Press Releases
Marcus & Millichap Arranges Sale of Target-Shadowed Retail Strip in Minnesota
July 15, 2024
ROCHESTER, Minn., July 15, 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 a Target-shadowed retail strip located in Rochester, Minnesota. The property sold for $4,243,000.
“Retail properties continue to demonstrate strong fundamentals nationally, and especially in Minnesota,” said Jared Shapiro, senior associate. “Among the country’s major markets, Minneapolis-St. Paul tied for the second lowest retail vacancy rate in the country exiting the first quarter at 2.9 percent. Vacancy was similarly low in Rochester, a favorable dynamic for potential investors.”
Shapiro, Craig Fuller, Erin Patton and Scott Wiles, investment specialists in Marcus & Millichap’s Cleveland and Columbus offices, had the exclusive listing to market the property on behalf of the seller, and procured the buyer. Jon Ruzicka, Broker of Record in Minnesota, assisted in closing the transaction.
The retail strip is located at 3801 Marketplace Drive NW, just off Hwy-52 with daily traffic counts exceeding 75,860 vehicles per day. The asset is shadow anchored by a top-performing Target store, ranking in the top 4 percent nationally and top 12 percent in Minnesota. The 8,780-square-foot strip is fully occupied by tenants including Spectrum, Potbelly Sandwich Shop, Leeann Chin fast-casual Asian restaurant and Infinity Nails.
“Retail properties continue to demonstrate strong fundamentals nationally, and especially in Minnesota,” said Jared Shapiro, senior associate. “Among the country’s major markets, Minneapolis-St. Paul tied for the second lowest retail vacancy rate in the country exiting the first quarter at 2.9 percent. Vacancy was similarly low in Rochester, a favorable dynamic for potential investors.”
Shapiro, Craig Fuller, Erin Patton and Scott Wiles, investment specialists in Marcus & Millichap’s Cleveland and Columbus offices, had the exclusive listing to market the property on behalf of the seller, and procured the buyer. Jon Ruzicka, Broker of Record in Minnesota, assisted in closing the transaction.
The retail strip is located at 3801 Marketplace Drive NW, just off Hwy-52 with daily traffic counts exceeding 75,860 vehicles per day. The asset is shadow anchored by a top-performing Target store, ranking in the top 4 percent nationally and top 12 percent in Minnesota. The 8,780-square-foot strip is fully occupied by tenants including Spectrum, Potbelly Sandwich Shop, Leeann Chin fast-casual Asian restaurant and Infinity Nails.
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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, 2024, the company had 1,712 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 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
