Marcus & Millichap on the Hunt for Twin Cities Retail

Another retail asset has changed hands in the North Star State.
Main Street Village

Main Street Village

Another retail asset has changed hands in the North Star State.

Brokerage firm Marcus & Millichap recently arranged the $3.2 million sale of Main Street Village, an 11-year-old retail property located in the Twin Cities suburb of New Brighton, Minn.

The two-building, 21,045-square-foot strip center at 525 Main St. sold to a local private investor. A team comprised of Michael Ahles, Cory Villaume, Sean Doyle, Matthew Hazelton and Adam Prins of Marcus & Millichap’s Minneapolis office had the exclusive listing to market the property on behalf of an undisclosed seller. Doyle, Prins, Villaume and Hazelton also secured and represented the buyer, together with Mike Marzinske.

“Interest in Main Street Village was driven largely by its stable and balanced rent roll, as well as its solid construction, which contributed to the aesthetic appeal,” Matthew Hazelton said in a statement. “The center was 93 percent occupied, and had average rents that were at, or below market.”

Image courtesy of Marcus & Millichap