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Caribou Coffee 1661 Commerce Dr 2,508 SF Retail Building North Mankato, MN 56003 $1,434,784 ($572.08/SF) 5.75% Cap Rate
Investment Highlights
- Rent 36% Below New Caribou Locations – In-place rent of $85,900 sits well below the ~$135,000 average at newer Caribou stores
- Two 10% Increases Over Next 6 Years – Unlike most deals with 11 years remaining, this lease features two 10% rent increases occurring in 2029 and 2032
- 90-Minute Drive from Corporate Headquarters – Situated within a 90-minute drive of Caribou’s global headquarters in the Twin Cities
- Early Lease Extension Signals Store Strength – Despite six years still remaining on the base term, the tenant exercised their first 5-year option
- Corporate Lease with a National Coffee Operator – The lease is guaranteed by Caribou Coffee, a large, creditworthy operator with 800+ locations
- Flagship “Cozy Café” Format – Features Caribou’s signature sit-down Cozy Café concept—designed for longer dwell times, repeat customers
Executive Summary
Broker of Record
Kurt Sauer
License # 41005445 (MN)
Matthews of Minnesota, LLC
701 Xenia Ave S, Ste 485 Minneapolis MN 55416
(866) 889-0550
Kurt Sauer
License # 41005445 (MN)
Matthews of Minnesota, LLC
701 Xenia Ave S, Ste 485 Minneapolis MN 55416
(866) 889-0550
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Freestanding
Building Size
2,508 SF
Building Class
B
Year Built
1980
Price
$1,434,784
Price Per SF
$572.08
Cap Rate
5.75%
NOI
$82,500
Tenancy
Single
Building Height
1 Story
Building FAR
0.06
Lot Size
0.92 AC
Zoning
Commercial
Parking
11 Spaces (4.39 Spaces per 1,000 SF Leased)
Frontage
200’ on COMMERCE DR
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
-
- Accommodation and Food Services
- -
- -
- -
Their founders opened the very first Caribou Coffee in 1992 with a vision to build personal connection into the coffeehouse experience. For over thirty years, that focus has cultivated their global standard for high quality ingredients, specialty-grade coffee, sustainable practices, and real connections. They are a global brand with community-centered coffeehouses offering handcrafted beverages and crave-worthy food to guests.
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
|
|
Accommodation and Food Services | - | - | - |
Nearby Major Retailers
Property Taxes
| Parcel Number | R-18.861.0010 | Improvements Assessment | $418,500 |
| Land Assessment | $187,100 | Total Assessment | $605,600 |
Property Taxes
Parcel Number
R-18.861.0010
Land Assessment
$187,100
Improvements Assessment
$418,500
Total Assessment
$605,600
Contacts
-
Joe Polak -
Ryan Fitzgibbons -
Conrad Sarreal -
Matthews Real Estate Investment Services
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