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.