Elk Park Center - Elk River, MN_Property for Sale

19112-19262 Freeport Ave, Elk River, MN, 55330, US

Elk Park Center - Elk River, MN

Asset Description

Jones Lang LaSalle Americas, Inc. (“JLL”), is pleased to exclusively offer for sale the fee-simple interest in Elk Park Center (the “Property”) located at 19112-19262 Freeport Ave, in Elk River, MN. The 205,009 SF grocery-anchored center is 85% leased and has a WALT of 3.4 years. The Property also features conservative rents and is ideally situated on US-169, which carries 36,000 vehicles per day and is being expanded to carry even more traffic.

Cub Foods, the anchor for the center, is the largest grocer in the state with 100 locations in Minnesota, and it is a subsidiary of United Natural Foods Inc. (NYSE:UNFI), which has a market cap of $1.23 billion. The Property also benefits from strong demographics and new development in the surrounding area. Within a three mile radius of the property, there are over 25,000 residents, which have an average household income of over $110,000. The Property also sits within the Minneapolis-Saint Paul MSA, the 16th largest metro in the nation.

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Attributes

Building area Gross

19,046 m²

Occupancy

85.00%

Year built

1994

NOI

THB 67,567,000

Media

Investment Highlights

GROCERY-ANCHORED CENTER WITH VALUE-ADD OPPORTUNITY

• This grocery-anchored community center is 85% occupied and features several leases with below-market rents

• Cub foods, the anchor for the center, is the largest grocer in the state with 100 locations in Minnesota, and it is a subsidiary of United Natural Foods Inc. (NYSE:UNFI), which has a market cap of $1.23 billion

IDEALLY SITUATED NEAR ARTERIAL ROADWAY

• The property sits directly off of US-169, the primary north-south thoroughfare serving Elk River

• US-169 carries over 36,000 vehicles per day in the area and is currently being expanded to carry even more traffic

AFFLUENT DEMOGRAPHICS SUPPORTED BY NEW DEVELOPMENT

• Within a three mile radius of the property, there are over 25,000 residents, which have an average household income of over $110,000

• The surrounding area is full of both residential and commercial development along with upgrades to major roadways

GATEWAY CITY WITH STRONG BUSINESS BASE

• Elk River is a quickly-growing suburb of the Twin Cities due largely in part to its proximity to Minneapolis and location along the Mississippi River

• The city is home to a diverse group of businesses and industries and has some of the lowest tax rates in the entire state of Minnesota