Editor’s note: “Just Sold” is a Finance & Commerce feature based on the newest certificates of real estate value filed with the Minnesota Department of Revenue for commercial sales throughout Minnesota and reports of sales across the country involving local parties. Research includes company and broker documents, online real estate listings, F&C archives, Catylist and other research.
A Target-shadowed retail strip in Rochester has sold for $4,243,000 to a group of Twin Cities investors.
The retail strip is at 3801 Marketplace Drive NW, just off U.S. Highway 52, with traffic counts exceeding 75,860 vehicles per day. The asset is shadow-anchored by a top-performing Target store, ranking in the top 4% nationally and top 12% in Minnesota. The 8,780-square-foot strip is fully occupied by tenants including Spectrum, Potbelly Sandwich Shop, Leeann Chin fast-casual Asian restaurant and Infinity Nails.
Jared Shapiro, Craig Fuller, Erin Patton and Scott Wiles, investment specialists in Marcus & Millichap’s Cleveland and Columbus offices in Ohio, listed the property for the seller and procured the buyer. Jon Ruzicka, broker of record in Minnesota, assisted in closing the transaction.
“Retail properties continue to demonstrate strong fundamentals nationally, and especially in Minnesota,” Shapiro said in a written announcement of the sale. “Among the country’s major markets, Minneapolis-St. Paul tied for the second-lowest retail vacancy rate in the country exiting the first quarter at 2.9%. Vacancy was similarly low in Rochester, a favorable dynamic for potential investors.”
Brummer sells Bryantwood Apartments Maple Plain
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Gary Brummer of Plymouth-based
Brummer Properties has sold Bryantwood Apartments, a 91-unit complex he built in 1986 and 1987 at 5225 Bryantwood Drive in Maple Plain, to a private investor for $7,360,000.
The price includes a $300,000 down payment and a $7,060,000 contract for deed running through June 2029. B&V Partnership LLC in Buffalo closed July 1 on the acquisition from Bryantwood GFB LLC in Plymouth.
Brummer was candid about the reason for selling after so many years.
“I’m getting old,” he said. “I’ve been doing this for 51 years.”
The property includes four buildings with one- and two-bedroom units ranging from 850 to 1,000 square feet with rents from $995 to $1,150 per month.
The price works out to $80,879 per unit. The average sales price per unit for apartments in the Twin Cities metro area is $153,970, according to the Finance & Commerce
Apartment Sales Tracker at finance-commerce.com. The tracker has recorded the sale of 87,706 apartment units since Aug. 31, 2011.
Brummer may be slowing down, but he’s not stopping. He still owns five apartment properties and they’re not on the market.
Place: 5225 Bryantwood Drive,Maple Plain
Price: $7,360,000; $300,000 down payment; $7,060,000 contract for deed through 2029; $80,879 per unit
Buyer: B&V Partnership LLC in Buffalo
Seller: Bryantwood GFB LLC in Plymouth.
Date: 7-1-24
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