Press Releases
Marcus & Millichap Arranges the Sale of a 14,005-Square Foot Retail Property in Minneapolis
February 22, 2024
MINNEAPOLIS, MN, February 22, 2024 – 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 Blaine Strip Center, a 14,005-square foot retail property located in Minneapolis, Minnesota, according to Todd E. Lindblom, regional manager of the firm’s Minneapolis office. The asset sold for $1,325,000.
The buyer, an individual/personal trust, was secured and represented by Tom Gommels, an investment specialist in Marcus & Millichap’s Minneapolis office.
Blaine Strip Center is located at 12050 Central Ave NE in Minneapolis, MN. The buyer was in a 1031 Exchange with approximately three weeks remaining in their identification period, when they contacted Gommels stating they were having difficulty finding a replacement property. Within six days Gommels had located the Blaine property which was acquired at an above market cap rate and has below market rents.
The buyer, an individual/personal trust, was secured and represented by Tom Gommels, an investment specialist in Marcus & Millichap’s Minneapolis office.
Blaine Strip Center is located at 12050 Central Ave NE in Minneapolis, MN. The buyer was in a 1031 Exchange with approximately three weeks remaining in their identification period, when they contacted Gommels stating they were having difficulty finding a replacement property. Within six days Gommels had located the Blaine property which was acquired at an above market cap rate and has below market rents.
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About Marcus & Millichap, Inc. (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, 2023, the company had 1,783 investment sales and financing professionals in over 80 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 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
