Marcus & Millichap Facilitates Sale of Fully Occupied Retail Strip in Davenport, Iowa

DAVENPORT, Iowa, Sept. 19, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Elmore Avenue Shoppes, a fully occupied, six-unit retail center located in Davenport, Iowa. The property sold for $2,357,500.

"The prime location and strong historical occupancy of this center generated quite a bit of buyer interest," said Jeff Rowlett, senior managing director investments. "The listing went under contract quickly and closed within 50 days."

Rowlett, investment specialists in Marcus & Millichap's Milwaukee office, had the exclusive listing to market the property on behalf of the seller, GPH Davenport Retail, LLC. Jon Ruzicka, Broker of Record in Iowa, assisted in closing the transaction.

Elmore Avenue Shoppes are located at 4810 Elmore Ave. just off Interstate 74. Tenants of the 9,835-square-foot retail strip include GameStop, Hungry Hobo, Computer Repair Center, Indy Smoke Time, Novel Nail Time, and 100% Chiropractic. Built in 2002, the property is situated in a dense retail market with nearby national retailers including Ashley HomeStore, Aldi, Best Buy and Target.

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About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.