3420 Denmark Avenue, Eagan, MN, 55123, US

Town Centre Shoppes

Asset Description

Jones Lang LaSalle Americas, Inc. (“JLL”), is pleased to exclusively offer for sale the fee-simple interest in Town Centre Shoppes located at 3420-3450 Denmark Ave & 1250-1272 Town Centre Dr in Eagan, Minnesota. The investment includes a collection of three unanchored strips that have a total of 44,692 SF of GLA and sit on 5.77 acres of land. The current owner developed the property over 35 years ago and has invested $550,000+ in capital expenditures into the property over the last two years, offering investors the opportunity to acquire the newly improved legacy property for the first time.

The property boasts 100% occupancy and a strong WALT of 3.5 years. With the weighted average occupancy at over 15 years, the investment has proven it's stability. The property is truly unanchored with none of the 19 tenants taking up more than 12% of the GLA, and the rent roll includes a diverse and complimentary tenant mix ranging from food & beverage and health & wellness to pet and soft goods.

The site is strategically situated on two hard corners and a signalized intersection, making the buildings highly visible from three sides. The property sits within the primary commercial corridor of Eagan, which includes numerous national traffic drivers such as Walmart, Home Depot, TJ Maxx, Walgreens, and several grocers such as Cub Foods and Aldi. The investment also benefits from strong demographics, with the average household income within a three-mile radius being $139,000, 23% higher than the national average.

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Attributes

NOI

THB 34,332,000

WALT

3.5 years

Occupancy

100%

Building area gross

4,152 m²

Land area gross

2.34 ha

Year built

1988

Media

Investment Highlights

LEGACY PROPERTY WITH $550,000+ OF RECENT CAPITAL EXPENDITURES

• This is the first time the property has been listed for sale since before the building was developed over 35 years ago

• Ownership has completed over $550,000 in capital expenditures in the past two years including parking lot replacement, sidewalk replacement, stucco repairs, and fresh paint

UNANCHORED STRIP CENTERS WITH 100% OCCUPANCY

• The investment includes three buildings that have a total of 19 tenants, none of which take up more than 12% of the GLA

• All three buildings are fully occupied and have a diverse mix of local and national tenants

STRONG TRADE AREA WITH MULTIPLE TRAFFIC DRIVERS

• The center is located within the primary commercial corridor of Eagan, which has regional draw due to a high concentration of national retailers

• The center is shadow-anchored by Walgreens, and within one mile from the center are traffic drivers such as Walmart, Home Depot, TJ Maxx, and several grocers such as Cub Foods and Aldi