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753 53rd Ave NE

Fridley, MN 55421

$3,935,000

Freestanding For Sale  •  15,240 Sq Ft

Property Details

  • Property Type Freestanding
  • Total Building Size 15,240 Sq Ft
  • Lot Size 1.97 ac
  • Building Class B
  • Year Built 2005
  • Cap Rate 8.50 %
  • Tenancy Single
  • Zoning C-3
39 Transit Score
64 Walk Score

Description

CBRE is pleased to offer for sale the Petco in Fridley, Minnesota. The property consists of a 15,240 square foot building on 1.97 acres located at the intersection of Interstate 694 and Central Avenue (Highway 65). This intersection carries combined traffic counts of more than 160,000 vehicles every day. Super Target anchors this Petco, which also benefits from its proximity to Medtronic’s operational headquarters which are located just on the other side of I-694. This adjacent Target location was one of twenty-eight Twin Cities sites identified by Target Corporation for a major store remodel, indicating the organization’s confidence in the strength of this retail trade corridor.

Petco originally signed a lease for fourteen years and extended early in 2012 for an additional four years and eight months. The lease is double net requiring minimal landlord responsibilities and has healthy 10 percent rental increases in each of their two remaining options.

Highlights

Above Market Yield - 8.50% CAP Rate
Petco Executed Early Lease Extension in 2012
High Visibility
Abundant Local Traffic Drivers, Including Newly Remodeled Target
NN Lease with 10 Percent Rental Increases in Options

Property Flyers

Financial Summary

Cap Rate: 8.50 %

Major Tenants

Tenant SF Occupied Lease End Date
Petco Animal Supplies 15,260 SF 1/31/2020

Amenities

  • Air Conditioning
  • Signage

Public Transportation

Commuter RailDriveWalkDistance
Fridley Station Commuter Rail (Northstar Corridor) 7 min - 2.4 mi
Target Field Station Commuter Rail (Northstar Corridor) 16 min - 7.1 mi
AirportDriveWalkDistance
Minneapolis–Saint Paul International Airport 33 min - 17.1 mi

Parking Details

Parking Available: No
Reserved: No
Type: Covered
Included in Rent: Yes
AJ Prins 952-924-4600 CBRE
AJ Prins 952-924-4600 CBRE