3236 California Street Northeast, Minneapolis, MN, 55418, US

3236 California

Asset description

JLL, as exclusive advisor to the Owner, is pleased to present to investors the opportunity to acquire 3236 California, a premier light industrial asset totaling 86,612 square feet in most coveted industrial submarket, Northeast Minneapolis. The asset is currently 100% leased to two warehouse tenants and eleven industrial outdoor storage tenants providing investors with durable cash returns, an attractive 4.9 year weighted average lease term (WALT), a phenomenal infill location, positive leasing momentum and highly demanded outdoor storage. 3236 California has successfully completed eleven new IOS lease transactions over the past two years, most boasting three or more years of term. This property presents an exceptional value-add opportunity in a tight market, offering investors substantial upside potential through below-market rents and diverse space offerings.

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Attributes

Building area net

88,612 sf

Occupancy

100%

Year built

1968

Tenants

Clear height

24 ft

WALT

4.9 years

Media

Investment highlights

Located in the coveted Northeast submarket boasting the lowest vacancy (3.4%) in the entire Twin Cities marketplace.

Located in the I-494 loop providing efficient access throughout the metro via multiple interstates and highway systems including I 494, I-694, and I-35W.
Excellent infill, last mile location. Only 3.5 miles from the Minneapolis CBD and 10 miles from St. Paul CBD offering an abundance of nearby amenities and attractions.

Phenomenal leasing momentum with 16 industrial outdoor storage leases negotiated within the last two years, most of which boast three or more years of term, and annual rent escalations.

5.93 acres of infill property for warehousing and the rare industrial outdoor storage that provides approximately $36k of additional revenue annually, allowing future investors to capitalize on the increasing demand for infill outdoor storage space.