Hanley Investment Closes Minneapolis Retail Deal
- Apr 21, 2020
Hanley Investment Group has arranged the disposition of a newly built Bank of America property in Brooklyn Center, Minn. The absolute triple-net ground lease asset traded for $2.7 million in an all-cash transaction.
Axia Real Estate Group’s Carlos Aguilar assisted the buyer, a private investor. Hanley Investment Executive Vice Presidents Jeff Lefko and Bill Asher brokered the deal on behalf of the seller and developer, TOLD Development Co. The firm acquired the land in 2018 for $750,000 from the Economic Development Authority of Brooklyn Center, according to Hennepin County records.
Located on 1 acre at 2545 County Road 10, the free-standing, 4,370-square-foot building opened in late 2019. The property is close to Shingle Creek Crossing, an 800,000-square-foot retail center anchored by LA Fitness, TJ Maxx and a Walmart Supercenter. Additionally, the site is 7 miles north of downtown Minneapolis.
Last month, Hanley Investment brokered the sale of a 174,136-square-foot retail asset in Lincoln, Neb. The company assisted the seller, Perkins Properties.