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Mayo Clinic-Anchored Office Center 21 1st St SW 101,389 SF 100% Leased Office Building Rochester, MN 55902 $24,550,000 ($242.14/SF)
Investment Highlights
- The ±101,389 SF property is 89% leased with primarily NNN lease structures and contractual annual rent escalations, generating $1.85M in NOI
- Post-acquisition, ownership has injected over $9MM of capital into the asset. This includes a $6.5MM comprehensive building renovation in 2020
- Situated one block from the world-renowned 754-bed Mayo Clinic Methodist Hospital in downtown Rochester, Minnesota, and overlooking Peace Plaza
- Approximately 11% vacancy offers incremental NOI growth through lease-up, without the execution risk typically associated with traditional value-add
- Mayo Clinic (Moody’s: Aa2) occupies roughly 47% of the rentable square footage and Wells Fargo (S&P: A+) occupies approximately 22% of the NRSF
- The property benefits from direct access to Rochester’s pedestrian skyway and subway system, enhancing year-round connectivity to Mayo Clinic
Executive Summary
Broker of Record
Kurt Sauer
License # 40628602, 41005445 (MN)
Matthews of Minnesota, LLC
701 Xenia Ave S, Ste 485 Minneapolis MN 55416
(866) 889-0550
Kurt Sauer
License # 40628602, 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
Office
Building Size
101,389 SF
Year Built/Renovated
1981/2020
Price
$24,550,000
Price Per SF
$242.14
Percent Leased
100%
Building Height
6 Stories
Typical Floor Size
16,898 SF
Building FAR
10.12
Lot Size
0.23 AC
Opportunity Zone
Yes
1 1
Exceptionally walkable
90/100
Moderately drivable
60/100
Good public transit
60/100
Very bikeable
80/100
Contacts
-
Michael Moreno -
Rahul Chhajed -
Tyler Swade -
Kyle Mackulak -
Matthews Real Estate Investment Services
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Videos
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Photos
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Mayo Clinic-Anchored Office Center | 21 1st St SW
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