Marcus & Millichap Wraps Retail Double Play
- Oct 30, 2015
Marcus & Millichap’s Minneapolis office has arranged the sale of two retail assets for a combined total of more than $9 million.
The brokerage firm arranged the sale of Kensington Park, a 28,208-square-foot retail property located at 7610 Lyndale Ave. South in Richfield for more than $7 million, to an undisclosed buyer. The property is part of The Cornerstone Group’s Kensington Park development, which also includes 96 condominiums and 14 townhomes completed in 2003.
Brian Klancke, Sean Doyle, Cory Villaume, Matthew Hazelton and Adam Prins, all investment specialists in Marcus & Millichap’s Minneapolis office, had the rights to market the property on behalf of the seller—a limited liability company.
Kensington Park’s new owner also acquired Dean Lakes, a 7,826-square-foot retail property located at 4041-4061 Dean Lake Blvd. in Shakopee, for $2 million. Hazelton, Prins, Villaume, Doyle and Klancke represented both the seller and the buyer in the transaction. The asset is part of the 276-acre mixed-use project dubbed Dean Lakes, developed by Ryan Cos., which includes 295 single-family homes and townhomes, approximately 300,000 square feet of retail space, and 1.2 million square feet of industrial and office space.
“Both of these properties will be great additions to the buyer’s portfolio,” Klancke and Hazelton said in a statement. “They are well located, and have rent rolls balanced with a mix of national and local tenants. The transactions are another great example of how much continued demand there is in our market for quality product.”
Image courtesy of Marcus & Millichap