Jones Lang LaSalle Incorporated : Minneapolis-area retail center sale closes

CHICAGO, Jan. 18, 2022 - JLL Capital Markets announced today that it has closed the sale of Ridgehaven Shopping Center, a fully leased, 140,418-square-foot retail center anchored by a high-performing Lunds & Byerlys in the Minneapolis-area suburb of Minnetonka, Minnesota.

JLL advised the seller, Invesco Real Estate, a global real estate investment manager. Bianco Properties acquired the asset.

Ridgehaven Shopping Center is anchored by Lunds & Byerlys, a Minnesota exclusive upscale supermarket with a 40-year operating history at the property, and shadow anchored by Target, which has been at the center since 1997. The tenancy is rounded out by a diverse lineup of national and local tenants, including Barnes & Noble, Ulta Beauty, Rosenthal Furniture Company, Massage Envy and Supercuts.

Situated at 13081 Ridgedale Dr., Ridgehaven Shopping Center is six miles west of downtown Minneapolis in Minnetonka, an award-winning, affluent Minneapolis suburb. This highly visible location is along Interstate 394, which carries approximately 85,135 vehicles per day past the property. The center serves a trade area that includes 51,369 residents earning an average annual household income of $125,075 within a three-mile radius.

The JLL Retail Capital Markets team representing the seller was led by Managing Directors Amy Sands and Clinton Mitchell and Director Michael Nieder, along with Executive Vice President Ted Gonsior.

"The market responded very favorably to Ridgehaven's long-term grocery lease and market dominant position combined with best-in-class co-tenancy," Sands said. "We continue to see exceptional investor interest in the grocery-anchored asset class and expect to see further cap rate compression in this space heading into 2022 due to a limited supply of comparable offerings."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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