Hanley Investment Group Real Estate Advisors closed the sale of Commons Plaza, a new-construction, retail property consisting of three freestanding buildings in Woodbury, Minnesota. The sale price was $11.78 million, representing the highest price per square foot and the lowest cap rate for a multi-tenant pad building above $10 million in the Midwest.
Hanley Investment Group vice president Jeff Lefko and executive vice president Bill Asher represented the seller, Onecorp of Davie, Florida. The buyer, a private investor from Orange County, California, was represented by Steve Tucker of Tucker Investments in Corona del Mar, California.
Commons Plaza is located at 720-740 Commons Drive in Woodbury and features a new 2,926-square-foot freestanding Raising Cane’s with a drive-thru.
Commons Plaza also includes a freestanding Sleep Number store. Sleep Number relocated from Woodbury Lakes to Commons Plaza to have better visibility and occupy a new 3,551-square-foot freestanding building on a hard corner. Sleep Number has more than 590 locations in all 50 states and is headquartered in nearby Minneapolis.
The other building at Commons Plaza is a two-tenant, 7,199-square-foot retail building that includes a 5,007-square-foot WellHaven Pet Health and a 2,192-square-foot Restore Cryotherapy.
Commons Plaza is located at the hard corner, signalized intersection of Radio Drive and Tamarack Road with 40,000 cars per day. According to Asher, Radio Drive is one of the most desired retail thoroughfares in Woodbury and a top choice for any national tenants that want to occupy space in the Twin Cities.
Tamarack Village, an 800,000-square-foot, super-regional shopping center, is located across the street from Commons Plaza. CityPlace, a newly constructed 100-acre master-planned retail/mixed-use development, is located directly behind the property at the southeast corner of Interstate 94 and Radio Drive.