Chanhassen, MN
Price: $4,665,000
Cap Rate: 6.00%
Status: UNDER CONTRACT

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Blue West Capital is pleased to present the sale of a multi-tenant retail property located in the affluent Minneapolis suburb of Chanhassen. The 20,166 square foot property is leased to e-commerce resistant, and essential tenants including Tide Dry Cleaning, Crisp & Green, Floyd’s Barbershop, Palm Beach Tan, and others. The property is 84% leased and offers a future owner upside to an already stable and accretive investment.

Located just 20 miles southwest of downtown Minneapolis, Chanhassen is an affluent and dense suburb of Minneapolis. Within a five-mile radius, there are over 121,000 people with average household incomes of over $145,000. The subject property offers excellent accessibility, as it is located off of Highway 5 (37,000 VPD), which is the main thoroughfare in the market.

  • 79th Street Center is an 84% leased multi-tenant shopping center located in one of the most affluent suburbs of Minneapolis. 
  • Essential and internet proof tenant line up. The center features Tide Dry Cleaning (drive-thru), Crisp & Green (drive-thru), Floyd’s Barbershop, Palm Beach Tan, Soya Sushi & Grill, and others. 
  • Affluent and dense demographic base with 121,643 people within a five mile radius with average household incomes exceeding $145,000.
  • Excellent accessibility, positioned off of Highway 5 (Augie Mueller Memorial Highway) in the heart of the Chanhassen retail node. There are over 46,300 combined vehicles per day at the subject property.
  • Value-Add component via leasing up the 3,126 square feet of vacancy. 
  • Recent leasing velocity in the last twelve months. 37% of the GLA signed a lease in 2021.
  • In-place rents are below market, providing the future owner with a stable and accretive investment opportunity. 
  • Limited LL responsibilities, every tenant is on a NNN lease. 
  • Recently renovated with a new TPO roof (20-year warranty), milled the entire parking area and installed a 2 ½ inch asphalt overlay, new façade, new LED parking lot lights, and a new alarm monitored fire sprinkler system for the entire building.
  • Free & Clear.

OFFERING SUMMARY

Price: $4,665,000
Cap Rate: 6.00%

Building Size: 20,166 SF
Lot Size:
1.65 Acres

INVESTMENT CONTACT

CARLY KELLY
Director
Investment Sales
720.828.6290
Carly@BlueWestCapital.com

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2022-03-31T12:45:16-07:00
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