Marcus & Millichap Seals Minnetonka Retail Deal
- Dec 22, 2015
By Ioana Neamt, Associate Editor
Minnetonka, Minn.—The 38,096-square-foot Glen Haven Shopping Center in Hennepin County has recently changed hands for $6.2 million, in a deal secured by Marcus & Millichap.
Sean Doyle, Cory Villaume, Matthew Hazelton, Adam Prins and Brian Klancke—investment specialists in the firm’s Minneapolis office—collaborated with two separate outside brokerages to secure the deal. The seller, local real estate developer Tom Wartman, sold the asset to a limited liability company.
Glen Haven is located at 14400 Excelsior Blvd. in Minnetonka, roughly 14 miles from the city of Minneapolis.
“The property was 100 percent occupied at the time of sale. The recent addition of Lunds & Byerlys as the grocery operator lead to the increased level of interest from the market,” said Doyle in a statement. “Glen Haven is an excellent indicator that the market is still strong for quality retail property investments in the Twin Cities.”
According to Marcus & Millichap’s most recent retail market report, the rapid growth in high-paying tech jobs in the region has led to a surge in the number of households and an increase in consumer spending, thus attracting retailers to the market. A total of 800,000 square feet of retail space are expected to come online in the Twin Cities area by the end of 2015.
Image via Google Street View