1004 18th Ave NW
Austin, MN 55912
Austin Retail Center · Retail Property For Sale

Marcus & Millichap is pleased to present this 13,155 square foot Austin Retail Center located in Austin, Minnesota. The building was originally built in 2014 and is positioned on about 1.45 acres. The retail center is shadow anchored by a Walmart Supercenter which also sits next to a Runnings Department Store. Across the street is a Hy-Vee anchored shopping center which is also occupied by Anytime Fitness, and another shopping center anchored by tenants like Marshalls, Five Below and Pet Supplies Plus. The property has excellent exposure near Interstate 90 and the Riverland Community College. The Austin Retail Center is also sitting about a quarter mile from the largest of the Hormel Foods manufacturing locations, amassing over 1.3 million square feet and home to more than 1,800 employees. The Austin Plant produces more than 1 billion pounds of product annually and approximately 2,000 different items including the infamous SPAM. Austin is just 100 miles south of Minneapolis and is also close to markets like Albert Lea, Rochester, and La Crosse, Wisconsin. Austin Retail Center is comprised of 6 suites and is currently 86 percent occupied. The Seller has agreed to master lease the vacant space at $16.00 per square foot triple net. The center has a strong tenant mix with anchors like AT&T, Shopko Optical, Sun Tan City and Pizza Hut/Wing Street. All of the leases are triple net with the tenants fully reimbursing for their pro rata share of expenses. There is almost zero near-term lease rollover risk, with almost 73.96 percent of the gross leasable area of the center leased through at least December 2023.