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Hansen Retail Development 2112 Maple Grove Rd 14,000 SF 100% Leased Retail Building Duluth, MN 55811 $10,558,041 CAD ($754.15 CAD/SF) 6.25% Cap Rate

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Investment Highlights

Highly successful retail center with long term tenancy
BELOW MARKET RENT WITH STRONG POTENTIAL TO INCREASE NOI
Directly “in the heart” of Duluth’s primary retail market surrounded by many national retailers

National retail brands featuring Panera Bread, Verizon, Vitamin Shoppe and Sleep Number
Minimal landlord management obligations
Adjacent to Simon’s Miller Hill Mall – the dominant shopping destination for the region

Executive Summary

CBRE is pleased to present this “Best in Class” retail development located in Duluth, MN with 4 national retail brands, all of whom have been here since the property was developed in 2014. Panera, Verizon, Vitamin Shoppe and Sleep Number. Both Verizon and Vitamin Shoppe are significantly below market rent. Positioned at the high traffic signalized intersection of Miller Trunk Highway and Maple Grove Road along the city’s busiest commercial corridor, this high visibility site sits steps from Simon’s 831,000 SF Miller Hill Mall—the dominant shopping destination for the entire Northland region. The property is ideally suited for a first class retail development such as this, with strong traffic, excellent visibility and access, and proven national credit co tenancy.

OM-Hansen Center-Duluth, MN

Property Facts

Sale Type

Investment

Property Type

Retail

Property Subtype

Storefront

Building Size

14,000 SF

Year Built

2014

Price

$10,558,041 CAD

Price Per SF

$754.15 CAD

Cap Rate

6.25%

NOI

$659,886 CAD

Percent Leased

100%

Tenancy

Multiple

Building Height

1 Story

Building FAR

0.17

Lot Size

1.93 AC

Parking

66 Spaces (4.71 Spaces per 1,000 SF Leased)

Major Tenants

Panera Bread
Retailer
4,509 SF
-
-

Sleep Number
Retailer
3,352 SF
-
-

Information
3,700 SF
-
-

The company was formed in 2000 through the merger of Bell Atlantic and GTE, creating a communications business with roots in earlier regional telephone and network operations. Verizon provides wireless service, fixed wireless access, and fiber broadband for consumer customers, while also serving businesses and government agencies. The company's business offerings include data, video, conferencing, corporate networking, security, managed network services, voice services, and internet of things connectivity, giving Verizon a broad role across the communications technology market.

Vitamin Shoppes
Retailer
2,439 SF
-
-

Tenant	Industry	SF Occupied	Rent/SF	Lease End
Panera Bread	Retailer	4,509 SF	-	-
Sleep Number	Retailer	3,352 SF	-	-
	Information	3,700 SF	-	-
Vitamin Shoppes	Retailer	2,439 SF	-	-