Galleria Edina retail center sells
JLL Capital Markets closed the sale of the suburban Minneapolis property housing luxury retail and restaurants
MINNEAPOLIS, March 14, 2022 – JLL Capital Markets announced today that it has closed the sale of Galleria Edina, a 398,585-square-foot enclosed regional shopping center destination home to a collection of best-in-class retailers and unique dining options in the Minneapolis suburb of Edina, Minnesota.
JLL was the sole marketing advisor to the seller. 70th Street Properties LLC, a local investor group, acquired the asset.
Galleria Edina is 99 percent leased to a meticulously curated collection of highly sought-after international brands, luxe boutique retailers and one-of-a-kind restaurants such as Louis Vuitton, Tiffany & Co., Lululemon, Peloton, Tory Burch, Pottery Barn, Bluemercury, Warby Parker, Coach, Filson, Shinola, Sundance, Rypen, Rejuvenation, David Yurman and more. The Galleria has experienced strong leasing momentum since the first quarter of 2020, with more than 170,000 square feet of new leasing signed.
Positioned at 3510 West 69th St., Galleria Edina is in Edina, one of Minnesota’s fastest growing and affluent communities. The property is within a thriving submarket that is home to a nationally recognized healthcare campus, 33 million square feet of office space, a top hotel and numerous new multi-housing developments. Additionally, the asset is surrounded by a highly educated population and in one of the highest net-worth zip codes.
The JLL Retail team representing the seller was led by Senior Managing Directors and Co-Heads of U.S. Retail Capital Markets Danny Finkle and Barry Brown; Senior Managing Director Dave Monahan; Managing Director Amy Sands; and Senior Directors Cameron Pittman, Matt Hazelton and Cory Villaume.
“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,” Finkle said. “This is the essence of a generational asset within a remarkable market with unlimited growth opportunities ahead.”
Park State Bank led the financing of the Galleria. Park State Bank was named the Top-Performing Community Bank in Minnesota with assets under $3B by S&P Global Market Intelligence the last four years (2017, 2018, 2019 and 2020).
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. 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.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.