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Shopping Strip

Mountain Iron Retail Center

8580 Rock Ridge Dr, Mountain Iron, MN 55768

Listing Price: $2,125,000

Cap Rate
7.71%
Gross SF
11,500
Rentable SF
11,500
Price/Gross SF
$184.78
Lot Size
1.92 acres
Year Built
2016

Investment Overview

Marcus & Millichap is pleased to exclusively present for your acquisition review Mountain Iron Retail Center located in Mountain Iron, Minnesota.

Mountain Iron Retail Center is a 11,500 square foot three-tenant center positioned on 1.92 acres. The Center has excellent visibility just off of Highway 169 as a Wal-Mart Supercenter outparcel. The tenants in the Center benefit from the consistent traffic generated by the Wal-Mart and capitalize off the lack of competition in the market. The building sits off Highway 169 just down the street from the intersection of Highway 169 and Highway 53. The Thunderbird Mall is less than a mile away along with Target, Menards, Super One Foods and several other national tenants.

Currently Mountain Iron Retail Center is fully occupied and stabilized. The Center has an excellent tenant mix with national credit from Maurices and Famous Footwear. Each of the three leases are triple net, requiring very minimal responsibility from the landlord. There is minimal near-term lease rollover providing further stabilization to the deal, with both anchors in Maurices and Famous Footwear having more than five years remaining on their leases, and Great Clips recently extending their lease for another five years.

Mountain Iron Retail Center provides an investor with an ideal opportunity to acquire a fully stabilized center with minimal responsibility yet still having upside in the deal in capturing the upcoming rent bumps for each tenant. The deal has excellent real estate fundamentals as well, situated as a Wal-Mart outparcel.

Investment Highlights

  • 11,500 Square Foot Three-Tenant Retail Strip Center
  • Offered Fully Stabilized at 100% Occupancy
  • National Credit Retailer Tenant Mix Including Maurices, Great Clips & Famous Footwear
  • Perfectly Positioned as an Outparcel to a Walmart Supercenter
  • Very Minimal Landlord Responsibility All NNN Leases
  • Tenants Reimburse for Pro Rata Share of All Expenses

Exclusively Listed By

Broker of Record

  • Jon Ruzicka

    First Vice President Investments

    (952) 852-9700

    License(s) MN: 40583288

    Minnesota

Shopping Strip

Mountain Iron Retail Center

Listing Price: $2,125,000

Cap Rate
7.71%
Gross SF
11,500
Rentable SF
11,500
Price/Gross SF
$184.78
Lot Size
1.92 acres
Year Built
2016

Investment Highlights

  • 11,500 Square Foot Three-Tenant Retail Strip Center
  • Offered Fully Stabilized at 100% Occupancy
  • National Credit Retailer Tenant Mix Including Maurices, Great Clips & Famous Footwear
  • Perfectly Positioned as an Outparcel to a Walmart Supercenter
  • Very Minimal Landlord Responsibility All NNN Leases
  • Tenants Reimburse for Pro Rata Share of All Expenses

Investment Overview

Marcus & Millichap is pleased to exclusively present for your acquisition review Mountain Iron Retail Center located in Mountain Iron, Minnesota.

Mountain Iron Retail Center is a 11,500 square foot three-tenant center positioned on 1.92 acres. The Center has excellent visibility just off of Highway 169 as a Wal-Mart Supercenter outparcel. The tenants in the Center benefit from the consistent traffic generated by the Wal-Mart and capitalize off the lack of competition in the market. The building sits off Highway 169 just down the street from the intersection of Highway 169 and Highway 53. The Thunderbird Mall is less than a mile away along with Target, Menards, Super One Foods and several other national tenants.

Currently Mountain Iron Retail Center is fully occupied and stabilized. The Center has an excellent tenant mix with national credit from Maurices and Famous Footwear. Each of the three leases are triple net, requiring very minimal responsibility from the landlord. There is minimal near-term lease rollover providing further stabilization to the deal, with both anchors in Maurices and Famous Footwear having more than five years remaining on their leases, and Great Clips recently extending their lease for another five years.

Mountain Iron Retail Center provides an investor with an ideal opportunity to acquire a fully stabilized center with minimal responsibility yet still having upside in the deal in capturing the upcoming rent bumps for each tenant. The deal has excellent real estate fundamentals as well, situated as a Wal-Mart outparcel.

Exclusively Listed By

Broker of Record

  • Jon Ruzicka

    First Vice President Investments

    (952) 852-9700

    License(s): MN: 40583288

    Minnesota

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