Marcus & Millichap closed the sale of two Acqua Restaurants, one in White Bear Lake, Minnesota, and the second in Forest Lake, Minnesota. The properties sold to two different buyers for a total price of $3.3 million.
Michael Ahles, an investment specialist in Marcus & Millichap’s Minneapolis office, had the exclusive listing to market the real estate on behalf of the seller, a limited liability company.
The seller was looking to place capital in other ventures, and to take advantage of the competitive single-tenant net-leased marketplace. The buyers were both in 1031 exchanges.