Cushman & Wakefield has arranged the $27.65 million sale of Prairieview Center, a regional retail destination in Eden Prairie, Minnesota. The property, which spans 113,601 square feet, is anchored by Lunds & Byerlys, a grocery chain serving the Twin Cities area, and is positioned as an institutional-quality asset in a key suburban location.
The Cushman & Wakefield Retail Investment Advisors team of Evan Halkias and David Matheis, together with Zander Fried from the firm’s Minneapolis office, represented the seller, United Properties. Phillips Edison & Company, Inc. acquired the center. The brokers noted that the transaction drew significant attention from investors focused on grocery-anchored product in established trade areas.
Prairieview Center is located at 928-970 Prairie Center Drive in Eden Prairie, a southwest suburb of Minneapolis. The center functions as a regional retail hub for the surrounding community, with Lunds & Byerlys serving as the anchor tenant. According to Cushman & Wakefield, the combination of grocery-anchored stability, tenant mix, and location contributed to strong investor interest in the asset.
Originally constructed in 1986, Prairieview Center underwent a renovation in 2018, updating the property to better align with contemporary retailer and shopper expectations. The center was fully leased at the time of sale, reflecting both the performance of the asset and tenant demand within the submarket.
In addition to Lunds & Byerlys, Prairieview Center features a mix of local and national retailers. Notable tenants include Chase Bank, Culver’s, and Starbucks, which help drive daily traffic and support the property’s role as a convenience and services hub. The presence of both necessity-based retail and recognizable brands supports the center’s position within the regional retail hierarchy.
Commenting on the transaction, Halkias, an executive director at Cushman & Wakefield, stated that the sale underscores ongoing investor demand for institutional-quality, grocery-anchored centers in primary submarkets. He added that the property’s strong tenant lineup and prime location contributed to the level of investor interest generated during the marketing process.
The sale of Prairieview Center adds to the body of recent activity involving grocery-anchored retail centers backed by established grocers and diversified tenant rosters. While specific transaction metrics beyond the purchase price were not disclosed, the deal highlights the continued appeal of stabilized, necessity-based retail assets in mature suburban markets.
