WOODBURY, MINN. — The Boulder Group has arranged the $2.3 million sale of a single tenant Chuck E. Cheese’s ground lease in Woodbury. The newly constructed 15,762-square-foot retail building is located at 445 Commerce Drive on a 2.3-acre parcel. The new building is adjacent to a SuperTarget and is the most recent addition to the Commerce Hill Shopping Center, which also includes a McDonald’s, Bruegger’s Bagels, European Wax, Great Clips and CorTrust Bank. Chuck E. Cheese’s is the sole occupant of the building and has 15 years remaining on the ground lease, which features 10 percent rental escalations every five years. The entertainment franchise operates a system of 567 stores located in 47 states and nine foreign territories. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based developer, in the transaction. The buyer was a private investor from the West Coast.
114