Q2 2012 Minneapolis, Minnesota Retail Property Sales Analysis

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Q2 2012 Minneapolis, Minnesota Retail Property Sales Analysis


Three retail properties sold during the second quarter for $33.7 million according to Reis. The mean price for the quarter was $94 psf and the mean cap rate was just 4.0%. As implied by that low cap rate there was a single tenant sale, a 13,328-square-foot Walgreens in Saint Paul was sold by Walgreen Co. firm to KCDD Investment III LLC for $3.98 million ($299 psf). But the leading sale of the quarter and the past 12 months was the 473,596-square-foot Midway Marketplace, also in St. Paul, which sold for just $84 psf ($27.4 million). Macquarie DDR Trust sold it to BRE DDR Midway Marketplace LLC in June.