Shopko – Austin, MN For Sale @ $7,960,000 (8.0% cap rate with NOI of $637,188). Leasable area of 90,461 Square Feet
- Absolute NNN lease – zero landlord responsibilities
- Fifteen (15) years remaining on the lease term, providing long-term passive income and security
- Guaranteed by Specialty Retail Shops Holding Corp. (“SRSHC”)
- Annual contractual rent increases provide a strong hedge against inflation
- YOY sales growth for the past three years
- Shadow anchored by Hy-Vee grocery store, Anytime Fitness, Younkers, and CineMagic 7 movie theatres – daily needs and entertainment tenants increase consumer draw to the shopping center
- The property benefits from the redevelopment of the Oak Park Mall – including a brand new 60,000 – 90,000 Hy-Vee grocery store, a redesigned smaller mall that will house the movie theater and AnyTime Fitness, and a remodeled stand-alone Younkers store
- Convenient accessibility and signage off of I-90, the main interstate arterial through the city
- Average household income of nearly $60,000 in a 5-mile radius
- Close proximity to the corporate headquarters of Austin’s largest employer, Hormel Foods Corporation, with more than 400 employees as well as the 80-bed Mayo Clinic Health System
- In the center of Austin’s retail corridor with strong neighboring tenants in the trade area including: Walmart Supercenter, Aldi, Sears Hometown Store, Dollar Tree, Jo-Ann Fabric and Craft Stores, Staples, Hibbett Sports, AutoZone, O’Reilly Auto Parts and more.
Check out the Offering Memorandum for additional information.
Matthews Property Website: http://www.matthews.com/properties/stnl-shopko-austin-mn/