Elmore Avenue Shoppes in Davenport have been sold to a new owner in a deal facilitated by Marcus & Millichap, the Milwaukee-based commercial broker announced last week.
Located at 4810 Elmore Ave. and just off Interstate 74, Elmore Avenue Shoppes is a fully occupied, six-unit retail center. The property, which had been owned by the California-based GPH Davenport Retail, LLC, was sold for $2,357,500, a news release from Marcus & Millichap said. The firm told the QCBJ it could not disclose the buyer.
“The prime location and strong historical occupancy of this center generated quite a bit of buyer interest,” Jeff Rowlett, senior managing director investments, said in a news release. “The listing went under contract quickly and closed within 50 days.”
Marcus & Millichap is a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services. Rowlett, investment specialists in Marcus & Millichap’s Milwaukee office, had the exclusive listing to market the property on GPH Davenport Retail’s behalf. Jon Ruzicka, broker of record in Iowa, assisted in closing the transaction.
Elmore Avenue Shoppes is a 9,835-square-foot retail strip occupied by tenants GameStop, Hungry Hobo, Computer Repair Center, Indy Smoke Time, Novel Nail Time, and 100% Chiropractic. Built in 2002, the property is part of the Elmore Avenue retail district, which also includes national retailers Ashley HomeStore, Aldi, Best Buy and Target.
