199 Northtown Drive
Blaine, MN 55434 ·
5,500 SF · Retail For Sale
|Price||N/A||Property Use Type||Net Lease Investment with 10+ years left on lease|
|Building Size||5,500 SF||Cap Rate||5.80%|
|Property Sub-type||Restaurant||Lot Size||0.78 AC|
|Listing ID: 17856449||Date Created: 10/02/2012||Last Updated: 01/06/2014|
The subject property consists of a 0.78 acre fee simple ownership of the land under a 5,500 square foot Applebee's Neighborhood Grill & Bar on an outparcel to Northtown Mall. The tenant pays common area maintenance expenses of
$3,300 per year to Northtown Mall directly (does not affect NOI).
There are just over 10 years remaining on the ground lease with 10 percent rental increases every five years at the start of each option period. The next increase in rent occurs on January 1, 2013 to $121,000, which has been used as the base
rent (NOI) for pricing this asset. The lease, is guaranteed by Apple Minnesota, LLC, which operates 63 locations in Minnesota and Wisconsin. Apple Minnesota is a part of the Apple American Group which owns and operates 337 Applebee's locations across the country. With $850 million in 2011 sales and directly employing over 20,000 people, AAG is the largest Applebee's franchisee, and is one of the second largest franchisee of any concept in the world.
Suburban Minneapolis Location Along Minnesota Highway-47 &
Highway-10. The property is an outparcel to Northtown Mall.
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