Retail

Lumen on Lagoon - Retail

1201-1207 Lagoon Ave, Minneapolis, MN, 55408-2063, US

Lumen on Lagoon - Retail_Property for Sale

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Asset description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to exclusively offer for sale the fee-simple interest in a multi-tenant retail property located in the Uptown neighborhood, just minutes from downtown Minneapolis. The property is fully occupied with a 5.67 WALT, including a new 10 year renewal from the anchor tenant, CorePower Yoga. Surrounded by new development, the property benefits from being on a high-traffic corner in the Minneapolis city-limits while avoiding CBD prices. This investment provides a unique opportunity to obtain a property with below-market rents in one of Minneapolis' most vibrant and cultural neighborhoods.

Attributes

Asking Price
$3,300,000
Building area gross
11,753 sf
Occupancy
100.00%
Year built
2006
Land area Gross
0.40 acres (17,424 sf)

Investment highlights

100% OCCUPIED MIXED-USE OPPORTUNITY AT THE HEART OF AN ICONIC MINNEAPOLIS NEIGHBORHOOD

Located at the heart of Uptown, the Lumen Building is fully occupied and boasts an irreplaceable location near the Bde Maka Ska + Lake of the Isles chain of lakes. This chain of lakes is extremely popular among residents for recreational activities and is a draw for local and regional visitors.


DENSE URBAN POPULATION AND AFFLUENT DEMOGRAPHICS

Surrounding dense and affluent demographics abound in the immediate area. Nearly one quarter of a million people live in a three-mile radius of the Lumen Building, with an average household income of over $100,000.


BELOW-MARKET RENTS

The majority of tenants are paying well below market rent allowing for a stable investment as well as having future value creation through rent growth.


NEW RENEWAL FROM ANCHOR TENANT

Core Power Yoga, taking up over a third of the property, has recently signed a lease extension, securing their tenancy for the next 10 years.


ACCESS TO PARKING IN A PARKING-CONSTRICTED, URBAN AREA

The property benefits from having metered spaces in front of the building and convenient access to the public parking ramp across the street.


TWIN-CITIES METROPOLITAN SUPPORT

Located only minutes from the CBD of both Minneapolis and St. Paul, the property benefits from the elevated traffic and exposure from the twin cities while avoiding having to pay downtown prices.

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Last updated
Nov 30, 2022