301 1st Ave S
Saint James, MN 56081
Retail Property For Sale

Marcus & Millichap is pleased to present this single tenant Shopko Hometown store in St. James, Minnesota. Shopko signed their initial 25-year lease in 1976 and thus has been a tenant at this location for more than 42 years. Their extensive renewal history, along with the 42 year operating history, is a proven indicator of their success and commitment to this location. Currently there is less than 1 year remaining on the lease term, with two, three-year renewal options available. There is a 5 percent rent escalation scheduled for April 1, 2019, the start of the first option, and an additional 6 percent rent escalation scheduled for April 1, 2022 at the start of the second renewal option. The lease is modified triple net, with the tenant responsible for all expenses associated with the property outside of the landlord’s responsibility to maintaining the roof and structural components of the building. Shopko Stores Operating Co., LLC was founded in 1962 and is headquartered in Green Bay, Wisconsin. They now operate 363 stores in 24 states throughout the Central, Western, and Pacific Northwest regions. The retail formats include 131 Shopko stores, 5 Express RX stores, a Convenient Neighborhood Drugstore concept, 5 Shopko Pharmacy locations and 222 Shopko Hometown stores. The Shopko Hometown stores are a smaller concept developed to meet the needs of small communities.