Barr & Bennett

1-760-929-9700
PROPERTIES FOR SALE
Your Net Lease Investment Experts
  • Home
  • About Us
    • Our Team
    • Expertise & Services
    • The Lee & Associates Platform
    • Affiliations & Community
  • Properties for Sale
  • Completed Sales
  • Sell Your Property
  • NEWS
    • Press Releases
    • Blog
  • CONTACT
111 Cherry Street | Class A Office Tower | Credit Tenancy
Mankato, MN
Price: $12,125,000Cap Rate: 6.50%Building SF: 34,387 SFLot Size: 0.25 AcreYear Built: 2014Status: Available
Download Brochure
Back to Listings
Cherry-St-Tower-Loopnet2
Cherry-St-Tower-Loopnet
Cherry-St-Tower-Gallery
Cherry-St-Tower-Gallery2
Cherry-St-Tower-aerial

Investment Highlights: 

100% Leased Class ‘A’ Office Tower – Desirable Credit Tenancy – Annual Rent Increases are Inflation Hedge – The building is 100% leased to Alltech and Northwestern Mutual Life Insurance Company (S&P: AA+).  Alltech occupies a total of 25,372 rentable square feet on the 3rd, 4th and 5th floors of the building. Northwestern Mutual occupies 9,015 square feet on the 2nd floor of the building. Both leases contain 2% and 2.5% annual rent increases respectively, providing an investor with an excellent hedge against inflation.

Below Market Rents | Constrained Supply of Class ‘A’  Office Space in the Market – Low Vacancy Rate for Comparable Space – Both tenants are paying below-market rents. Additionally, there is a constrained supply of Class ‘A’ office space in the market and a low 3.3% vacancy rate, as well as a shortage of new Class ‘A’ office space under construction in the Mankato submarket, ensuring the subject property will remain in demand.

Adjacent to Mankato Place/City Center – Destination for Shopping, Entertainment, Hotels and Government Services – Key Driver of Demand for Office Space within the Subject Property  – The subject property is also ideally located adjacent to Mankato Place, a destination for shopping, entertainment, government services, and business. The Mankato Place development includes the historic Brett’s building and draws heavy traffic from the adjacent 7,300-seat Mayo Clinic Health System Event Center, Hilton Garden Inn, and 5,300-seat Mankato Event Center, which is home to the Minnesota State Mavericks hockey team and site of musical performances, conventions, and other events. Mankato Place is a crucial driver of tenant demand within the Mankato Office Tower (subject property).

Strategic Location on Signalized Intersection of Cherry St & S Riverfront Dr (22,000 CPD) – Excellent Signage & Visibility – Major Travel Artery In/Out of Downtown Mankato – Quick Access to SR-14 –  The building is strategically located at the signalized intersection of Cherry Street and South Riverfront Drive, offering visibility and signage to combined traffic counts of 22,000 cars per day. The property features a high profile creative office buildout, extensive natural light, reserved parking in the adjacent 4-level parking garage (not part of the offering), and is strategically located just one-half mile from the on/off ramp to SR-169 for direct access to SR-14. 

Area of Tremendous Growth – Top Location for Business – New Developments in Pipeline – The Mankato-North Mankato MSA saw 19% growth in GDP between 2010-2018 and its population grew by 3.48%. With a workforce of over 250,000 within a 60-minute commute, and a cost of doing business that is 11% below the national average, the region has become the site of expansive new development including over 230 apartment units, an 88,000-square-foot addition to Johnson Outdoors’ distribution center, a new Mayo Clinic facility, and a 118-unit assisted living facility.

Within One Hour of Minneapolis-St Paul – Regional Economic Hub for Southern Minnesota – Home to Major Employers: Taylor Corp, Mayo Clinic Health System, Johnson Outdoor, Kato Engineering – The city of Mankato is located in southern Minnesota. The community is known for its exceptional quality of life, educated workforce and worker productivity. Mankato and North Mankato have experienced tremendous growth over the past decade, evolving into a regional center that provides services to a population of 1.6 million within a 60-mile radius. Greater Mankato’s strong, diverse economy is built around manufacturing, health care, services, agriculture, technology and retail.

Ryan Barr

rbarr@lee-associates.com
O. 760.448.2446
F. 760.929.9977

Ryan Bennett

rbennett@lee-associates.com
O. 760.448.2449
F. 760.929.9977

Newsletter sign up
Be the First to See Our New Investment Properties


View Now

View Now
Get exclusive access to our net lease commercial listings.

Letter of Intent (LOI)

Non-binding document outlining the general terms and conditions for buying a property from Barr & Bennett Net Leased Investments

Sell Your Property

Ryan Barr & Ryan Bennett | Barr & Bennett Net Leased Investments
1900 Wright Place, Suite 200 Carlsbad, CA 92008 | P: 760-929-9700 | F: 760-929-9977

Copyright © 2021 Barr & Bennett Net Leased Investments. All rights reserved. Terms of Use | Privacy Policy

Developed by TinyFrog