SAINT PAUL, MN – [August 15, 2019] – Blue West Capital has completed the sale of a single tenant Caribou Coffee property located at 1817 Randolph Avenue in Saint Paul, MN for $1,235,000. Zach Wright of Blue West Capital represented the seller in the transaction; a private investor based in Colorado. The purchaser was a local 1031 exchange investor.
Caribou Coffee has operated at the 1,544 square foot infill property since 2004. The property is located at a strategic signalized intersection across the street from the College of St. Catherine-St. Paul (25,000 students). The surrounding area is densely populated with over 23,000 people living within one mile, and the property is benefitted by major barriers to entry.
Caribou Coffee has a proven operating history at the location and recently exercised a renewal option. Caribou Coffee is headquartered in Edina, MN and operates approximately 500 locations in 18 states. They have approximately 285 locations in Minnesota. The company is owned by JAB Holding Company, a privately held German conglomerate that also owns Panera Bread, Einstein Bros Bagels, Krispy Kreme, Peet’s Coffee, Bruegger’s Bagels, and the majority of Keurig Dr. Pepper.
“Investors continue to gravitate towards well-positioned infill properties in core markets such as the Minneapolis-Saint Paul MSA. The irreplaceable location coupled with the tenant’s proven operating history and recently exercised renewal option resulted in significant investor interest in this deal,” said Zach Wright, Director of Net Lease Investment Sales.
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