Marcus & Millichap has successfully facilitated the sale of a highly desirable retail strip in Rochester, Minnesota. The property, which boasts a prime location shadowed by a top-performing Target store, sold for an impressive $4.243 million.
According to senior associate Jared Shapiro, the strong performance of retail properties nationwide and particularly in Minnesota makes this investment opportunity even more attractive. In fact, Minneapolis-St.Paul currently ranks among the top markets with one of the lowest retail vacancy rates at just 2.9 percent. This trend is also reflected in Rochester’s low vacancy rate.
The exclusive listing for this property was held by Marcus & Millichap’s Cleveland and Columbus offices’ investment specialists: Shapiro along with Craig Fuller, Erin Patton and Scott Wiles who successfully procured the buyer on behalf of the seller. Jon Ruzicka from Marcus & Millichap’s Minnesota office played an important role as Broker of Record in closing this transaction.
Located at 3801 Marketplace Drive NW., this well-positioned asset offers excellent visibility thanks to its proximity to Target which ranks within top 4 percent nationally and top 12 percent statewide based on sales performance data.The fully occupied strip spans over 8,780 square feet featuring popular tenants such as Spectrum,Potbelly Sandwich Shop,Leeann Chin,a fast-casual Asian restaurant,and Infinity Nails.
This successful transaction marks another achievement for M&M showcasing their expertise in arranging strategic deals that benefit both buyers and sellers alike.
