Cushman & Wakefield Brokers $27.65M Sale of Prairieview Center Retail Asset in Eden Prairie, MN
Cushman & Wakefield has brokered the $27.65 million sale of Prairieview Center, a 113,601-square-foot regional retail center in Eden Prairie, Minn., the firm announced April 27. United Capital sold the fully leased property to Phillips Edison & Company, Inc.
Transaction Details
Located at 928-970 Prairie Center Drive in Eden Prairie, a southwest suburb of Minneapolis, Prairieview Center is anchored by Lunds & Byerlys, a premium grocery chain in the Twin Cities market. The property also includes national and local tenants such as Chase Bank, Culver's, and Starbucks. The center was built in 1986 and underwent a renovation in 2018. At the time of sale, the property was 100% leased, translating to a price of approximately $243 per square foot. No financing terms were disclosed in connection with the transaction.
Cushman & Wakefield's Retail Investment Advisors Evan Halkias and David Matheis, along with Zander Fried from the firm's Minneapolis office, represented the seller in the transaction.
"The sale of Prairieview Center highlights the continued investor demand for institutional-quality, grocery-anchored centers in primary submarkets," said Evan Halkias, Executive Director at Cushman & Wakefield. "With a strong lineup of tenants and its prime location, the property generated significant investor interest."
Long-Term Tenancy Signals Retail Stability
One of the property's distinguishing characteristics is its average tenant tenure of more than 25 years, a figure brokers cited as evidence of the center's embedded role in the local community.
"With an incredible average tenant tenure of over 25 years, the property's longevity speaks to its irreplaceable location and its essential role within the Eden Prairie community," said Zander Fried, Director at Cushman & Wakefield. "We're proud to have helped facilitate a successful transaction that positions the retail center for continued long-term success."
About the Firms
Cushman & Wakefield (NYSE: CWK) is a global commercial real estate services firm with approximately 53,000 employees in more than 350 offices across nearly 60 countries. The firm reported revenue of $10.3 billion in 2025 across its core service lines, which include Services, Leasing, Capital Markets, and Valuation.
United Properties is a Minneapolis-based real estate development and investment firm. Phillips Edison & Company, Inc. is a publicly traded REIT that owns and operates grocery-anchored shopping centers.