MINNEAPOLIS – Cushman & Wakefield, a global real estate services firm, has announced it facilitated the $27.65 million sale of Prairieview Center, a best-in-class, 113,601-square-foot regional retail center in Eden Prairie, Minn., anchored by Lunds & Byerlys, a premium grocery chain in the Twin Cities.
Cushman & Wakefield’s Retail Investment Advisors Evan Halkias and David Matheis, along with Zander Fried from the firm’s Minneapolis office, represented the seller United Properties. The buyer was Phillips Edison & Company, Inc.
“The sale of Prairieview Center highlights the continued investor demand for institutional-quality, grocery-anchored centers in primary submarkets,” said Evan Halkias, Cushman & Wakefield Executive Director. “With a strong lineup of tenants and its prime location, the property generated significant investor interest.”
Located at 928-970 Prairie Center Drive in Eden Prairie, a southwest suburb of Minneapolis, Prairieview Center was built in 1986 and renovated in 2018. Fully leased at the time of sale, the property includes a mix of local and national retailers, including Chase Bank, Culver’s and Starbucks.
“With an incredible average tenant tenure of over 25 years, the property’s longevity speaks to its irreplaceable location and its essential role within the Eden Prairie community,” added Zander Fried, Cushman & Wakefield Director. “We’re proud to have helped facilitate a successful transaction that positions the retail center for continued long-term success.”
