News release

Minneapolis-area retail center sale closes

JLL Capital Markets closed the sale of the grocery-anchored asset in the affluent Minnetonka suburb

January 18, 2022

Kimberly Steele

Occupier PR
+1 713 852 3420

CHICAGO, 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.

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. 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. 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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About JLL

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 $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

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. 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;