Galleria Edina Sold to Local Investor Group
Hines Global REIT Inc. has sold Galleria Edina, the Twin Cities’ toniest shopping center, to local investor group 70th Street Properties LLC, real estate broker JLL Capital Markets said Monday. Terms of the sale were not disclosed.
The new ownership group is so far keeping a low profile: according to records, 70th Street Properties was formed as a limited liability company in September of 2021 with a St. Paul address. Sources say the group has retained Hines to continue managing the Edina property.
Houston-based Hines acquired the Galleria for $127 million in 2012 from Galleria developer Gabbert & Beck. Built in 1974, Galleria features the Twin Cities’ most exclusive mix of retailers including Louis Vuitton, Tory Burch, Tiffany & Co., David Yurman, Shinola, and Bluemercury. The 398,585-square-foot center is 99 percent leased, including its newest arrivals, new-to-market home store Parachute and contemporary apparel brand Madewell. Hines completed an expansion of the mall in 2017.
Hines put the center up for sale in early 2020, but took the listing down a few months later as the Covid-19 pandemic caused retail sales to plummet, prompting market uncertainty. JLL quietly resumed talking to potential buyers some months later.
“Galleria Edina is one of the premier retail assets in the Midwest and has an expansive trade area as a result of being the sole location for many of the tenants in the Midwest region,” JLL senior managing director and co-head of U.S. retail capital markets Danny Finkle said in a statement. “This is the essence of a generational asset within a remarkable market with unlimited growth opportunities ahead.”
This is a developing story, check back for more details.
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March 14, 2022 at 09:54PM
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Galleria Edina Sold to Local Investor Group - Twin Cities Business Magazine
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