Northpark Village
US - Lubbock, TX
IDR 151,190,207,000 | 6,548 m²
Asset Description
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to exclusively offer for sale the fee-simple interest in Miller Hill Crossroads located in Duluth, Minnesota. The center was constructed in 2018 and features a Starbucks drive-thru and patio space. The property is 100% leased by Starbucks, UCare, and Aspen Dental and features a WALT of over 6 years. UCare recently signed a lease for the middle suite for 10 years, securing the investment for years to come. The property is ideally situated on MN-194, a highly travelled roadway that links Duluth to the rest of Minnesota. The property benefits from high traffic exposure and visibility from this major roadway. This triple net investment presents a unique opportunity to obtain a strong income stream from reliable tenants.
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Attributes
Asking Price
IDR 57,580,942,000
Building area Gross
723 m²
Occupancy
100.00%
Year built
2018
Cap Rate
6.50%
NOI
IDR 3,742,464,000
Media
Investment Highlights
Multi-Tenant Net Lease Center with Starbucks Drive-Thru
- The property is occupied by three tenants, all of which are on NNN leases
- The building, built in 2018, includes a drive-thru and patio space for the Starbucks suite
73% Medical Office Tenancy
- Aspen Dental and UCare Minnesota together occupy 73% of the building's rentable area
- UCare recently signed a 10 year lease for the middle suite, generally the most difficult space to lease
High Visibility on Signalized Intersection
- The property is well positioned on the signalized corner of MN-194 and W Myrtle St
- The site benefits from a clear, unobstructed view from the highway
High-Quality Tenants
- This investment is secured by brand-name tenants that each have decades of proven operating success
- Starbucks in particular boasts an investment grade credit rating and is considered the gold standard for quick service retail
Contact brokers
Miller Hill Crossroads (0 Properties)
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Last updated
15 May 2023
