Yankee Square Office

Eagan, MN, US, Americas

Description

Jones Lang LaSalle Americas, Inc. (“JLL”), is pleased to exclusively offer for sale the fee-simple interest in Yankee Square Office located at 3460, 3464 & 3470 Washington Drive in Eagan, MN. The 57,392 SF office property consists of three buildings and sits on 4.90 acres of land. With average in-place rent just over $13/SF and occupancy at 99%, Yankee Square Office offers a unique opportunity to acquire a nearly-fully leased property with high potential for value-add through rent growth.

The rent roll consists of 35 tenants with a wide-range of diverse and complimentary uses. Nearly all tenants are on net leases, and no tenant makes up more than 12% of the NRA. With over $400,000 of recent capital expenditures, the property is well-positioned to attract new tenants and increase rents.

This site is located on the hard corner of Washington Dr and Federal Dr, just off of Yankee Doodle Dr. The property is located within the primary commercial corridor for Eagan and is strategically situated nearby I-35E, which carries 96,000 vehicles per day in the area. Within a three-mile radius of the center, average household income is above the national average and population growth is nearly 3x the national average. 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.

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Caractéristiques de l'actif

Prix attendu

7 343 000 €

Taux de capitalisation

8,75 %

Surface de l'actif Net

5 332 m²

Occupation

98,9 %

WALT

2.7 années

Yankee Square Office (3 actifs)

Média

Points clés d'investissement

LEGACY OFFICE PROPERTY

• This is the first time the property has been for sale since it was developed by the current owner

• The investment consists of three multi-tenant office buildings, one one-story building and two two-story buildings

VALUE-ADD OPPORTUNITY WITH RECENT CAPITAL EXPENDITURES

• With average rents across the three buildings being at just over $13/SF, there is ample value-add opportunity through rent growth

• Ownership has recently completed over $400,000 in capital expenditures, including improvements to the parking lot and interiors and exteriors of the buildings

COMMERCIAL CORRIDOR WITH INTERSTATE ACCESS

• The property sits within a strong commercial submarket that has a collection of complimentary retail, industrial, office, and medical properties

• The site is strategically situated just half-a-mile from I-35E, allowing for easy access to the rest of the Twin Cities