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Yankee Square Office 3 Office Properties Offered at $8,519,000 in Eagan, MN
INVESTMENT HIGHLIGHTS
- This is the first time the property has been for sale since it was developed by the current owner
- ith average rents across the three buildings being at just over $13/SF, there is ample value-add opportunity through rent growth
- The property sits within a strong commercial submarket that has a collection of complimentary retail, industrial, office, and medical properties
- The investment consists of three multi-tenant office buildings, one one-story building and two two-story buildings
- Ownership has recently completed over $400,000 in capital expenditures
- The site is located within the Twin Cities MSA, just 20 minutes from downtown Minneapolis
EXECUTIVE SUMMARY
Jones Lang LaSalle Americas, Inc. (“JLL”), is pleased to exclusively offer for sale the fee-simple interest in Yankee Square Office located at 3460, 3464 & 3470 Washington Drive in Eagan, MN. The 57,392 SF office property consists of three buildings and sits on 4.90 acres of land. With average in-place rent just over $13/SF and occupancy at 99%, Yankee Square Office offers a unique opportunity to acquire a nearly-fully leased property with high potential for value-add through rent growth.
The rent roll consists of 35 tenants with a wide-range of diverse and complimentary uses. Nearly all tenants are on net leases, and no tenant makes up more than 12% of the NRA. With over $400,000 of recent capital expenditures, the property is well-positioned to attract new tenants and increase rents.
This site is located on the hard corner of Washington Dr and Federal Dr, just off of Yankee Doodle Dr. The property is located within the primary commercial corridor for Eagan and is strategically situated nearby I-35E, which carries 96,000 vehicles per day in the area. Within a three-mile radius of the center, average household income is above the national average and population growth is nearly 3x the national average. The property is ideally situated just 20 minutes from downtown Minneapolis within the Twin Cities MSA, which supports a growing population of approximately 4 million residents.
The rent roll consists of 35 tenants with a wide-range of diverse and complimentary uses. Nearly all tenants are on net leases, and no tenant makes up more than 12% of the NRA. With over $400,000 of recent capital expenditures, the property is well-positioned to attract new tenants and increase rents.
This site is located on the hard corner of Washington Dr and Federal Dr, just off of Yankee Doodle Dr. The property is located within the primary commercial corridor for Eagan and is strategically situated nearby I-35E, which carries 96,000 vehicles per day in the area. Within a three-mile radius of the center, average household income is above the national average and population growth is nearly 3x the national average. The property is ideally situated just 20 minutes from downtown Minneapolis within the Twin Cities MSA, which supports a growing population of approximately 4 million residents.
DATA ROOM Click Here to Access
- Offering Memorandum
PROPERTY FACTS
| Price | $8,519,000 | Number of Properties | 3 |
| Price / SF | $143.73 / SF | Individually For Sale | 0 |
| Cap Rate | 8.75% | Total Building Size | 59,272 SF |
| Sale Type | Investment | Total Land Area | 6.12 AC |
| Status | Active |
| Price | $8,519,000 |
| Price / SF | $143.73 / SF |
| Cap Rate | 8.75% |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 3 |
| Individually For Sale | 0 |
| Total Building Size | 59,272 SF |
| Total Land Area | 6.12 AC |
PROPERTIES
| PROPERTY NAME / ADDRESS | PROPERTY TYPE | SIZE | YEAR BUILT | INDIVIDUAL PRICE |
|---|---|---|---|---|
|
Yankee Square Office III
3460 Washington Dr, Eagan, MN 55122 |
Office | 24,288 SF | 1981 | - |
|
Yankee Square Office II
3470 Washington Dr, Eagan, MN 55122 |
Office | 24,288 SF | 1981 | - |
|
Yankee Square Office V
3464 Washington Dr, Eagan, MN 55122 |
Office | 10,696 SF | 2006 | - |
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