Caribou Coffee - Savage, MN

Jones Lang LaSalle Americas, Inc. (“JLL”), is pleased to exclusively offer for sale the fee-simple interest in Caribou Coffee (the “Property”) located at 4905 Highway 13 W in Savage, Minnesota. This single tenant net lease asset is 100% leased to Caribou Coffee corporate and also has additional income from an on-site Chase Bank ATM. The 554 SF build-to-suit building was fully renovated in 2022 and sits on 0.54 acres of land. Caribou Coffee has just over 8 years remaining on their lease, which features 10% rent escalations every five years through their options, including one such escalation in July 2027.

Caribou Coffee is the dominant coffee chain in MN, with more locations in the state that Starbucks and Dunkin' Donuts combined. With over 770 locations across the globe, Caribou Coffee is quickly increasing their share of the coffee market. Caribou Coffee is part of a portfolio of complementary brands bound by common values, Panera Brands, comprised of Panera Bread, Caribou Coffee, and Bagel Brands. JP Morgan Chase Bank (NYSE:JPM), operating under the brand name Chase Bank, is a global financial institution that offers a wide range of banking and financial services. With $149 billion in revenue in 2023 and an investment-grade credit rating, Chase adds an additional strong credit base to the investment.

The property sits on MN-13 and is highly visible from the roadway and the signalized intersection of MN-13 and Quentin Ave. MN-13 carries 54,000 VPD in the area and is the primary east-west thoroughfare serving the city of Savage. The investment benefits from a strong consumer base in the surrounding area. Within a three-mile radius, the average household income is $127,000, 18% higher than the national average. The property is located within the Minneapolis-Saint Paul metro, also known as the Twin Cities, just 30 minutes from downtown Minneapolis. With nearly 3.8 million people and growing, the Twin Cities metro is the 16th largest MSA in the United States. In addition to its strong population base, the Twin Cities also has the most Fortune 500 HQs per capita and has one of the lowest cost of living indexes among major metros.

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