Caribou Coffee - Zimmerman, MN_Property for Sale
Caribou Coffee - Zimmerman, MN_Property for Sale
12495 5th Ave N, Zimmerman, MN, 55398-6501, US

Caribou Coffee - Zimmerman, MN

Asset Description

Jones Lang LaSalle Americas, Inc. (“JLL”), is pleased to exclusively offer for sale the fee-simple interest in Caribou Coffee located at 12495 5th Ave N in Zimmerman, MN, within the Minneapolis-St. Paul metro. This newly constructed build-to-suit asset is 100% leased to Caribou Coffee corporate. The 554 SF building sits on .33 acres of land and features Caribou Coffee's new “Cabin” concept, which is a drive-thru and walk-up only format. The tenant signed a 10-year NNN lease, which features 10% rent escalations every five years and commenced in December of 2022, leaving over 8 years remaining.


Caribou Coffee is the market-dominant coffee chain in Minnesota, with more locations than Starbucks and Dunkin' Donuts combined. With over 770 locations across the globe, Caribou Coffee is quickly increasing their share of the coffee market. Caribou Coffee is part of a portfolio of complementary brands bound by common values, Panera Brands, comprised of Panera Bread®, Caribou Coffee® and Bagel Brands.


The property is located on the corner of and is highly visible from 5th Ave N and US-169, the latter of which is the primary north-south arterial thoroughfare serving Zimmerman. The site is ideally situated with a grocer immediately to the south and 128 units of newly developed luxury apartments the the north. In additional to its proximity to major roadways and traffic drivers, the asset is also supported by an affluent consumer base. Within a three-mile radius, the average household income is $124,000, 16% higher than the national average.


Please see OM for more info.

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Attributes

Land area gross
0.13 ha
WAULT
8.5 years
Building area gross
51 m²
Occupancy
100%
Year built
2022
Asking price
€1,203,000
Cap rate
7%

Media

Investment Highlights

New Build-to-Suit Construction with Over 8 Years of Term Remaining

- Caribou Coffee's 10 year lease, which includes 10% rent escalations every five years, commenced in December of 2022, leaving over 8 years of term remaining

- In 2022, the building was constructed with modern and distinct design elements according to Caribou's specifications


Corporate Lease with Market Dominant Coffee Chain

- Caribou Coffee is the market-dominant coffee chain in Minnesota, with more locations than Starbucks and Dunkin' Donuts combined

- Caribou Coffee is a subsidiary of Panera Brands, which includes other well-known, successful companies such as Panera Bread and Einstein Bros. Bagels


High Visibility from Arterial Roadway

- The property is located on the corner of and is highly visible from 5th Ave N and US-169

- US-169 is the primary roadway linking Zimmerman to Minneapolis and is currently being expanded to carry even more traffic to the northwest suburbs of the Twin Cities


Situated Near Traffic Drivers and New Development

- The property is within walking distance to the local grocer and Zimmerman High School, which are sure to drive traffic to the site

- The site is located directly south of Courtyard Apartments, a 128-unit luxury complex that was completed in 2023


Caribou Coffee - Zimmerman, MN 4_Property for Sale
Caribou Coffee - Zimmerman, MN 4_Property for Sale

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Caribou Coffee - Zimmerman, MN (0 Properties)

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Last updated
16 May 2024