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Aspirus St. Luke’s Clinic 4702 Grand Ave 20,512 SF Office Building Duluth, MN 55807 $7,100,000 ($346.14/SF) 6.65% Cap Rate
Investment Highlights
- Investment Grade Credit: This is a corporate lease with Aspirus Health (S&P:AA-) parent company, offering a full backstop of the lease obligations
- Absolute NNN Lease Structure: The tenant is responsible for all property expenses, including roof and structure
- Stable Long-Term Yield: With approximately 7.6 years of term remaining, the asset offers durable and predictable cash flow
- Dominant Regional Health System: Headquartered in Wausau, WI, Aspirus Health (S&P: AA-) is a dominant healthcare network operating 18 hospitals
- Aggressive Rent Growth: The lease features 3.00% annual rental increases, providing superior income growth.
- Favorable Demographics: According to the U.S. Census Bureau, Duluth has a favorable population
Executive Summary
Kurt Sauer
License # 40628602, 41005445 (MN)
Matthews of Minnesota, LLC
701 Xenia Ave S, Ste 485 Minneapolis MN 55416
(866) 889-0550
Property Facts
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
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- Health Care and Social Assistance
- -
- -
- -
To everyone who calls the Northland home, Aspirus St. Luke’s and Aspirus Lake View offer medical excellence, advanced technology and authentic compassion. They are part of Aspirus Health, a network of 18 hospitals and 130 outpatient locations across northeastern Minnesota, northern and central Wisconsin, and the Upper Peninsula of Michigan. Founded as Aspirus St. Luke's – Duluth's’ first hospital – nearly 150 years ago, they are deeply invested in the communities they serve. The people they care for are their neighbors. That’s why you can expect to receive the best care, close to home, from a team that is passionate about your health and well-being.
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
|
|
Health Care and Social Assistance | - | - | - |
Property Taxes
| Parcel Number | 010361007614 | Improvements Assessment | $2,712,900 |
| Land Assessment | $629,500 | Total Assessment | $3,342,400 |
Property Taxes
Contacts
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Michael Moreno -
Rahul Chhajed -
Tyler Swade -
Kyle Mackulak -
Matthews Real Estate Investment Services
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Aspirus St. Luke’s Clinic | 4702 Grand Ave
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