Shadow Anchored by Consistent Top Performing Trader Joe’s in the State – Strong Customer Draw to Center – Retail Synergy – The center is shadow anchored by Trader Joe’s, a privately held chain of specialty grocery stores with 467 locations in 41 states and Washington D.C. (as of Aug 2017). The Trader Joe’s is a top 3 performing store in the state of Wisconsin, providing an outstanding customer draw to the center. In addition, the subject property benefits from a strong retail synergy with neighboring retailers including BP, Associated Bank, PJ Murphy’s Bakery, Maverick’s Pizza, US Post Office, Burger King, Starbucks, US Bank, Kowalski’s Markets, and more.
100% Leased Neighborhood Center – Desirable Tenant Mix – Staggered Lease Expirations – The subject property is a 100% leased neighborhood center located in St. Paul’s highly affluent Highland Park neighborhood. The center offers a desirable tenant roster of national and regional tenants including Papa John’s Pizza, Rusty Taco, V&T Nails, and Shark Tooth Tattoo.
Triple-Net (NNN) Leases – Staggered Expiration – Rent Growth – Minimal LL Responsibilities – The rent roll features staggered lease expirations over the next five years with rent growth ranging from 3%-10%. In addition, the Triple-Net (NNN) nature of the lease structures offer an owner minimal landlord responsibilities, providing an investor with a stabilized low-maintenance investment.
Located on Hard Corner Signalized Intersection – Excellent Visibility & Traffic Counts – The subject property is located on the hard corner signalized intersection of Randolph Ave & Lexington Pkwy, which see combined traffic counts of 30,000+ cars per day. Lexington Pkwy is a main commuter corridor for travelers to/from Interstate 35E, providing excellent visibility and signage to the center.
Immediate Freeway Access – Minutes to Downtown St Paul-Minneapolis-International Airport – The center is located one block from the on/off ramp to Interstate 35E (82,000 cars per day), providing quick access to downtown St. Paul (5 miles away), downtown Minneapolis (9 miles away), and the Minneapolis-St Paul International Airport (4.6 miles away).
Desirable Twin Cities Market – Affluent Demographics & High Quality of Life –
The center is located in the St Paul neighborhood of Highland Park, just minutes from Downtown St. Paul. The area is densely populated, with nearly 336,000 people within a 5-mile radius of the subject property with an average household income of over $78,000.
St Paul is the capital city of Minnesota and the state’s second most populous city, and along with Minneapolis, forms the “Twin-Cities”. The Twin Cities’s economy is the 13th largest in the U.S. and ranks second in the Midwest. The Minneapolis-St. Paul area also ranks as the second largest medical device manufacture center in North America and the fourth-biggest U.S. banking center, based on total assets of banks headquartered in the metro area, ranking behind the New York, San Francisco, and Charlotte, N.C. metropolitan areas.