San Francisco – CA – (RealEstateRama) — Capital Pacific, a leading retail investment brokerage firm, recently represented the seller of Venner Plaza, a 11,032 SF three tenant freestanding building located at 1987 County Road D, Maplewood, MN. The property was sold for $6,175,000 to a California based 1031 exchange investor.
The plaza is located at the signalized intersection in the heart of the Maplewood retail trade area, with visibility and direct access to I-694. Directly across the street is the Maplewood Mall, anchored by Macy’s, Sears, JC Penny and Kohl’s.
Tenants in the shopping center included Mattress Firm, Verizon, and Vitamin Shoppe, all on 10-year corporate leases with rental increases. All three tenants are publicly traded companies. Mattress Firm is the largest bedding retailer in the country. Verizon ranks #21 on the Forbes list of the World’s Most Valuable Brands and #22 on the list of the World’s Biggest Public Companies. The Vitamin Shoppe has over 700 locations in the U.S., Puerto Rico, and Canada.
The managing partners of Capital Pacific, Chris Kostanecki, Zeb Ripple, and Chris Peters represented the seller. Chris Peters and commented on the sale, saying “This was a great example of how migratory investment real estate capital has become. The seller was based on the East Coast and the buyer was based on the West Coast. The strong location, corporate tenancy and ease of management made it a compelling option for an investor seeking security but also a good return.”
About Capital Pacific
Capital Pacific is a retail-focused investment sales brokerage firm with offices in San Francisco, CA; Portland, OR and Seattle, WA. The company sells single and multi-tenant properties regionally throughout Northern California, and across the US. Capital Pacific has completed over $8.89 billion in retail transactions for both institutional and private clients. www.capitalpacific.com