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Caribou Coffee 1661 Commerce Dr 2,508 SF Retail Building North Mankato, MN 56003 $1,962,254 CAD ($782.40 CAD/SF) 5.75% Cap Rate
Investment Highlights
- Rent 36% Below New Caribou Locations – In-place rent of $85,900 sits well below the ~$135,000 average at newer Caribou stores
- Two 10% Increases Over Next 6 Years – Unlike most deals with 11 years remaining, this lease features two 10% rent increases occurring in 2029 and 2032
- 90-Minute Drive from Corporate Headquarters – Situated within a 90-minute drive of Caribou’s global headquarters in the Twin Cities
- Early Lease Extension Signals Store Strength – Despite six years still remaining on the base term, the tenant exercised their first 5-year option
- Corporate Lease with a National Coffee Operator – The lease is guaranteed by Caribou Coffee, a large, creditworthy operator with 800+ locations
- Flagship “Cozy Café” Format – Features Caribou’s signature sit-down Cozy Café concept—designed for longer dwell times, repeat customers
Executive Summary
Broker of Record
Kurt Sauer
License # 41005445 (MN)
Matthews of Minnesota, LLC
701 Xenia Ave S, Ste 485 Minneapolis MN 55416
(866) 889-0550
Kurt Sauer
License # 41005445 (MN)
Matthews of Minnesota, LLC
701 Xenia Ave S, Ste 485 Minneapolis MN 55416
(866) 889-0550
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Freestanding
Building Size
2,508 SF
Building Class
B
Year Built
1980
Price
$1,962,254 CAD
Price Per SF
$782.40 CAD
Cap Rate
5.75%
NOI
$112,830 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.06
Lot Size
0.92 AC
Zoning
Commercial
Parking
11 Spaces (4.39 Spaces per 1,000 SF Leased)
Frontage
200’ on COMMERCE DR
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
-
- Accommodation and Food Services
- -
- -
- -
Leurs fondateurs ont ouvert le tout premier Caribou Coffee en 1992 avec la vision d'établir un lien personnel dans l'expérience du café. Depuis plus de trente ans, cet objectif cultive sa norme mondiale en matière d'ingrédients de haute qualité, de café de spécialité, de pratiques durables et de relations réelles. Il s'agit d'une marque mondiale avec des cafés centrés sur la communauté offrant des boissons artisanales et des aliments dignes de ce besoin aux clients dans plus de 800 endroits dans 11 pays.
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
|
|
Accommodation and Food Services | - | - | - |
Nearby Major Retailers
Property Taxes
| Parcel Number | R-18.861.0010 | Improvements Assessment | $571,516 CAD |
| Land Assessment | $255,509 CAD | Total Assessment | $827,026 CAD |
Property Taxes
Parcel Number
R-18.861.0010
Land Assessment
$255,509 CAD
Improvements Assessment
$571,516 CAD
Total Assessment
$827,026 CAD
Contacts
-
Joe Polak -
Ryan Fitzgibbons -
Conrad Sarreal -
Matthews Real Estate Investment Services
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