Yes it did move to Lyndale before it closed. When I was a kid I built almost every Hasegawa Group C racecar kit they sold, and that store had a great selection of racecar stuff. I've wanted to go see its old location, but I don't have an address.
I grew up in IL but my folks are from up here, so every time we visited I made them stop at a place called Motorsports Miniatures (I think that was the name?) in south Minneapolis. It may have even been in a house? This was late '80s maybe early '90s.