Marcus & Millichap Arranges Sale of Minneapolis Restaurant
- Jul 31, 2017
After closing a 7,500-square-foot retail property deal in Norwood Park, Chicago, Marcus & Millichap arranged the $4.3 million sale of Applebee’s, a 5,156-square-foot property located in Rochester, Minn.
Investment specialists in Marcus & Millichap’s Minneapolis office— Adam Prins, Matthew Hazelton, Cory Vilaume and Sean Doyle—represented the buyer, a limited liability company and had the exclusive listing to market the asset on behalf of the seller.
Proximity to major employers
Located at 3794 NW Marketplace Drive, Applebee’s is in close proximity to various employers such as Best Buy, Starbucks, Target, The UPS Store and Verizon. Think Mutual Bank, IBM, Woodside Park and Allendale Park are a short drive away.
“This property generated a significant amount of interest from investors around the country. Ultimately it sold to a Twin Cities-based family, involved in a 1031 exchange,” Matthew Hazelton, said in a statement.
Image via Google Maps