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The Galleria in Edina has been put up for sale

The company that owns it bought the mall for $127 million in 2012.
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The Galleria in Edina has reportedly been placed on the market by its owners of the past seven years.

The high-end mall just to the south of the Southdale Center is being marketed by Jones Lang LaSalle in Chicago, a listing first reported last week by the Star Tribune.

It is owned by Hines Global REIT Inc., a real estate investment trust based in Houston, Texas, which bought the mall for $127 million in 2012.

No listing price for the Edina mall has been revealed, though Hines should know it has a strong bargaining position given that The Galleria has bucked the downturn afflicting other retail malls.

Per the Jones Lang LaSalle listing, the Galleria has an occupancy rate of 95 percent across its almost 400,000-square-foot of space, at a time when other malls have struggled to replace departing retailers.

It's still managing to bring in new retailers despite several high-profile departures in recent years, including Restoration Hardware (which moved to a bigger store on the southwest corner of Southdale), Creative Kidstuff and Scheherazade, while original anchor store Gabbert's will leave this year.

The property listing says: "Galleria sits amongst the top 10 percent of enclosed centers nationally and offers investors the rare opportunity to acquire a generational retail asset in an irreplaceable location with significant income security and tremendous value creation potential."

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The listing also says the gross sales from the mall's tenants exceed $210 million a year.

In a statement to BMTN, Hines managing director of asset management Sargent Johnson said: "Hines makes decisions for Galleria and all of our investments based on the best interest of our tenants, customers and our investors—for whom we serve as a fiduciary.

"As stewards of this premier shopping center since 2012, we are proud of the way we have elevated it through the exciting mix of retailers and restaurants, upgrades and expansions. With a local presence for over 40 years, we recognize Galleria’s place in our community and feel privileged to contribute toward its continued success.”

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