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Marcus & Millichap Announces Sale of Net-leased Best Buy in Eagan, Minnesota

January 11, 2022

EAGAN, Minn., Jan. 11, 2022 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Best Buy, a 45,365 sq. ft. net-leased property located in Eagan, Minnesota, according to David G. Bradley, regional manager of the firm’s Tampa office. The asset sold for $9,193,326.

Jim Shiebler, James Garner, and James Medefind, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a developer and private investment company. The buyer, an institutional fund, was procured by Shiebler, Garner and Medefind. Jon Ruzicka, broker of record in the Minnesota office, assisted in the transaction.

Best Buy is located at 1235 Town Centre Drive in Eagan, MN. “The property is Best Buy’s new prototype same-day delivery model. The store recently went through an extensive remodel to enlarge its dedicated warehouse space to ensure inventory levels can meet the high demand of this new service,” said Shiebler. “The buyer appreciated the fact that the property is ideally located as a last mile facility positioned just 2 miles from the major interstate connection of 35E and I-494 and just 3 additional miles to Minneapolis-St. Paul International Airport. As the need for expedited home delivery services continues to increase exponentially, this Best Buy location is supremely positioned to capitalize on this demand.”

 

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About Marcus & Millichap (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.

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