COON RAPIDS, Minn. – Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that it has completed the sale of two new construction retail pad investment properties, each with a drive-thru, at the signalized entrance to Riverdale Commons, a Target- and Home Depot-anchored shopping center in Coon Rapids, Minnesota, an affluent suburb of Minneapolis metro. The sale price was $8.18 million.
The transaction included a 3,893-square-foot single-tenant Café Zupas with a double drive-thru and a 6,297-square-foot two-tenant pad building featuring a 2,797-square-foot Dave’s Hot Chicken with a double drive-thru and a 3,500-square-foot Chapter Aesthetic Studio.
Hanley Investment Group’s Executive Vice President and Partner Jeff Lefko and Executive Vice President Bill Asher, in association with Robert Wise and Jeff Jiovanazzo of CBRE in Minneapolis, represented the seller, TOLD Development Company, in Maple Grove, Minnesota. The buyer was Curbline Properties, based in New York.
“We generated multiple qualified offers and structured the sale to include both drive-thru properties together rather than selling them separately,” said Lefko. “This bundling strategy drove strong demand from aggressive institutional buyers, ultimately maximizing the sales price for the seller.”
Positioned on 2.49 acres at 3574-3582 Main Street NW and Round Lake Boulevard, the newly constructed retail pads are part of Riverdale Commons, a major shopping destination anchored by Target and Home Depot, with additional national tenants such as Sprouts, Michaels, HomeGoods, Petco, Total Wine & More, and Five Below. The surrounding retail corridor also includes Costco, Kohl’s, Old Navy, TJ Maxx, PetSmart, Ulta Beauty, Dick’s Sporting Goods, Best Buy, and TGI Friday’s.
Café Zupas, which occupies the standalone 3,893-square-foot building, operates under a 10-year corporate triple-net lease with 10% rent increases every five years. The fast-casual brand has grown to more than 70 locations in eight states since its founding in 2004 and continues its expansion with 10 new locations opened in 2024 and more planned for 2025.
The adjacent two-tenant building totals 6,297 square feet and includes Dave’s Hot Chicken and Chapter Aesthetic Studio, both of which signed 10-year leases. Dave’s Hot Chicken features 2% annual rent increases, while Chapter Aesthetic Studio has 10% increases every five years. Chapter Aesthetic Studio’s lease is guaranteed by its parent company, Aspen Dental Management, Inc., the second-largest private dental company in the U.S. with over 1,000 locations.
Founded in 2017 in East Hollywood, California, Dave’s Hot Chicken specializes in Nashville-style hot chicken and has approximately 266 locations in the U.S. The brand is expanding internationally, with agreements in several overseas markets. In 2023, Technomic named Dave’s Hot Chicken “America’s Fastest Growing Restaurant Chain.”
Chapter Aesthetic Studio is a national brand offering state-of-the-art medical aesthetic clinics with med spa treatments and aesthetic services, including Botox, Xeomin, laser hair removal, and dermal fillers.
“This acquisition provides the buyer with a well-positioned retail investment featuring a strong mix of national and regional tenants, long-term leases, and the flexibility to sell one or both properties as separate net-lease assets,” Lefko added.
About Hanley Investment Group
Celebrating 20 years, Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory services company with an over $11.5 billion transaction track record that specializes in the sale of retail properties nationwide. Our expertise, proven track record, and unwavering dedication to putting clients’ needs first set us apart in the industry. Hanley Investment Group creates value by delivering exceptional results through the use of property-specific marketing strategies, cutting-edge technology, and local market knowledge. Our nationwide relationships with investors, developers, institutions, franchisees, brokers, and 1031 exchange buyers are unparalleled in the industry, translating into maximum exposure and pricing for each property. With unmatched service, Hanley Investment Group has redefined the experience of selling retail investment properties. For more information, visit www.hanleyinvestment.com.
Media ContactCompany Name: Hanley Investment Group Real Estate AdvisorsContact Person: Jeff Lefko, Executive Vice President and PartnerEmail: Send EmailPhone: 949.585.7682Address:1555 Camino Del Mar, Suite 307 City: Del MarState: CaliforniaCountry: United StatesWebsite: https://hanleyinvestmentgroup.com/
