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Jones Lang LaSalle Americas, Inc. (“JLL”), is pleased to exclusively offer for sale the fee-simple interest in Foundation Partners Group (the “Property”) located at 4343 Nicollet Ave in Minneapolis, MN. This single tenant absolute net lease property is 100% leased to the holding company of Foundation Partners Group (FPG), the second largest funeral home group in the country. The 11,250 SF building sits on .35 acres of land located on Nicollet Ave, one of the primary retail corridors of South Minneapolis. The tenant has been in-place since 1955 and has recently signed a 10 year extension, bringing the current term remaining to just over 8 years.
Foundation Partners Group, doing business as The Cremation Society of Minnesota and First Memorial Funeral Chapels, is a privately held firm specializing in the acquisition and management of funeral homes, cremation centers, and cemeteries in the United States. FPG brought in over $223 million in revenue in 2022 across its over 260 locations in 21 states.
The property is centrally located in the heart of South Minneapolis, being just 10 minutes from both downtown Minneapolis and the Minneapolis-St. Paul International Airport. The site also sits less than a quarter-mile from I-35W, which carries approximately 200,000 vehicles per day in the area. The property also benefits from dense and affluent demographics, with the average household income and population being over $122,000 and over 220,000, respectively, within a three-mile radius.
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SINGLE TENANT ABSOLUTE NET LEASE WITH OVER 8 YEARS REMAINING AND 3% ANNUAL RENT ESCALATIONS
• The property is leased to a single tenant on an absolute NNN lease, virtually eliminating all Landlord responsibilities
• The lease has over eight years of term remaining and features annual rent escalations of 3%
MARKET LEADER WITH OVER $223 MILLION IN REVENUE
• The Cremation Society of Minnesota and First Memorial Funeral Chapels is part of the Foundation Partners Group (FPG), the second largest funeral home group in the nation
• FPG had over $223 million in revenue in 2022 and serves more than 150,000 families annually across 260 locations in 21 states
• The lease is signed directly with FPG Intermediate Holdco, LLC, the holding company for all of FPG's subsidiaries
CENTRALLY LOCATED WITH ACCESS TO INTERSTATE
• The property is ideally situated in the heart of South Minneapolis, being just 10 minutes from both downtown Minneapolis and the Minneapolis-St. Paul International Airport
• The site also sits less than a quarter-mile from I-35W, which carries approximately 200,000 vehicles per day in the area
STRONG HISTORICAL OCCUPANCY AND BELOW MARKET RENTS
• The Cremation Society of Minnesota and First Memorial Funeral Chapels opened their first location here in 1955 and have been open and operating since
• With rent on a per square foot basis at less than $14, the investment allows for ample market-to-market opportunity
DENSE AND AFFLUENT DEMOGRAPHICS
• Within a three-mile radius, the average household income is over $122,000 and is projected to grow at a steady rate
• Within the same radius, there is a population of over 220,000 residents
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