Curbline Properties Acquires Lexington Station Retail Center in Arden Hills for $18 Million
Curbline Properties has acquired Lexington Station I & II, a fully leased, two-building multi-tenant retail center in Arden Hills, Minnesota, for $18 million, Mid-America Real Estate – Minnesota announced Sept. 17.
The off-market transaction transfers the 32,318-square-foot convenience retail complex at 3833–3845 Lexington Ave N from Roberts Management Group, which developed and held the property for more than a decade, to the New York-based REIT focused exclusively on convenience retail.
Property Overview: Lexington Station I & II
Lexington Station comprises two multi-tenant retail buildings situated at the southwest corner of Lexington Avenue North and Red Fox Road, across from a Target and shadow-anchored by Cub Foods. The project was developed under a planned unit development approved by the City of Arden Hills in 2013, covering parcels at 3787, 3833 and 3845 Lexington Ave N on a 7.57-acre site.
Lexington Station I totals 15,418 square feet and is tenanted by Starbucks, Potbelly, Stretch Lab, Crumbl Cookies, Verizon, Royal Nails, Fantastic Sams and Juice Time. Lexington Station II spans 16,900 square feet and houses Jimmy John's, Club Pilates, Old Southern BBQ, Dong Hae II Korean Grill & Sushi, State Farm, Pet Evolution and Panchero's. The tenant mix spans quick-service restaurants, coffee, boutique fitness, personal services, wireless retail, insurance and pet retail — categories characterized by high-frequency consumer visits.
At $18 million across 32,318 square feet, the transaction implies a price of approximately $557 per square foot.
Development History and Pre-Leasing Strength
Nicholas Roberts of Roberts Management Group launched the Lexington Station redevelopment in 2013, transforming an underutilized site that included the former Blue Fox restaurant into a multi-tenant retail destination. Phase I, a 15,418-square-foot building with a drive-thru, was delivered in 2013–2014. Phase II, a 16,900-square-foot building with a drive-thru on the former 1120 Red Fox Road site, was completed in fall 2018.
Both phases were 100% leased before the roof was on the building, according to Mid-America Real Estate – Minnesota. The property was fully leased at the time of sale.
"Lexington Station is a great example of the Roberts family's vision and commitment to quality real estate," said Amy Senn of Mid-America Real Estate – Minnesota. "We are honored to have played a role in the next chapter of this property and to help connect the Roberts family with a buyer who recognizes its long-term value."
Brokerage and Transaction Structure
Mid-America Real Estate – Minnesota represented Roberts Management Group in the off-market sale, with Amy Senn leading the transaction. The deal did not go through a traditional marketing process, reflecting Mid-America's approach of leveraging investor relationships to execute private transactions on behalf of ownership clients.
"We are grateful to the Roberts family for entrusting us with this important transaction," Senn said. "Lexington Station has a great story, and we are proud to have been part of it."
Mid-America Real Estate, which describes itself as focused exclusively on retail property across the Midwest, reported $2.6 billion in total consideration from leasing and investment sales transactions in 2025. The firm operates full-service offices in Illinois, Michigan, Minnesota and Wisconsin and leases and manages more than 50 million square feet of retail space.
Curbline Properties and the Convenience Retail Acquisition Thesis
Curbline Properties has positioned itself as a REIT focused exclusively on unanchored convenience retail centers — small-format, multi-tenant strip properties oriented toward daily-needs and high-frequency service tenants. Lexington Station's tenant roster, grocery and mass-merchant adjacency, and stabilized occupancy align with that acquisition profile.
The Arden Hills transaction reflects broader competitive dynamics in the Midwest retail investment market, where both private and institutional capital have been actively pursuing stabilized, daily-needs retail assets.