1906 8th St NW
Austin, MN 55912
Walmart Shadow Anchored Center Austin, MN · Retail Property For Sale

The Dumes Falk Group of Marcus & Millichap is please to bring to market The Shoppes at Austin, a Walmart Shadow Anchored Shopping Center comprised of 20,140-square-feet in Austin, Minnesota. Austin is a county seat of Mower County and located 98-miles south of Minneapolis – the largest city in Minnesota. The subject property was constructed in 2007 is positioned near US Route-218 and Interstate-90 on approximately 1.6 acres with great signage, visibility and multiple points of ingress and egress. The Shoppes at Austin is currently 94 percent leased with almost all tenants under triple-net leases except for Allstate Insurance and El Patron Mexican Grill. There is one 1,200-square-feet vacant unit which of realizable vacancy upside. Leasing up this unit at market rent under a triple-net lease could potentially add an additional $26,000 to the NOI. The national and regional tenants include Maurices, Fantastic Sam’s, Allstate Insurance, GameStop and Cricket Wireless. Five of the seven tenants have occupied space since the building was constructed. The tenant base consists of a complimentary mix of local, regional and national tenants that supplies the city’s consumers with a wide range of products and services to meet the needs of its residents. These needs include restaurants, clothing, mobile communication, insurance and a hair salon. This Walmart Shadow Anchored Shopping Center benefits from being positioned off of Interstate-90 near US-27, a four-lane US highway with a signalized intersection and dedicated turn lanes into the development. Along with the Walmart Supercenter, additional traffic drivers within the corridor include Runnings of Austin, Caribou Coffee, Jimmy John’s, O’Reilly, Holiday Inn, Applebee’s, Culver’s and Dollar Tree. Adjacent to the Walmart Supercenter is a 359,990-square foot center anchored by Hy-Vee, Shopko, and CineMagic 7. Following the closing of the out-of-date Oak Park Mall, Hy-Vee bought out the massive center and has since renovated the building that officially opened in May of 2017. Riverland Community College is a two-three year college that has roughly 4,000 students and is positioned on the other side of I-90. Located less than 1.5-miles southeast is The Hormel Institute. Founded in 1942, Hormel Institute is a biomedical research center that is a division of the University of Minnesota and receives significant support from the Mayo Clinic down the road. Austin also has a strong food processing base as well as agriculture and retail businesses. The most notable being the fortune 500 company Hormel Foods Corporation and Quality Pork Processors, combining for a total of 2,455 employees and located next to The Hormel Institute. Headquartered in the city of Austin, Hormel is mostly known for supplying the brands Spam, Skippy and Muscle Milk. Additionally, the Austin Municipal Airport is positioned on 278 acres and handles roughly 25,420 aircraft operations a year. This Walmart Shadow Anchored Shopping Center has seen strong historical occupancy and a prominent location within the growing market provides it the ability to continue to be an integral part of the shopping center community for residents and travelers alike.