JLL Capital Markets arranged the sale of the 357,115-square-foot Crossroads Center of Roseville in Roseville, Minnesota
News release
04 April 2023
JLL closes sale of infill retail center in highly demanded Twin Cities submarket
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MINNEAPOLIS, April 4, 2023 – JLL Capital Markets announced today that it has closed the sale of Crossroads Center of Roseville, a 357,115-square-foot, infill, retail power center in the Twin Cities suburb of Roseville, Minnesota.
JLL represented the seller, and HJ Development acquired the asset.
Built in 1985, the 97-percent-occupied Crossroads Center of Roseville features a diverse mix of retailers consisting of fast-casual dining, cosmetics, sporting goods and fitness tenants. The investment grade credit tenants include Best Buy, Dick's, Kohl's, the US Government and more.
Situated at 1643-1663 County Rd. in a prime retail hub, the property is located within the Minneapolis-St. Paul MSA and is just 15 minutes from both Minneapolis' and Saint Paul's CBDs. Roseville is one of the two suburbs in the Twin Cities to be located directly on the border of Minneapolis and Saint Paul. The center is set directly off the exit from Snelling Avenue (38,000 VPD) and is also within proximity to Minnesota State Highway 36 (80,600 VPD), one of the most trafficked east-west roadways in the metro. Within a three-mile radius of the center is an average household income of $112,000 and a population of over 82,000 people.
“The Twin Cities’ retail market is the best it’s been since before the Great Financial Crisis. Retail assets are seeing strong occupancy and are heavily in favor amongst investors, despite ongoing challenges in the debt markets. The Crossroads sale fits within this narrative, receiving strong interest from varying investor profiles from across the country,” said Hazelton.
The JLL Retail Capital Markets Investment Sales and Advisory team that represented the seller includes Matt Hazelton, Cory Villaume and Bill Krebsbach in Minneapolis, Dave Monahan in New York and Michael Nieder in Chicago.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $20.9 billion, operations in over 80 countries and a global workforce of more than 103,000 as of December 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.