Marcus & Millichap Sells Retail Center in Maplewood

MAPLEWOOD, MN—Marcus & Millichap Real Estate Investment Services, recently arranged the sale of the Corner Shops, a retail center here, for $3.2 million.

Sean Doyle, an investment specialist with Marcus & Millichap, said he represented the seller and the buyer, both limited liability companies. The 13-year-old center is 16,582 square feet, and includes national tenants Chipotle, FedEx and Sprint.

He said the sale price belies the current full occupancy of the property. “It was marketed as being 90 percent occupied, but the remaining space was in the process of being leased while under contract,” he said.

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