Hanley Investment Completes Minneapolis Retail Deal
- Jul 23, 2020
Hanley Investment Group has facilitated the sale of a 23,201-square-foot, single-tenant ALDI supermarket property in Chaska, Minn. Executive Vice Presidents Bill Asher and Jeff Lefko negotiated on behalf of the seller, TOLD Development Company. A Santa Barbara, Calif.-based private investor purchased the absolute triple-net ground lease for $3 million.
Located on 2 acres at 1110 Hazeltine Blvd., the store opened its doors in April 2019, according to Southwest News Media. The developer acquired the parcel for $1.1 million from Sand Cos. in August 2018, documents recorded in Carver County show.
Situated at the junction between Hazeltine Boulevard and Highway 41, the property is close to the Hazeltine National Golf Club. Chaska’s city center is 3 miles south of the site and downtown Minneapolis is 25 miles to the northeast. Other retailers with stores in the Highway 41 corridor include The Home Depot, Target and Kohl’s.
ALDI-leased properties continue to be in high demand among grocery assets, according to Lefko. In June, Asher and Lefko arranged the $7.7 million disposition of an 11,142-square-foot retail property in Marysville, Wash.