Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of South Pond Center, a 26,020-square foot retail property located in Champlin, Minnesota, according to Craig Patterson, regional manager of the firm’s Minneapolis office. The asset sold for $2,500,000.
Sean Doyle, Matthew Hazelton, Adam “AJ” Prins and Cory Villaume, investment specialists in Marcus & Millichap’s Minneapolis office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by Claire J. Roberts and Marc C. Paylor, investment specialists in Marcus & Millichap’s Minneapolis office.
South Pond Center is located at 11350 Aquila Drive North in Champlin, Minnesota. “The marketing of this center generated multiple offers, clearly showing that there is pent up demand for well-located class B and C centers. South Pond Center had vacancy and below market rents, leaving the new owner the opportunity to increase occupancy and grow rents,” says Hazelton.
