Business & Tech
Galleria Edina Sold For $150M To Twin Cities Investors: Reports
A group of local investors recently completed a $150 million deal to buy the almost 400,000-square-foot mall, according to reports.
EDINA, MN — Galleria Edina was recently sold to a St. Paul-based real estate investment group for $150 million, according to multiple reports.
The shopping center, widely known as one of the most upscale malls in the Twin Cities area, was first put on the market by Hines in January 2020, two months before the coronavirus pandemic started, according to a report by the Star Tribune.
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A group of local investors called 70th Street Properties completed a $150 million deal to buy the almost 400,000-square-foot mall from Hines, the Star Tribune reported, citing a recent Minnesota Department of Revenue filing.
Hines purchased the mall in 2012 for $127 million.
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Real estate broker JLL Capital Markets, which advised Hines during the sale process, said Galleria Edina is 99 percent leased, a remarkable occupancy rate two years into the coronavirus pandemic.
“Galleria Edina is one of the premier retail assets in the Midwest and has an expansive trade area as a result of being the sole location for many of the tenants in the Midwest region,” JLL executive Danny Finkle said in a statement. “This is the essence of a generational asset within a remarkable market with unlimited growth opportunities ahead.”
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JLL said Galleria Edina has had two years of “strong leasing momentum” since the first quarter of 2020, with more than 170,000 square feet of new leasing signed.
Edina is “one of Minnesota’s fastest growing and affluent communities," JLL said in the statement, highlighting Galleria Edina's location in a “thriving submarket” with a nationally recognized healthcare campus, new multi-housing developments and 33 million square feet of space.
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