Tom Gommels Represents Buyer In $1.3M Blaine Strip Center Sale
12050 Central Avenue Northeast
$1,300,000
$92/SF
Building Size
14,005 SF
Asset Type
Retail
Closing
Mar 20, 2024
About this deal
AI
The Blaine Strip Center in Minneapolis, a 14,005-square-foot retail property located at 12050 Central Ave. NE, was sold for $1.3 million. The property traded at an above-market cap rate and features below-market rents.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $1,300,000
- Address: 12050 Central Avenue Northeast
- Market: Minneapolis
- Buyer Representative: Tom Gommels - Marcus & Millichap
Tom Gommels of Marcus & Millichap represented the buyer, who was an individual trust engaging in a 1031 exchange.
The retail sale at 12050 Central Avenue Northeast in Minneapolis, Minnesota sold for $1.3M in 2024. The building is 14,005 square feet, implying about 92 per square foot on the published price. Tom Gommels, Marcus & Millichap appear on the sale alongside Marcus & Millichap. This page is the Minneapolis, Minnesota file for the 12050 Central Avenue Northeast retail sold: pricing, party profiles, and other closed retail comps from the same Minneapolis sit in the Market section below. Filter that Minneapolis retail set by closing date to see what else sold near 12050 Central Avenue Northeast around 2024. Published consideration for 12050 Central Avenue Northeast is $1.3M, dated 2024. Cite this Tom Gommels Represents Buyer In $1.3M Blaine Strip Center Sale sale when underwriting similar retail product around Minneapolis, Minnesota.
Players
Minneapolis Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
12.20%
Cash-on-Cash
-3.49%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93