Caribou Coffee - Duluth, MN_Property for Sale
Caribou Coffee - Duluth, MN_Property for Sale
2 E Central Entrance, Duluth, MN, 55811, US

Caribou Coffee - Duluth, MN

Asset description

Jones Lang LaSalle Americas, Inc. (“JLL”), is pleased to exclusively offer for sale the fee-simple interest in Caribou Coffee (the “Property”) located at 2 Central Entrance in Duluth, MN. This single tenant net lease asset is 100% leased to Caribou Coffee corporate. The 1,651 SF building was fully renovated in 2019 and sits on 0.31 acres of land. The tenant has 5 years remaining on their lease, which features 10% rent escalations every five years through their options.


Caribou Coffee is the dominant coffee chain in MN, with more locations in the state that 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 sits on the signalized corner of E Central Entrance and S Arlington Ave. Central Entrance carries over 25,000 vehicles per day in the area and is the primary roadway linking downtown Duluth to the rest of Minnesota. The property benefits from highly visible signage and a clear, unobstructed sight line from both roadways. The asset is supported by Duluth's strong economic and education base. Duluth is the 2nd largest metro and is a leading center for education in the state.


Please see OM for more information.

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Attributes

Asking price
€1,105,000
Cap rate
7%
Building area gross
153 sm
Land area gross
0.13 ha
Occupancy
100%
WAULT
5 years
Year built
1953
Year renovated
2019

Media

Investment highlights

SINGLE TENANT NET LEASE WITH 5 YEARS REMAINING

• Caribou has 5 years of term remaining on their lease and three options, which include built-in 10% rent escalations

• The net lease structure leaves minimal responsibilities for the Landlord, making the property an ideal passive investment


MARKET DOMINANT COFFEE CHAIN

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

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


HARD CORNER SITE ON SIGNALIZED INTERSECTION

• This property sits on the signalized corner of E Central Entrance and S Arlington Ave

• The site benefits from clear visibility from both roadways and highly visible signage


HIGH TRAFFIC ROADWAY THAT CONNECTS DULUTH

• Central Entrance is the primary east-west roadway connecting downtown Duluth to the rest of Minnesota

• Central Entrance carries over 25,000 vehicles per day in the area

Caribou Coffee - Duluth, MN 4_Property for Sale

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Caribou Coffee - Duluth, MN (0 Properties)

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Last updated
Feb 21, 2024