CHANHASSEN, MN – [April 4, 2022] – Blue West Capital has completed the sale of a multi-tenant retail shopping center located at 530 W 79th Street in Chanhassen, Minnesota. Carly Kelly (Gallagher) of Blue West Capital represented the seller in the transaction, a private real estate investor based out of Minnesota. The buyer was a Minneapolis-based investor.
79th Street Center consists of 20,166 square feet and is 84% leased to nationally recognized tenants, including Tide Cleaners, Crisp & Green, Palm Beach Tan, Floyd’s Barbershop, and others. The property is located in Chanhassen, which is one of the most dense and affluent suburbs of Minneapolis. There are 121,643 people with average household incomes exceeding $145,000 within five miles of the property. This location directly off Highway 5 (Augie Mueller Memorial Highway) provides high visibility with over 46,300 vehicles per day.
“This property featured a rare opportunity to own a commercial investment property in Chanhassen, which is one of the most desirable suburbs of Minneapolis. In addition to the strength of the location of the property, there was an opportunity to add value via the lease up of the 16% of GLA, which generated additional interest from the investment market. Within 48 hours of listing the property, we generated multiple offers at full asking price, allowing us to create a competitive bidding environment and ultimately achieve optimal proceeds for the seller,” said Carly Kelly.
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