Icehouse Plaza - Minneapolis, MN
18 W 26th St & 2522-2550 Nicollet Ave, Minneapolis, MN, 55404, US
HK$66,559,000 | 37,884 sf
Asset Description
Jones Lang Lasalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire the fee simple interest in a newly constructed Bank of America located in Roseville, MN, just 15 minutes from the downtowns of both Minneapolis and Saint Paul. The property is 100% leased to Bank of America, a leading provider of banking and investment services worldwide. Bank of America has recently signed a 15 year ground lease, featuring a 10% rent increase every five years and requiring minimal landlord responsibilities. This investment provides the unique opportunity to obtain stable cash flows from an investment grade tenant in a tight retail submarket of the Twin Cities.
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Attributes
Asking price
HK$21,004,000
Building area gross
4,100 sf
Occupancy
100%
Year built
2022
Cap rate
5%
NOI
HK$1,051,000
Media
Investment Highlights
CREDIT TENANT WITH INTERNATIONAL PRESENCE
Bank of America boasts an A- (S&P) credit rating, securing the investment for decades to come. The bank also has a market cap of over a quarter trillion dollars and serves more than 67 million clients worldwide annually.
GROUND LEASE WITH NO LANDLORD RESPONSIBILITES
The investment features a ground lease structure, leaving the Landlord with almost no responsibilities.
15 YEAR LEASE WITH 10% BUMPS EVERY 5 YEARS
Bank of America has recently signed a 15 year lease with options that continue for 25 years after the initial term expires. The lease features 10% rent bumps every 5 years which continue through the option periods, providing a hedge against inflation and ensuring that cash flow will increase for years to come
DENSE RETAIL CORRIDOR NEAR MAJOR HIGHWAYS
The property is located in a dense retail corridor featuring national giants such as Walmart, ALDI, Dick’s Sporting Goods, Best Buy, and more. The property is also within close proximity to I-35W, which carries an impressive 91,960 vehicles per day.
Contact brokers
Bank of America - Roseville (0 Properties)
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Last updated
16 May 2024
