Hanley Investment Group Real Estate Advisors has completed the sale of 2635 W. Division St. in St. Cloud, Minnesota. The new-construction, single-tenant property was ground leased to Raising Cane’s and sold for $3.54 million.
Hanley Investment Group’s executive vice presidents Jeff Lefko and Bill Asher, in association with CBRE vice president Rob Wise, represented the seller, TOLD Development Company of Minneapolis. The buyer was Caravella Properties of San Jose, California, and was represented by Chris Rodriguez of Pacific Commercial Investments, Inc. of Santa Ana, California.
Built in 2021, the 3,493-square-foot Raising Cane’s building is situated on about 1.13 acres on Division Street, the primary commercial corridor through the City of St. Cloud. The tenant operates on a long-term, absolute triple-net, corporate-guaranteed lease.
The property is located one mile from Crossroads Center, an 890,000-square-foot regional mall anchored by Target, JCPenney, Macy’s and Scheels. Other tenants in the immediate area include Costco, Kohl’s, Home Depot, Walmart Supercenter, Best Buy, Burlington, Lunds & Byerlys, Planet Fitness and T.J. Maxx.