**Hanley Investment Group Finalizes Sale of Retail Properties in Minneapolis Suburb**
Hanley Investment Group Real Estate Advisors has successfully completed the sale of two newly constructed retail pad investment properties located in Riverdale Commons, a shopping center in Coon Rapids, Minnesota.
The Target and Home Depot-anchored retail property, situated in a suburb of the Minneapolis metro area, was sold for $8.18 million. The transaction included a 3,893-square-foot single-tenant Café Zupas with a double drive-thru, as well as a 6,297-square-foot two-tenant pad building. This second building houses a 2,797-square-foot Dave’s Hot Chicken with a double drive-thru and a 3,500-square-foot Chapter Aesthetic Studio.
Hanley Investment Group’s Executive Vice President and Partner Jeff Lefko and Executive Vice President Bill Asher, along with Robert Wise and Jeff Jiovanazzo of CBRE in Minneapolis, represented the seller, TOLD Development Company. The buyer, Curbline Properties, is based in New York.
Café Zupas operates under a 10-year corporate triple-net lease with 10% rent increases every five years. Dave’s Hot Chicken and Chapter Aesthetic Studio also signed 10-year leases, with Dave’s Hot Chicken featuring 2% annual rent increases and Chapter Aesthetic Studio seeing 10% rent increases every five years.
