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970 Prairie Center DrEden Prairie, MN 55344
Prairieview Center
Asset ClassRetail
Weighted Average Lease Term6.3 Years
Square Feet: 113,601Land: 13.62 AcresOccupancy: 100%Access Data Room
Dominant Grocer | High Barriers-to-Entry | Mark-to-Market Opportunities | Includes Outparcels
overview of deal

Overview

Cushman & Wakefield’s Retail Investment Advisors proudly introduce Prairieview Center (the Property), a best-in-class, 113,601-square-foot grocery-anchored shopping center located in the high-demand submarket of Eden Prairie, Minnesota (Minneapolis-Saint Paul MSA). The Property occupies 13.62 acres within a premier MSP retail trade area, benefiting from superior access and visibility at a signalized intersection and direct on/off ramp proximity to Highway 212 (98,000 VPD). This exceptional positioning is evidenced by the existing tenancy, which boasts an outstanding average tenure of 23.6 years. Prairieview Center is anchored by Lunds & Byerlys (L&B), the second largest grocer in Minnesota by market share, and features a complementary mix of national and local brands across the shop space and single tenant net lease (STNL) outlots. While the asset offers immediate stability as a 100% leased center, there are several value-add strategies embedded throughout the holding period, projecting a strong 10-year CAGR of 3.0%. Paired with its proven location and strong tenant mix, Prairieview Center is well positioned to deliver both long-run stability and upside for investors.

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Investment Highlights

Year Built
1986
Parking Spaces
551 Spaces
# Buildings
5
Year Renovated
2018

BEST-IN-CLASS TRADE AREA

• Low vacancy retail market with high tenant demand

• High population density (151,127) & incomes ($175,189 AHI) within 5 mi

• Recent completion of more than 950 multifamily units

• 13M annual visitors to Eden Prairie Center

IRREPLACEABLE LOCATION IN EDEN PRAIRIE

• Positioned on a signalized intersection (33,849 VPD)

• At the off-ramp from Hwy 212 (98,000 VPD)

• Newly renovated & prominent monument sign

HIGH PERFORMING TENANCY

• Superb Placer AI rankings: Chase #5 of 11; Culvers #19 of 62

• Average Tenure of 23.6 years

MULTIPLE VALUE-ADD OPPORTUNITIES

• 9 small-shop tenants with no option control (66% of shop-space GLA)

• Four tenants expire without options over the next three years

• Viable breakup strategies amongst STNL, small shop, and grocery tenancy

PRIDE OF OWNERSHIP & TENANCY

• L&B branding and interior align with today’s prototype store

• Well maintained center from a best-in-class local operator

• ESG Property Initiatives, including Energy Star Certification

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970 Prairie Center DrEden Prairie, MN 55344
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Listing provided by Revere CRE