Marcus & Millichap brokered the sale of Blaine Strip Center, a 14,005-square-foot retail property in Minneapolis. The asset sold for $1325 million.
The buyer, an individual/personal trust, was secured and represented by Tom Gommels, an investment specialist in Marcus & Millichap’s Minneapolis office
Blaine Strip Center is located at 12050 Central Ave. NE in Minneapolis. The buyer was in a 1031 Exchange with about three weeks remaining in its identification period when it contacted Gommels stating it was having difficulty finding a replacement property. Within six days Gommels had located the Blaine property that was acquired at an above-market cap rate and has below-market rents.
