A Hy-Vee holiday present

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Ryan Companies has sold their Hy-Vee project in Brooklyn Park for $24.1 million on December 23rd.    They purchased the 16.3 acre site in 2015 for $3.38 million, and developed the 103,882 sf project for a 96,000 sf Hy-Vee supermarket and the adjacent gas station.  This store opened earlier in 2016, and is one of five existing stores that have opened in the Twin Cities.  It leases their newly opened store in Eagan at Central Park Commons, but owns their locations in New Hope, Oakdale and Lakeville.  Skip Melin of Cushman & Wakefield NorthMarq was recently quoted in Finance and Commerce, stating “Hy-Vee typically likes to own as opposed to lease.   It’s great for the Twin Cities that grocery-anchored centers are still trading at a premium, and trading quickly.” 

 The buyer was Hurd Real Estate out of West Des Moines, IA, a company that specializes in retail across the country, including ownership of 19 Hy-Vee leased properties in the Midwest. 

 

Those HyVees . . . they just keep coming!

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With Eagan now open, that brings the current count to five stores, including New Hope, Oakdale, Lakeville, and Brooklyn Park.  Six sites that are either in construction or in planning include Cottage Grove, Robbinsdale, Maple Grove – two sites including 101 & 10, and Maple Grove Parkway, Savage and now Farmington.   Whew!

 

Peaches and Pants

HyVee opened in Lakeville this month, 20160628_205128their third store in the Twin Cities. This supermarket includes all of their high quality grocery, meat & produce, and deli & bakery offerings in a large 95,000+ square foot store.   But it also includes a 3,300 sf F&F clothing store, with value items all under $50 and a line-up that changes every eight weeks.  HyVee plans to include the F&F clothing stores in their Brooklyn Park and Rochester locations.

Meijer IS coming to Minnesota

downloadMeijer ended speculation about a Minnesota entry with a resounding YES with their news of a land purchase in Brooklyn Park. They bought 30 acres of land at the NE corner of Highway 610 and Zane Avenue, adding lots of retail supermarket square footage to an already busy intersection. Cub Foods has operated their 68,000 sf store at HJ’s Park Place Promenade center for quite some time now, and was already bracing for competition with the new HyVee now under construction on the south side of Highway 610. Meijer, a supercenter based in Grand Rapids, Michigan, operates over 200 large stores (+/- 200,000 sf) throughout the Midwest and will challenge not only the grocers but certainly Target and Walmart.