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.