Retail

Bremer Bank - South Saint Paul

633 Concord St S, South Saint Paul, MN, 55075-2423, US

Bremer Bank - South Saint Paul_Property for Sale

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Asset Description

Jones Lang Lasalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire the fee simple interest in a newly constructed Bremer Bank located in South Saint Paul, MN, just 10 minutes from downtown Saint Paul. The property is 100% leased to Bremer Bank, a regional provider of banking services with 83 locations across Wisconsin, Minnesota, and North Dakota. This new location is a relocation from Bremer's original site, situated directly adjacent from the property, and holds over $736 million in deposits, well into the top 10% of all branches. Bremer Bank 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 a strong, regional tenant in the heart of the Twin Cities metro.

Attributes

Asking Price

TRY 112,393,000

Building area gross

715 m²

Occupancy

100.00%

Year built

2022

Land area Gross

0.01 km² (5,301 m²)

Investment Highlights

SINGLE TENANT NET LEASE

Bremer Bank recently signed a 15 year lease featuring full pass-through for nearly all operating expenses, including capital expenditures. The lease features 10% rent bumps every 5 years, increases which continue through the option periods.

RELOCATION SITE WITH OVER $736 MILLION IN DEPOSITS

This site was constructed as an upgrade from their previous site directly adjacent from the property. This Bremer Bank branch holds over $736 million in deposits, well into the top 10% of all locations.

REGIONAL TENANT WITH OVER 80 LOCATIONS

Bremer Bank has nearly 80 years of sustained operating success. The bank has 83 locations across Wisconsin, Minnesota, and North Dakota.

NEW CONSTRUCTION

The building is new construction build-to-suit according to Bremer Bank's specifications, including a three-lane drive-thru. The recent construction reduces future costs relating to possible capital improvements.