville Retail Center. Leah Maurer, Director, represented the sellers in both of these transactions.
Andover Station is a anchored by Festival Foods at 2218 Bunker Lake Boulevard in Andover, Minnesota. This 75,000 sf center is 98% leased and includes Dollar Tree, Belli Capelli, Farrell’s Extreme Body Shaping along with other small shops, with Brad Kaplan leasing the center, also of Cushman & Wakefield/NorthMarq. Many of Andover Station’s core tenants have been in the center since it opened 14 years ago, a strong signal to prospective investors, “Andover Station’s high occupancy provides investors with consistent and durable cash flow,” said Maurer.
Lakeville Retail Center is a fully leased neighborhood shopping center at Kenwood Trail and 175th Street West, near I-35 in Lakeville, Minnesota. Tenants include Caribou Coffee, Subway and Park Dental in this 9,500 sf center. Said Maurer, “Lakeville Retail Center’s size and leaseability are superior to competing centers, and combined with the existing tenant line-up, this center effectively out-positions all nearby unanchored strip centers. This asset represents stable cash flow and a location in a well-established, yet growing retail area.”
