Description

Address: 17686 Kenwood Trail, Lakeville, MN 55044

GLA: 109,869 SF

Occupancy: 100%

Year 1 NOI: +/- $1,610,000

5-Year CAGR: +/- 4.0%

WALT: 7.1 Years

Year Built: 2004

Tenant Suites: 20

Parking Spots: 619

John Dahl License #: MN - 20468602

...

Attributes

Building area net

10,207 m²

Occupancy

100%

Year built

2004

Grocery-Anchored Center with Long-Term Commitment from Cub Foods
Cub Foods Recently Executed a 10-Year Lease Extension Through 2035 and Completed an ~$850K Store Remodel
Cub Foods Represents ~50% of Center Income and Has Maintained 20+ Years of Tenure at the Property
Cub Foods is the #1 Market Share Traditional Grocer in Minnesota and Drives ~600K Annual Visits to the Center

Stable Cash Flow with Embedded Mark-to-Market Upside
Weighted Average In-Place Small Shop Rents of $27.38 PSF Are ~36% Below Market on a Weighted-Average Basis
~11,543 SF Across 6 Tenants Are Scheduled to Roll During a 5-Year Hold with No Remaining Renewal Options, Creating Near-Term Mark-to-Market Opportunity
New Interior Shop Space at the Property is Achieving Asking Rents in the Mid-to-High $40s PSF, with Endcaps Reaching $55–$60 PSF

Strategic Location in One of Minnesota’s Fastest Growing Communities
21% Population Growth Since 2010 to 145,821 Residents Within a 5-Mile Radius
Affluent Demographics with $172K Average Household Income Within a 3-Mile Radius
1,900+ Housing Units Planned and Approved Across Lakeville’s Expanding Residential Pipeline
Exceptionally Tight Retail Fundamentals with 1.3% Retail Submarket Vacancy

Exit Flexibility
Separately Parceled Starbucks / T-Mobile / FedEx Outparcel Provides Future Exit Flexibility and Potential Cap Rate Arbitrage Opportunities