Fully Leased Corner Retail Center NNN Investment Opportunity › d2 › cd93V06... · Optical....
Transcript of Fully Leased Corner Retail Center NNN Investment Opportunity › d2 › cd93V06... · Optical....
275 Market Street, Suite #561Minneapolis, MN 55405612 383 2589 telnailegacy.com
For more informationGarrett FarmerO: 612 383 [email protected]
Fairmont Corner Retail Center1023 Blue Earth AveFairmont, Minnesota 56031
Property Highlights• Fully Renovated two (2) tenant strip center
• Ideally situated along the main retail thoroughfare in Fairmont, MN
• Strong farming and agricultural based community with stabile population
• National and regional credit tenants in AT&T and Shopko Optical
• Short-term predictable income.
Property DescriptionNNN Investment Opportunity. Well suited for a 1031 Exchange Investor, or freshequity Investor. Opportunity to acquire a fully leased and renovated corner two (2)tenant retail strip center in the heart of Fairmont, MInnesota - a community ofapproxinmately 10,600 people and situated along Interstate 90 in southernMinnesota. The renovated store will consists of approximately 3,219 square feet ofretail area and is leased to two (2) credit worthy tenants - AT&T and ShopkoOptical. AT&T's lease is for an initial term of three (3) years with options to extendfor a total of nine (9) years. Shopko's lease is for an initial term of five (5) years withoptions to extend for a total of twenty-five (25) years.
OFFERING SUMMARY
Sale Price $839,000
Lot Size 0.38 Acres
Building Size 3,264 SF
Major Tenants AT&T, Shopco Optical
Stabilized NOI $64,000
CAP Rate 7.65%
DEMOGRAPHICS
Stats Population Avg. HHIncome
1 Mile 1,142 $45,485
5 Miles 14,905 $54,297
10 Miles 19,210 $55,711
Fully Leased Corner Retail Center
NNN Investment Opportunity$839,000
275 Market Street, Suite #561Minneapolis, MN 55405612 383 2589 telnailegacy.com
Location Maps
Fairmont, the City of Lakes, is a community of 11,000 located in the heart of southernMinnesota. The community provides an array of recreation, educational, and health careservices supporting a regional service area population of over 20,000 and is the county seat forMartin County. Centrally located along I-90 and Highway 15, the City is noted for its hospitality,friendly residents, unique specialty shops, and picturesque lakes, making Fairmont “SouthernMinnesota’s best kept secret.” The City’s five lakes provide a valuable community resource and afford residents and visitorsalike with recreational areas for swimming, pleasure boating, water skiing, and fishing. Otherattractions include the Fairmont Aquatic Park, a variety of public and private 18-hole golfcourses and several historic venues for artistic endeavors and enrichment opportunities. A full array of K-12 educational services are available from the public and private religious-
based schools serving the area. The Southern Minnesota Educational Campus is a one-stop
shop for post-secondary education providing an assortment of college courses and degree
programs offered by public and private religious-based secondary institutions in the region.
275 Market Street, Suite #561Minneapolis, MN 55405612 383 2589 telnailegacy.com
Fairmont, Minnesota
* Demographic data derived from 2010 US Census
Population 1 Mile 5 Miles 10 MilesTOTAL POPULATION 1,142 14,905 19,210
MEDIAN AGE 44.3 45.1 44.9
MEDIAN AGE (MALE) 43.3 43.1 43.0
MEDIAN AGE (FEMALE) 44.6 46.0 45.9
Households & Income 1 Mile 5 Miles 10 MilesTOTAL HOUSEHOLDS 535 6,740 8,533
# OF PERSONS PER HH 2.1 2.2 2.3
AVERAGE HH INCOME $45,485 $54,297 $55,711
AVERAGE HOUSE VALUE $106,332 $125,516 $128,126
Ethnicity 1 Mile 5 Miles 10 Miles% HISPANIC 8.3% 4.8% 4.2%
Race 1 Mile 5 Miles 10 Miles% WHITE 96.8% 98.1% 98.1%
% BLACK 0.7% 0.4% 0.4%
% ASIAN 0.1% 0.2% 0.3%
% HAWAIIAN 0.0% 0.0% 0.0%
% INDIAN 0.6% 0.3% 0.3%
% OTHER 1.8% 1.0% 0.9%
Demographics Map
275 Market Street, Suite #561Minneapolis, MN 55405612 383 2589 telnailegacy.com
PROPERTY NAME:Fairmont Corner Retail
Center
PROPERTY ADDRESS:1023 Blue Earth Ave E
Fairmont, MN 56031
PROPERTY TYPE: Retail Strip Center
APN: 232.180.360
LOT SIZE: 16,600 SF
GROSS LEASABLE AREA: 3,219 SF
BUILDING CLASS: New Construction
ZONING: Commercial
YEAR BUILT: 1991
YEAR RENOVATED: 2019
NUMBER OF STORIES: 1
FOMRER USE: Corner Gas Station
FOUNDATION: Slab on Grade
WALLS: Steel Framed, Stucco
ROOF: Flat, Built-up, New in 2019
PARKING AREA:12,000 SF of area dedicated
for parking.
Property Details
275 Market Street, Suite #561Minneapolis, MN 55405612 383 2589 telnailegacy.com
AT&T Inc. is an American multinational conglomerate holding company headquartered at Whitacre Tower in Downtown Dallas, Texas. It is the world's largest telecommunications company, the largest provider of mobile telephone services, and the largest provider of fixed telephone services in the United States through AT&T Communications. Since June 14, 2018, it is also the parent company of mass media conglomerate Warner Media, making it the world's largest media and entertainment company in terms of revenue. As of 2018, AT&T is ranked #9 on the Fortune 500 rankings of the largest United States corporations by total revenue.
Shopko Optical is the re-branded optical and eyewear service offerings and storefront of the original Shopko stores and is in business to serve the eyecare needs of rural communities throughout the Midwest. Shopko was a chain of retail stores based in Ashwaubenon, Wisconsin. All locations closed on June 23, 2019. The company was founded in 1961 by James Ruben as ShopKo Corporation. It opened its first store in 1962 in Green Bay. Shopko filed for Chapter 11 bankruptcy on January 16, 2019. On March 18, 2019, Shopko announced it would close all of its locations by summer 2019. All remaining locations closed at the end of business on June 23, 2019. Shopko Optical remains and is growing with multiple locations throughout the Midwest.
ShopkoOptical.com Store Location
275 Market Street, Suite #561Minneapolis, MN 55405612 383 2589 telnailegacy.com
Tenant Summary
275 Market Street, Suite #561Minneapolis, MN 55405612 383 2589 telnailegacy.com
MN #40247953
GARRETT FARMER
Senior Director
[email protected]: 612.383.2590 | Cell: 612.201.6282
PROFESSIONAL BACKGROUND
Mr. Farmer is a Director at NAI Legacy overseeing investments acquisitions and client brokerage relationships throughout the Midwest.Mr. Famer has completed over $900 million of commercial and residential real estate transactions which include the acquisition anddisposition of industrial, office and retail properties; residential and multi-unit housing properties and ground-up development of hotel,multi-unit housing, and select build-to-suit single tenant properties. Mr. Farmer's background includes structured real estate investmentvehicles as single-property private placements, private equity funds, tax deferred exchanges, and tax deferred equity syndications.
Prior to NAI Legacy, Mr. Farmer served in various property acquisitions and dispositions roles with public and private real estateinvestment companies. Mr. Farmer served as the Senior Acquisitions Manger at The Ackerberg Group, a Minneapolis based private realestate investment and development company and was involved in the creation of a $50 million private equity fund regulated by SEC506(b) and subsequently completed the purchase of eight (8) separate urban focused properties. Mr. Farmer was the Director ofInvestments at Talon Real Estate Holding Corp. (OTC: TALR); a publically traded real estate company structured as a Real EstateInvestment Trust (REIT). Mr. Farmer oversaw the acquisition of $65 million in properties structured as tax deferred mergers - umbrellapartnerships (UPREIT). Mr. Farmer also served as the Executive Vice President of Investments at Geneva, a private real estate investmentand wealth management company and oversaw the acquisition of $700 million in commercial and residential properties locatedthroughout the Midwest, Phoenix and Florida accounting for over 4.5 million square feet of space, which included all major propertytypes, hotel and senior housing. Mr. Farmer was a Vice President at Stonehaven Realty Trust and RESoft, Inc. (AMEX: RPP); a publiclytraded REIT and technology company and oversaw property management operations, third party accounting and investor reporting inaccordance with public company procedures.
Mr. Farmer is a graduate from the University of St. Thomas in St. Paul, Minnesota; is a licensed Real Estate Broker and is affiliated invarious industry associations. Mr. Farmer also currently services as a principal and primary broker at Structure Real Estate, LLC - aMinneapolis based real estate brokerage company providing transaction services to home buyers and sellers.
NAI LEGACY275 Market Street Suite #561
Minneapolis, MN 55405612.383.2589
For Sale
Retail Property3,264 SF | $839,000