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Shopping Community

Eastside Commons (Hy-Vee Anchored)

700-790 22nd Ave S, Brookings, SD 57006

Listing Price: $14,467,000

Cap Rate
7.00%
Rentable SF
159,684
Lot Size
13.65 acres
Year Built
1973

Investment Overview

Marcus & Millichap is pleased to exclusively present Eastside Commons, the premier grocery anchored retail center in Brookings, South Dakota. The rent roll boasts a tremendous variety of tenants who enjoy a location serving residential neighborhoods as well major businesses, such as the 3M Brookings plant (1,000+ employees). This well-maintained retail center is located near Interstate 29, the north/south corridor linking Sioux Falls (55 miles to the south) and Fargo, North Dakota (149 miles to the north). The center is anchored by Hy-Vee Grocery Store, Brookings Municipal Liquor Store and a Biomat Plasma Center. Eastside Commons is home to a mix of national brands and small business retailers. This grocery-anchored community center is ideally positioned for businesses entering the marketplace, which makes the “value-add” component of this investment opportunity extremely attractive for savvy retail development/investment groups. As of August 1, 2022, the center is approximately 74.5-percent occupied, making the 40,000 square feet of vacancy a tremendous opportunity for a retail investor adept at unlocking the full value and cash flow a quality grocery anchored center will provide. Additionally, the improvements are situated on 13+ acre parcel in a manner that provides for multiple pad site development opportunities. This will allow a new owner to pursue the variety of options for pad site sales, completing build-to-suits, or simply offering ground leases.

Investment Highlights

  • A Hy-Vee Grocery Anchored Community Shopping Center
  • Stabilized Rent Roll with Significant "Value-Add" Opportunities
  • Approximately 40,000 Square Feet of Rental Area as of August 1, 2022
  • Four Pad Site Development Opportunities to Ground Lease or Sell
  • Major Street Frontages with Three-Sided Access to the Property
  • 22nd Ave (10,200+ Cars per Day) – One of Brookings Busiest Streets
  • Located Near Interstate 29 – Linking Sioux Falls, South Dakota to Fargo, North Dakota
  • Major Tenants Include: Brookings Municipal Liquor Store (Recent Lease Extension), Biomat Plasma Center (Parent Ticker NASDAQ: GRFS), and Anytime Fitness (Franchisee with 200+ units)

Exclusively Listed By

Broker of Record

  • Jon Ruzicka

    First Vice President Investments

    (952) 852-9700

    License(s) SD: 17724

    South Dakota

Shopping Community

Eastside Commons (Hy-Vee Anchored)

Listing Price: $14,467,000

Cap Rate
7.00%
Rentable SF
159,684
Lot Size
13.65 acres
Year Built
1973

Investment Highlights

  • A Hy-Vee Grocery Anchored Community Shopping Center
  • Stabilized Rent Roll with Significant "Value-Add" Opportunities
  • Approximately 40,000 Square Feet of Rental Area as of August 1, 2022
  • Four Pad Site Development Opportunities to Ground Lease or Sell
  • Major Street Frontages with Three-Sided Access to the Property
  • 22nd Ave (10,200+ Cars per Day) – One of Brookings Busiest Streets
  • Located Near Interstate 29 – Linking Sioux Falls, South Dakota to Fargo, North Dakota
  • Major Tenants Include: Brookings Municipal Liquor Store (Recent Lease Extension), Biomat Plasma Center (Parent Ticker NASDAQ: GRFS), and Anytime Fitness (Franchisee with 200+ units)

Investment Overview

Marcus & Millichap is pleased to exclusively present Eastside Commons, the premier grocery anchored retail center in Brookings, South Dakota. The rent roll boasts a tremendous variety of tenants who enjoy a location serving residential neighborhoods as well major businesses, such as the 3M Brookings plant (1,000+ employees). This well-maintained retail center is located near Interstate 29, the north/south corridor linking Sioux Falls (55 miles to the south) and Fargo, North Dakota (149 miles to the north). The center is anchored by Hy-Vee Grocery Store, Brookings Municipal Liquor Store and a Biomat Plasma Center. Eastside Commons is home to a mix of national brands and small business retailers. This grocery-anchored community center is ideally positioned for businesses entering the marketplace, which makes the “value-add” component of this investment opportunity extremely attractive for savvy retail development/investment groups. As of August 1, 2022, the center is approximately 74.5-percent occupied, making the 40,000 square feet of vacancy a tremendous opportunity for a retail investor adept at unlocking the full value and cash flow a quality grocery anchored center will provide. Additionally, the improvements are situated on 13+ acre parcel in a manner that provides for multiple pad site development opportunities. This will allow a new owner to pursue the variety of options for pad site sales, completing build-to-suits, or simply offering ground leases.

Exclusively Listed By

Broker of Record

  • Jon Ruzicka

    First Vice President Investments

    (952) 852-9700

    License(s): SD: 17724

    South Dakota

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