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The Galleria shopping mall in Edina has new owners, after a $150 million sale was completed.

JLL Capital Markets announced Monday that the upmarket, 400,000-square-foot mall had been bought by 70th Street Properties from previous owner, Houston-based Hines Global REIT Inc.

Hines had put the mall on the market in January 2020, just before the onset of the global pandemic, but pulled the listing several months later. It had paid $127 million to buy the property in 2012.

70th Street Properties is described only as a "local investor group." Minnesota records shows it is an LLC with a registered address at 1010 Dale Street North in St. Paul.

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The Galleria is home to major tenants including Pottery Barn, Arhaus, Crate & Barrel, Barnes & Noble, and Williams Sonoma, with other luxury brands in the mall including Louis Vuitton, Tiffany & Col, Coach, and Peloton.

The news release from JLL says that the mall has "experienced strong leasing momentum" since the initial downturn from the pandemic, with more than 170,000 square feet of new leasing signed.

"Galleria Edina is one of the premier retail assets in the Midwest and has an expansive trade area as a result of being the sole location for many of the tenants in the Midwest region," said Danny Finkle, of the JLL Retail team. "This is the essence of a generational asset within a remarkable market with unlimited growth opportunities ahead."

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