Mounds View Square

Jones Lang LaSalle Americas, Inc. (“JLL”), is pleased to exclusively offer for sale the fee-simple interest in Mounds View Square located at 2535-2585 County Hwy 10 in Mounds View, MN. The 103,542 SF grocery-anchored center consists of three buildings and sits on 9.64 acres of land. With occupancy at 76% and average in-place rent below $12/SF, the investment provides a unique value-add opportunity in a submarket with strong fundamentals.

The center is anchored by Aldi (19% of GLA) and Planet Fitness (20% of GLA). Aldi has 7 years remaining on their lease and Planet Fitness recently signed a 12-year lease, bringing the WALT of the center to 7+ years. The center has seen remarkable leasing momentum in the last year for both new leases and renewals. In addition to Planet Fitness' new lease, AutoZone recently signed a 10-year lease, and the vacant suites have garnered interest from other national tenants. Several tenants have signed long-term renewals, such as Little Caesars for 7 years, and Caribou Coffee, Pink Flower, and Platinum Nails for 10 years, all with contractual rent steps.

The site is strategically situated on three hard corners, two of which are signalized intersections. The site also benefits from its proximity to I-35W, which carries 141,000 vehicles per day in the area. The investment is poised to benefit from strong fundamentals in the submarket. Within a three-mile radius of the center, the vacancy rate for multi-tenant retail is below 5%, and there is currently no retail under construction. The property is ideally situated just 20 minutes from downtown Minneapolis within the Twin Cities MSA, which supports a growing population of approximately 4 million residents.