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Photo by John Sullivan
CityPlace, a mixed-use project at 305 Radio Drive in
the Minneapolis-St. Paul-area community of Woodbury, MN |
CHICAGO, IL –– Holliday
Fenoglio Fowler, L.P. (HFF) announces the sale of and the acquisition financing
for the fully leased, Whole Foods Market-anchored retail component of the CityPlace
mixed-use project in the Minneapolis-St. Paul-area community of Woodbury,
Minnesota.
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| Amy Sands |
The HFF team marketed
the property on behalf of the seller, Elion Partners. Inland Retail
Property Fund, LP is acquiring the asset, which will be the eighth shopping
center acquired by the retail fund focused on necessity retail.
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| Clinton Mitchell |
Additionally,
the HFF team placed the 10-year, fixed-rate acquisition loan with Guardian Life
Insurance Company of America. HFF will service the loan.
Elion Partners
redeveloped the former State Farm regional corporate headquarters into
CityPlace, a mixed-use concept of retail, medical office, entertainment, 236
hotel rooms and a residential component that includes 253 apartment units on
its 100 acres.
The
184,711-square-foot, regionally dominant retail component included in the sale
and financing was completed between 2016 and 2017 and features an
ecommerce-proof mix of tenants, including:
Whole Foods Market, Nordstrom Rack, Sierra
Trading Post, La-Z-Boy Furniture, Sur La Table, Verizon Wireless, Chuck &
Don’s Pet Store, Café Zupas, Qdoba Mexican Grill, Cycle Bar, Discover Strength
Personal Fitness and Potbelly Sandwich Works.
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| Daniel Finkle |
CityPlace is located
at 305 Radio Drive in Woodbury, which is 9.4 miles east of downtown St.
Paul and 19 miles east of downtown Minneapolis.
The center has frontage along Radio Drive,
Hudson Road and Interstate 94, which exposes it to a combined 105,000 vehicles
per day.
More than 60,500 residents earning an average annual household income of
$116,000 live within a three-mile radius of the property, and there are
approximately 148,000 residents within the trade area.
The HFF investment
advisory team representing the seller included senior directors Amy Sands
and Clinton Mitchell and senior managing director and co-head of HFF’s
retail practice Daniel Finkle along with managing director Jules Sherwood,
a licensed Minnesota real estate broker.
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| Jules Sherwood |
The HFF debt placement
team representing the new owner consisted of managing director Timothy
Joyce, managing director Elliott Throne and senior director Jason
Bond.
“We are grateful to
the city of Woodbury for their partnership, which, coupled with Elion’s
integrated capabilities as both a fiduciary and an operator, made this complex
transaction a reality,” said Juan DeAngulo, managing partner and
co-founder of Elion Partners.
“This property is very special to us at Elion, and we are thrilled that it is
now in great hands with Inland.”
“City Place, with its
Whole Foods anchor and diverse tenancy, is a prime example of a quality
necessity-based shopping center,” added Howard Fields, Inland Retail
Property Fund portfolio manager. “We are delighted to add City Place to
our portfolio.”
 |
| Timothy Joyce |
“CityPlace is
strategically located along Radio Drive with excellent access to and visibility
from Interstate 94,” Sands said.
“We
received very strong interest from both buyers and lenders for this offering
due to the grocery-anchored and e-commerce-proof merchandising mix, as well as
the credit anchor tenancy and long average lease term at the property.
"This
is a great long-term investment for the buyer, and HFF was privileged to work
with both the buyer and the seller on this transaction.”
Elion Partners is a
vertically integrated real estate investment firm with institutional-grade
capabilities.
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| Elliott Throne |
Elion serves as both a fiduciary and an
operator of real estate assets, managing over $2 billion through several
closed-end funds and standalone permanent capital investment vehicles.
The firm
serves as stewards of its clients' capital with a focus on preservation for the
long-term.
Elion's
principals invest significant capital in each fund to ensure the utmost
alignment of interests with their LPs.
Inland Retail Property
Fund, LP s an open-end fund that invests in necessity-based open-air retail
shopping centers throughout the United States.
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| Jason Bond |
HFF and its affiliates
operate out of 26 offices and are a leading provider of commercial real estate
and capital markets services to the global commercial real estate
industry.
HFF,
together with its affiliates, offers clients a fully integrated capital markets
platform, including debt placement, investment advisory, equity placement,
funds marketing, M&A and corporate advisory, loan sales and loan
servicing.
HFF, HFF
Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned
by HFF, Inc. (NYSE: HF).
For more information, please visit
hfflp.comor follow HFF on Twitter
@HFF.
CONTACTS:
 |
| Juan DeAngulo |
AMY SANDS
HFF Senior Director
(312) 528-3650
CLINTON MITCHELL
HFF Senior Director
(312) 528-3650
DANIEL
FINKLE
HFF Senior Managing
Director
(305) 448-1333
TIMOTHY JOYCE
HFF Managing Director
(312) 528-3650
JULES SHERWOOD
MN Lic. #EA.40340183
HFF Managing Director
(720) 744-2701
KIMBERLY STEELE
HFF Digital
Content/Public Relations Specialist
(713) 852-3420
