Asking Price: $5,584,591
Cap Rate: 5.50%
- Prime retail location: The Property is prominently positioned at the four-way signalized intersection of Cedar Avenue South (45,400 VPD) and 147th Street West, with Glenda Drive offering two more access points to the site. The Property is situated near multiple shopping centers that feature national tenants like Burlington Coat Factory, Barnes & Noble, Target, Walmart, Khol’s, and Michael’s, and is within less than 10 miles of three major area attractions: the Minnesota Zoo, the University of Minnesota-UMore Park, and the Mall of America.
- Notable metropolitan market: The Property is located in Apple Valley, Minnesota, a suburb of the Twin Cities of Minneapolis and Saint Paul. Apple Valley is a pro-business community with access to a trade area of more than 400,000 within a 10-mile radius. The Minneapolis-Saint Paul area is a major metropolitan center with a combined population of 3,866,768, and is home to all but one of Minnesota’s Fortune 500 headquarters. The Twin Cities’ economy is the 13th largest in the country and the second largest in the Midwest, with a GMP of nearly $200 billion.
- Strong, recognized tenants: Starbucks is an iconic coffee company and coffeehouse chain that owns and operates nearly 27,000 retail locations in 75 countries. In late July 2017, Starbucks reported increased consolidated net revenues of $5.7 billion and increased global store sales of four percent. Select Comfort Corporation (the parent Company of Sleep Number) currently operates 550 Sleep Number stores in 49 states. Sleep Number has seen record operating cash flows during the first six months of 2017 at $89 million.
- Quality, long-term investment: The Property is 100 percent leased to Starbucks Corporation and Select Comfort Retail Corporation (DBA Sleep Number). These NN leases feature fixed 10 percent rental increases every five years and have varying options to renew.
This property is listed in conjunction with Minnesota real estate broker David B. Zacharia (license 40459837).
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