Hanley Investment Group sells Bank of America property in Minneapolis market

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RE Journals

Hanley Investment Group Real Estate Advisors has completed the sale of a newly constructed, single-tenant Bank of America in Brooklyn Center, Minnesota, in the Minneapolis metropolitan area. The purchase price was $2.74 million for the absolute triple-net ground lease.

Hanley Investment Group Executive Vice Presidents Jeff Lefko and Bill Asher represented the seller and developer, Told Development of Minneapolis. The buyer, a private investor from Princeton, New Jersey, was represented by Carlos Aguilar of Axia Real Estate Group based in San Diego.

The new 4,370-square-foot bank building, which opened in late 2019, is situated on 1.06 acres at 2545 County Road 10 in Brooklyn Center, at the signalized intersection at Bass Lake Road and Shingle Creek Parkway with 27,000 cars per day.

The property is located adjacent to Shingle Creek Crossing, a new 800,000-square-foot shopping center anchored by Walmart Supercenter, T.J.Maxx, LA Fitness, Michaels and Five Below, and Highway 100 on/off-ramp, which leads to neighboring suburbs and freeways that connect with downtown Minneapolis and St. Paul.

Brooklyn Center has benefited from the relocation of the FBI Minneapolis Field Office from Minneapolis to Brooklyn Center in 2011, more than doubling the size of its space and is the only FBI office in Minnesota. Top Golf opened in 2018, less than three miles from the Bank of America property and is the only Top Golf in Minnesota.

Brooklyn Center is a part of the Twin Cities MSA, one of the strongest Midwest economies. It is only a 15-minute drive to Downtown Minneapolis and a 30-minute drive to Minneapolis-Saint Paul International Airport.