Maplewood, Minn. — Upland Real Estate Group has brokered the $9.1 million sale of a Tesla service center in Maplewood near St. Paul. Tesla occupies the property on a long-term, net-lease basis. Tesla currently operates more than 330 locations worldwide. Keith Sturm, Deborah Vannelli and Amanda Leathers of Upland represented the undisclosed seller. An institutional buyer purchased the asset.
Richfield, Minn. — Best Buy Co. Inc. reported that its comparable-store sales grew 23 percent in the third quarter compared with the same period a year ago, a figure CEO Corie Barry called “remarkable.” The Richfield-based retailer’s third quarter ended Oct. 31. Barry cited the company’s supply chain expertise, flexible store operating model and ability to shift quickly to digital for the growth in sales. Best Buy’s domestic online sales grew 174 percent in the third quarter. Barry also explained that there is an elevated demand for products that help …
Minneapolis — Citing its multiple shopping channels and merchandising mix, Target Corp. reported Wednesday that its third-quarter comparable sales grew 20.7 percent compared with the same period a year ago. Digital comparable sales soared 155 percent, accounting for 10.9 percentage points of Target’s comparable sales growth. Same-day services such as order pickup grew 217 percent. “Our strong results in 2020 reflect the benefits of our multi-year effort to build a durable and flexible model, with a suite of fulfillment options,” said Brian Cornell, chairman and CEO, in a prepared statement. …
Monticello, Minn. — Upland Real Estate Group has brokered the $20 million sale of a 188,000-square-foot retail property occupied by Fleet Farm in Monticello, about 40 miles northwest of Minneapolis. The single-tenant, net-leased building is situated near I-94. Fleet Farm has 19 years remaining on its lease. The retailer operates 45 stores in five states and sells a variety of sports and outdoor equipment, appliances, automotive goods, apparel, hardware, tools and farm supplies. Keith Sturm, Deborah Vannelli, Amanda Leathers and Ed Engler of Upland brokered the sale. Buyer and seller …
Minneapolis — Target Corp. has reopened two stores in Minneapolis and in Atlanta’s Buckhead district that were destroyed in the spring due to civil unrest from the George Floyd tragedy in Minneapolis. The stores were completely rebuilt in five months, which the Minneapolis-based retailer says is the fastest the company has ever rebuilt locations. The Lake Street location in Minneapolis features an additional entrance, larger food and beverage section and a more accessible pharmacy. Locally based Noor Cos. was the general contractor for the project, which reopened Nov. 10. The …
Minneapolis — Ahead of the holiday shopping season, Minneapolis-based Target Corp. is adding more safety measures for shoppers in response to the ongoing COVID-19 pandemic. Customers can download the Target app to utilize contactless payment options and employees throughout the store will have handheld checkout devices to make purchases more convenient. Shoppers can even reserve a spot in line by checking on their specific Target store on the website. Target is also doubling the number of curbside pickup parking spaces. Customers can show their barcode through the car window and maintain …
St. Paul, Minn. — Lund Food Holdings Inc. has entered into a long-term lease agreement with developer Ryan Cos. to open a full-service Lunds & Byerlys grocery store within the Highland Bridge project in St. Paul. The 51,000-square-foot store is expected to open in 2022. It will offer an extensive selection of prepared foods, specialty products and two levels of covered parking. The store will anchor a building with 230 apartment units. The existing Lunds & Byerlys store at 2128 Ford Parkway will remain open until the grand opening of …
Minneapolis — Best Buy Co. Inc. (NYSE: BBY) reported that its online sales increased 242 percent for the 13-week quarter that ended Aug. 1 compared with the same time period last year. Products that help people work, cook and learn at home such as computing, appliances and tablets were the largest drivers of sales growth for the second quarter, according to Corie Barry, CEO of the Minneapolis-based retailer. Sales at open stores grew by 5.8 percent. However, growth is not likely to continue at the same pace and the retailer …
Minneapolis — Target (NYSE: TGT) reported a 24.3 percent increase in total digital and in-store sales for the second quarter compared with the same period a year ago, the highest quarterly growth in the Minneapolis-based discount retailer’s history. Same-store sales grew by 10.9 percent during the quarter, while digital sales experienced a whopping 195 percent growth year over year. CNBC reports that during a call with reporters, Target CEO Brian Cornell stated that the volume of sales fulfilled by the company’s curbside pickup program grew by more than 70 percent, and that the company’s …
Forest Lake, Minn. — Hanley Investment Group Real Estate Advisors has arranged the sale of a new two-tenant retail building in Forest Lake within metro Twin Cities for $3.4 million. The 6,812-square-foot property is home to Chipotle and Southwest Dental Care, which is part of the Heartland Dental network. Jeff Lefko and Bill Asher of Hanley represented the seller, Glenborough LLC, a California-based private real estate investment management company. Deborah Vannelli of Upland Real Estate Group represented the buyer, a Duluth, Minnesota-based private investor.
