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5743-5763 Blaine Ave
Inver Grove Heights, MN 55076 Inver Grove Heights

$2,130,000

Freestanding For Sale  •  8,952 Sq Ft

Property Details

  • Property Type Freestanding
  • Total Building Size 8,952 Sq Ft
  • Lot Size 0.99 ac
  • Building Class C
  • Year Built 2005
  • Cap Rate 7.75 %
  • Tenancy Multiple
26 Transit Score
38 Walk Score

Description

The Cooper Commercial Investment Group has been exclusively retained by ownership to sell the 100% fee simple interest in the Inver Grove Market II, a 100% occupied retail center anchored by Caribou Coffee (corporately guaranteed). The asset is being offered for $2,130,000, representing an attractive 7.75% CAP Rate. The property features anchor tenant Caribou Coffee, who is an original tenant to the building (2005), expanded adding a drive-thru (2017) and recently executed an extension through 2027 that includes a mid-term rental increase. Caribou Coffee, a recession proof coffeehouse that has over 605 locations, making it the second largest company-operated premium coffeehouse in the United States. Furthermore, Caribou’s headquarters is located in Minneapolis further proving the need for the retailer in the Inver Grove Heights market. The center also includes three new leases, which puts 75% of the center leased to 2027 and beyond. The stable occupancy and excellent diversification of all the service-oriented tenants, makes this property an unbeatable asset. 

The property has prominent monument signage at a corner location just off I-52 (69k VPD), the direct route to Minneapolis/Saint Paul. The Upper 55th Street/Blaine Avenue (31,000 VPD) is the heart of the business corridor and has grown to be retail hub for Inver Grove Heights and the surrounding communities with the addition of hotels, restaurants and the new AMC Inver Grove 16-screen IMAX movie theatre.  Inver Grove Market sits directly in front of the new theatre and the access road offers other complimentary retailers including: Outback Steakhouse, Holiday Inn Express, B-52 Burgers, Old World Pizza, while also being positioned across from Applebee’s, Jimmy Johns and El Azteca.

Furthermore, the center is positioned in a growing commercial corridor and is surrounded by hundreds of employees on a daily basis. Gerten’s Greenhouses, one of the largest garden centers in the Midwest is located directly across Blain Avenue and employs 475 people at this location in Inver Grove Heights.  Additionally, across Upper 55th Street, Blackberry Office Park & Professional Suites can be found with a number of insurance, medical and financial offices. The city also boasts the headquarters of CHS, Inc., an agricultural cooperative ranked 145th on the Fortune 500 list of U.S. corporations with 880 employees. CHS is positioned just on the other side of I-52 less than 1-mile to the property. In front of the CHS headquarter is HealthPartners further adding to the employment in the area.  The largest employer, Pine Bend Refinery/Flint Hills Resources, is located approximately 8 miles south and is the largest oil refinery in Minnesota and fourteenth largest in the U.S. and employs over 1,200 people.

Highlights

100% Occupied, NNN Center: Positioned On Corner Location Off Main Thoroughfare in High Growth Area
Anchor Tenant, Caribou Coffee (Corporately Backed): Added Drive-Thru and Extended Lease for 10-Years (Expires 2027)
Strong Recession Proof Anchor with ALL Service-Oriented Tenants, Providing Long-Term Stability
Recently Extended or Newly Executed Leases: Over 75% of the Center is Leased to 2027 and Beyond
Prominent, Signalized Corner Location (Upper 55th Street & Blaine Avenue) Surrounded by 31,000 VPD with Direct Access to I-52 (62,000 VPD)
Strong Demographics in Growing Suburban Market: Average Household Incomes Over $106,000 Within 5-Miles

Property Flyers

Cap Rate: 7.75 %

Major Tenants

Tenant SF Occupied Lease End Date
Caribou Coffee Company Inc. 1,650 SF 1/31/2027
Parkview Cat Clinic 2,001 SF 3/31/2029
RH Health & Injury Specialists 2,998 SF 4/30/2029

Amenities

  • Air Conditioning
  • Dedicated Turn Lane
  • Signage
  • Signalized Intersection

Parking Details

Parking Available: No
Reserved: No
Type: Covered
Included in Rent: Yes
Dan Cooper 216-562-1981 Cooper Commercial Investment Group
Dan Cooper 216-562-1981 Cooper Commercial Investment Group