Investment Overview

Marcus & Millichap is pleased to present the Charter Bank Office building located in Chaska, Minnesota.

The 10,046 square foot building sits on 0.54 acres at the hardcorner of Chaska Boulevard and North Walnut Street. The building is positioned as an outlot to the Coopers Foods and Dollar Tree anchored shopping center behind it, and across the street from Walgreens. This corridor is arguably the highest trafficked thoroughfare in Chaska, as Chaska Boulevard runs east/west through Chaska and eventually feeds into Carver, Minnesota. Chanhassen, Minnesota sits just north of Chaska and is home to over 25,500 residents and national retailers like Target, Home Depot, Kohls, Petco, Cub Foods and several others. Chaska is just 26 miles outside of Minneapolis and is also close to Eden Prairie, Bloomington, Edina and Burnsville.

The building was built originally in 2000 and is comprised of four total suites. The deal being offered fully stabilized at 100 percent occupancy. The Seller is to sign a two-year master lease on the 872 square foot vacant suite at $11.50 per square foot. The building is anchored by Charter Bank, who occupies over 51 percent of the gross leasable area and operates a long-term triple net lease with more than 6 years remaining. There is upside in capturing the Charter Bank rent increase and in converting the Connection Care Group and Brix Recruiting leases to triple net. Charter Bank occupies the entire first floor of 4,984 square feet and guarantees and additional 2,647 square foot suite on the second floor. Connection Care Group occupies the 1,215 square foot space also on the second floor.