 |
| Amy Sands |
CHICAGO, IL, 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.
 |
| Clinton Mitchell |
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.
 |
| Michael Nieder |
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.
 |
| Ted Gonsior |
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.
About Invesco Real Estate
Invesco Real Estate is a global leader in the
real estate investment management business with $87.0 billion in real estate
assets under management, 597 employees and 21 regional offices across the U.S.,
Europe and Asia (as of September 30, 2021).
Invesco Real Estate has been actively
investing in core, value-add and opportunistic real estate strategies since
1992.
 |
| Ridgehaven Shopping Center, Minnetonka, MN |
Invesco
Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly
owned subsidiary of Invesco Ltd. Invesco Ltd. is an independent investment
management firm dedicated to delivering an investment experience that helps
people get more out of life. NYSE: IVZ; invesco.com.
CONTACT:
Kimberly Steele
JLL Manager
Public Relations
Phone: +1 713 852 3420
Email: Kimberly.Steele@am.jll.com
www.biancoproperties.com.
jll.com.
