Rasmussen University - Brooklyn Park, MN_Property for Sale
Rasmussen University - Brooklyn Park, MN_Property for Sale
5555 & 5565 96th Avenue North, Brooklyn Park, MN, 55443, US

Rasmussen University - Brooklyn Park, MN

Asset Description

JLL is pleased to offer for sale the fee-simple interest in a Rasmussen University building located at 5555 96th Ave N, Brooklyn Park, MN, within the Twin Cities MSA ("Property" or the "Asset"). With a NNN lease in place, the Rasmussen University (the “Tenant”) has 7.7 years of lease term remaining with 3.0% annual rent increases, and two, 5-year renewal options at fair market rent.


The Rasmussen University – Hennepin/Anoka Campus, a 2022 build-to-suit, is the largest Rasmussen campus in the Twin Cities area. It offers online programs across seven study areas and serves as an on-campus base for nursing and health sciences programs. The campus features high-tech facilities, including large classrooms, new computers, quiet study spaces, and specialized labs for nursing, physical therapy, medical assisting, and surgical technology. With proximity to healthcare facilities and restaurants, the campus provides a supportive learning environment where students can interact with professors and peers while accessing state-of-the-art resources for their education.


The Property is located in a well-connected corridor along Hwy 610 (50K VPD) that includes Target’s Northern Campus, an 8-building development that totals to 1.6M SF. The surrounding 1-mile radius is highly affluent, with over $140K average household income. The area is one of the most affluent in the Twin Cities and has seen significant development over the last decade.

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Attributes

Asking price
NT$346,182,000
Cap rate
8.5%
Building area gross
3,706 m²
Year built
2022
Remaining lease term
7.7 years

Media

Investment Highlights

  • The lease offers long-term stability with 7.7 years remaining, 3.0% annual rent escalations, and two 5-year extension options at fair market rent.
  • Rasmussen University is a subsidiary of American Public Education, Inc., a publicly traded company (NASDAQ: APEI) with annual revenue of $611.0 million and EBITDA of $57.7 million (TTM June 2024).
  • The property is a state-of-the-art 2022 build-to-suit facility, purpose-built for healthcare education with specialized labs and technology.
  • Located in an affluent area of the Twin Cities with average household incomes over $140,000 within a 1-mile radius, demonstrating strong demographic support.
  • The Minneapolis-Saint Paul MSA boasts a diverse economy with 14 Fortune 500 headquarters and top educational institutions, providing a strong economic backdrop for the investment.
  • The property is situated in a rapidly developing submarket along Highway 610 (50,000 VPD), near major corporate campuses and retail, ensuring high visibility and accessibility.
Rasmussen University - Brooklyn Park, MN 4_Property for Sale
Rasmussen University - Brooklyn Park, MN 4_Property for Sale

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Rasmussen University - Brooklyn Park, MN (0 Properties)

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Last updated
24 Oct 2024