The $7.1 million sale of Park Commons shopping center, located in Brooklyn Park, Minnesota, was closed this week by agents of Northstar Retail Group.
Sean Doyle, Matthew Hazelton, Cory Villaume, and Adam “AJ” Prins, investment specialists in Marcus & Millichaps Minneapolis office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. Additionally, they secured and represented the buyer, a limited liability company.
Interest in Park Commons was driven largely by its balanced rent roll, which consisted entirely of national tenants,” said Matt Hazelton of the sale. “The marketing of the center generated multiple offers from investors across the country, indicating the trend of coastal capital migration continues. Ultimately, the property sold to an investment group participating in a tax deferred exchange.