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EDINA, MN-Jones Lang LaSalle has been picked to sell a freestanding retail building here now occupied by an upscale grocery store. The 63,944-sf facility is leased to Byerly’s with a 2001 estimated net operating income of $280,000.

The 9.67-acre site includes a one-story building with a 457-space parking lot. The property, which is located at 7171 France Ave., is situated between Highway 62 and Interstate494.

Rent includes base plus percentage rents and is significantly below market, according to Jones Lang LaSalle. There are three years remaining in the first option period of the lease and another three options of five years each remaining.

The property is an attractive investment opportunity with its below-market leased to a well-known tenant and its location is “arguably the most dominant retail real estate area in the upper Midwest,” says Tom Pomaville, a Jones Lang LaSalle associate. There is significant upside potential for the property if the tenant leaves, either during the terms of after all renewal terms, according to Jones Lang LaSalle officials.

No development land is available for new construction in the area, and total vacancy in the area is only 2.3%.

The deadline for sealed bids is 5 p.m. Tuesday, Nov. 6.

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