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

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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.

Andover and Lakeville Retail Centers Sell to Investors

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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.”