HJ Development Buys 357 KSF Twin Cities Retail Asset

Crossroads Center of Roseville. Image courtesy of JLL Capital Markets

HJ Development has acquired Crossroads Center of Roseville, a 357,115-square-foot retail power center in the Twin Cities suburb of Roseville, Minn.

JLL Capital Markets brokered the deal on behalf of the seller, identified by CommercialEdge as CalSTRS. The same source reveals that the asset previously traded in 2007 for $31.7 million.

Constructed in 1985, the property was 97 percent leased at the time of sale. The tenant roster includes fast-casual dining establishments, cosmetics shops, sporting goods outlets and fitness centers, including Best Buy, Dick’s, Kohl’s and the U.S. Government, among others.

A well-positioned Twin Cities retail center

The property is situated along a retail corridor at 1643-1663 County Road, some 8 miles from downtown Saint Paul, Minn., and downtown Minneapolis. Crossroads Center of Roseville is off the exit from Snelling Avenue, being exposed to a daily car traffic of 38,000 vehicles, according to JLL.

Additionally, the property is in proximity to Minnesota State Highway 36, where an estimated 80,600 vehicles pass by on a daily basis. The retail center serves a population of more than 82,000 within a 3-mile radius, averaging a household income of $112,000, JLL also shows.

The JLL Retail Capital Markets team that represented the seller included Senior Directors Matt Hazelton, Cory Villaume, Bill Krebsbach and Dave Monahan, along with Director Michael Nieder.

Despite challenges in the debt markets, Twin Cities’ retail assets continue to enjoy robust occupancy rates and remain highly attractive to investors, said Hazelton in a prepared statement. Earlier this year, a joint venture between MVK Capital and True North Investments purchased Cliff Lake Centre, a 74,182-square-foot retail asset in Eagan, Minn.