Monday, August 17, 2020

Hanley Investment Group Arranges Sale of Two-Tenant Chipotle and Heartland Dental in Twin Cities Metro for $3.4 Million

A new, two-tenant Chipotle Mexican Grill with “Chipotlane” drive-thru and Heartland Dental in the Minnesota Twin Cities metro area


FOREST LAKE, MN - Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, the firm arranged the sale of a new, two-tenant Chipotle Mexican Grill with “Chipotlane” drive-thru and Heartland Dental in the Twin Cities metro area, adjacent to Walmart Supercenter, ALDI and Target-anchored shopping centers, which pull from a trade area of over 90,000 people. The sale price was $3,425,000.  

Despite the challenges of the COVID-19 pandemic, this transaction represents Hanley Investment Group’s fifth Twin Cities retail transaction this year.  

Jeff Lefko 
Hanley Investment Group Executive Vice Presidents Jeff Lefko and Bill Asher represented the seller, Glenborough LLC, a California-based private real estate investment management company.

The buyer was a private investor from Duluth, Minnesota, represented by Deborah Vannelli of Upland Real Estate Group in Minneapolis, Minnesota.

Located in a suburb 27 miles northeast of St. Paul, at 107 12th Street SW in Forest Lake, Minnesota, the 6,812 square-foot building sits on a 1.05-acre pad adjacent to the signalized intersection of Broadway Avenue and 12th Street, with 40,000 cars per day at the intersection.

 Bill Asher 
The property is located next to Interstate-35 freeway, a primary north/south freeway that connects Forest Lake to St. Paul and Minneapolis to the south. 

“Chipotle is one of the most sought-after quick-service restaurant investments nationwide right now,” said Lefko. “Chipotle has been focused on enhancing its online business by installing Chipotlanes (drive-thrus) that allow for quick digital order pickup.

"The chain recently announced plans to open its 100th Chipotlane, which is significant because the drive-thrus have proven to contribute to higher check averages than traditional units.” 

Deborah Vannelli

Lefko added, “We generated six offers in the first week of listing the property for sale, even with commencing all formal marketing in the initial months of the COVID-19 pandemic.” 

According to Lefko, the property benefits from a highly successful regional trade area but also from the established, affluent population that lives in Forest Lake and commutes to Minneapolis for work; average household incomes are in excess of $101,000 within a five-mile radius and the number of households has increased by over 40% over the past 20 years.

Contact:
Anne Monaghan 
anne@monaghanpr.com

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