Marcus & Millichap the sale of a Target-shadowed retail strip located in Rochester, Minnesota. The property sold for $4.243 million. 

“Retail properties continue to demonstrate strong fundamentals nationally, and especially in Minnesota,” said Jared Shapiro, senior associate. “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 percent. Vacancy was similarly low in Rochester, a favorable dynamic for potential investors.” 

Shapiro, Craig Fuller, Erin Patton and Scott Wiles, investment specialists in Marcus & Millichap’s Cleveland and Columbus offices, had the exclusive listing to market the property on behalf of the seller, and procured the buyer. Jon Ruzicka, Broker of Record in Minnesota, assisted in closing the transaction. 

The retail strip is located at 3801 Marketplace Drive NW, and the asset is shadow-anchored by a top-performing Target store, ranking in the top 4 percent nationally and top 12 percent in Minnesota. The 8,780-square-foot strip is fully occupied by tenants, including Spectrum, Potbelly Sandwich Shop, Leeann Chin, a fast-casual Asian restaurant and Infinity Nails.