REBusinessOnline

Marcus & Millichap Brokers Sale of 6,260 SF Net-Leased Restaurant Property in Minnesota

APPLE VALLEY, MINN. Marcus & Millichap has brokered the $2.55 million sale of a 6,260-square foot net-leased property occupied by Red Robin, a gourmet hamburger restaurant, in Apple Valley. The restaurant is located at 15560 Cedar Ave., about 19 miles south of Minneapolis. Mike Marzinske, Adam Prins, Matthew Hazelton, Sean Doyle and Cory Villaume, investment specialists in Marcus & Millichap’s Minneapolis office, marketed the property on behalf of the seller, a private investor. The transaction reflects the trend of capital gravitating from coastal markets to the Midwest for properties that are well located and occupied by strong-performing tenants, says Hazelton. “We have observed this trend throughout the year and foresee it remaining sustainable through the end of 2015.”

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