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Hansen Retail Development 2112 Maple Grove Rd 14,000 SF 100% Leased Retail Building Duluth, MN 55811 $7,496,000 ($535.43/SF) 6.25% Cap Rate
Investment Highlights
- Highly successful retail center with long term tenancy
- BELOW MARKET RENT WITH STRONG POTENTIAL TO INCREASE NOI
- Directly “in the heart” of Duluth’s primary retail market surrounded by many national retailers
- National retail brands featuring Panera Bread, Verizon, Vitamin Shoppe and Sleep Number
- Minimal landlord management obligations
- Adjacent to Simon’s Miller Hill Mall – the dominant shopping destination for the region
Executive Summary
CBRE is pleased to present this “Best in Class” retail development located in Duluth, MN with 4 national retail brands, all of whom have been here since the property was developed in 2014. Panera, Verizon, Vitamin Shoppe and Sleep Number. Both Verizon and Vitamin Shoppe are significantly below market rent. Positioned at the high traffic signalized intersection of Miller Trunk Highway and Maple Grove Road along the city’s busiest commercial corridor, this high visibility site sits steps from Simon’s 831,000 SF Miller Hill Mall—the dominant shopping destination for the entire Northland region. The property is ideally suited for a first class retail development such as this, with strong traffic, excellent visibility and access, and proven national credit co tenancy.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
14,000 SF
Year Built
2014
Price
$7,496,000
Price Per SF
$535.43
Cap Rate
6.25%
NOI
$468,506
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.17
Lot Size
1.93 AC
Parking
66 Spaces (4.71 Spaces per 1,000 SF Leased)
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
- Panera Bread
- Retailer
- 4,509 SF
- -
- -
- Sleep Number
- Retailer
- 3,352 SF
- -
- -
-
- Information
- 3,700 SF
- -
- -
Verizon Communications originated in 1983 as Bell Atlantic after the AT&T breakup. The company merged with GTE in 2000, forming Verizon Communications. Today, it operates consumer services like wireless networks and Fios fiber-optic internet and TV. Its business segment provides networking, cloud solutions, and security services. Verizon remains one of the largest telecommunications providers in the United States.
- Vitamin Shoppes
- Retailer
- 2,439 SF
- -
- -
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
| Panera Bread | Retailer | 4,509 SF | - | - | ||
| Sleep Number | Retailer | 3,352 SF | - | - | ||
|
|
Information | 3,700 SF | - | - | ||
| Vitamin Shoppes | Retailer | 2,439 SF | - | - |
Nearby Major Retailers
Property Taxes
| Parcel Number | 010394800030 | Improvements Assessment | $611,800 |
| Land Assessment | $219,700 | Total Assessment | $831,500 |
Property Taxes
Parcel Number
010394800030
Land Assessment
$219,700
Improvements Assessment
$611,800
Total Assessment
$831,500
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Hansen Retail Development | 2112 Maple Grove Rd
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