{"id":1004655685,"date":"2023-04-06T23:04:54","date_gmt":"2023-04-07T07:04:54","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004655685"},"modified":"2023-04-07T04:03:50","modified_gmt":"2023-04-07T12:03:50","slug":"hj-development-buys-357-ksf-twin-cities-retail-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hj-development-buys-357-ksf-twin-cities-retail-asset\/","title":{"rendered":"HJ Development Buys 357 KSF Twin Cities Retail Asset"},"content":{"rendered":"
\"Crossroads<\/a>

Crossroads Center of Roseville. Image courtesy of JLL Capital Markets<\/em><\/p><\/div>\n

HJ Development<\/strong> has acquired Crossroads Center of Roseville, a 357,115-square-foot retail power center in the Twin Cities suburb of Roseville, Minn.<\/p>\n

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

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<\/a>, including Best Buy, Dick’s, Kohl’s and the U.S. Government, among others.<\/p>\n

A well-positioned Twin Cities retail center<\/h2>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

Despite challenges in the debt markets<\/a>, 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>, a 74,182-square-foot retail asset in Eagan, Minn.<\/p>\n","protected":false},"excerpt":{"rendered":"

Crossroads Center of Roseville previously traded in 2007, for $31.7 million.<\/p>\n","protected":false},"author":3030,"featured_media":1004655687,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,13,36076,21742,21749],"tags":[40376,32796],"class_list":["post-1004655685","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-midwest","category-minneapolis-st-paul","category-latest","category-retail","tag-calstrs","tag-jll"],"acf":[],"yoast_head":"\nHJ Development Buys 357 KSF Twin Cities Retail Asset - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"HJ Development has acquired a 357,115-square-foot retail power center in the Twin Cities suburb of Roseville, Minn.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/hj-development-buys-357-ksf-twin-cities-retail-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"HJ Development Buys 357 KSF Twin Cities Retail Asset\" \/>\n<meta property=\"og:description\" content=\"HJ Development has acquired a 357,115-square-foot retail power center in the Twin Cities suburb of Roseville, Minn.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/hj-development-buys-357-ksf-twin-cities-retail-asset\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-07T07:04:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-07T12:03:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Crossroads-Center-of-Roseville.png\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Raluca Toma\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hj-development-buys-357-ksf-twin-cities-retail-asset\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/hj-development-buys-357-ksf-twin-cities-retail-asset\/\",\"name\":\"HJ Development Buys 357 KSF Twin Cities Retail Asset - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hj-development-buys-357-ksf-twin-cities-retail-asset\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hj-development-buys-357-ksf-twin-cities-retail-asset\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Crossroads-Center-of-Roseville.png\",\"datePublished\":\"2023-04-07T07:04:54+00:00\",\"dateModified\":\"2023-04-07T12:03:50+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/1e908d9381f3929d1d57f95e4db8c529\"},\"description\":\"HJ Development has acquired a 357,115-square-foot retail power center in the Twin Cities suburb of Roseville, Minn.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hj-development-buys-357-ksf-twin-cities-retail-asset\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/hj-development-buys-357-ksf-twin-cities-retail-asset\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hj-development-buys-357-ksf-twin-cities-retail-asset\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Crossroads-Center-of-Roseville.png\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Crossroads-Center-of-Roseville.png\",\"width\":800,\"height\":600,\"caption\":\"Crossroads Center of Roseville. 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