Marcus & Millichap : Arranges the Sale of a 11,026-Square Foot Retail Property in Baxter, Minnesota
09/22/2022 | 02:00pm EDT
Marcus & Millichap Arranges the Sale of a 11,026-Square Foot Retail Property in Baxter, Minnesota
September 22, 2022
BAXTER, MN, September 22, 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 Spectrum Anchored Strip Center, a 11,026-square-foot retail property located in Baxter, Minnesota, according to Todd E. Lindblom, regional manager of the firm's Minneapolis office. The asset sold for $1,750,000.
Max Mantey, an investment specialist in Marcus & Millichap's Minneapolis office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was secured and represented by Max Mantey.
Spectrum Anchored Strip Center is located at 14303 Edgewood Drive N in Baxter, Minnesota. This area of Baxter has recently boomed with retail developments and national tenants coming into the market. This deal provided the buyer with ample upside due to some vacancy remaining in the center. The combination of the location, Spectrum's corporate lease, and upside potential drove the value for this sale.
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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.
Marcus & Millichap Inc. published this content on 22 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 September 2022 17:59:02 UTC.