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Single-Tenant Industrial

Greenstone Industrial Office

9276 Isanti St NE, Blaine, MN 55449

Listing Price: $975,000

Cap Rate
6.09%
Gross SF
6,000
Price/Gross SF
$162.50
Lot Size
1.80 acres
Year Built
1997
Rentable SF
6,000

Investment Overview

Marcus & Millichap is pleased to exclusively represent this condo parcel within the Greenstone Industrial Building in Blaine, MN. The 'property' is a 6,000 SF condo, 100% occupied by a national credit tenant, Mi Costenita. The current lease was recently updated and started a 10 yr term, commencing on 7/1/2021, and includes 3.5% annual rent increases as well as one 5 yr option. The lease treats the property as a triple net asset and all expenses are reimbursed by the tenant. There is an association which handles all of the CAM and Insurance, there is a monthly due of $315, which is also reimbursed by the tenant. The association currently has plans for a new security fence, asphalt repairs, and additional cash on hand for incidentals that total over 2 full years of dues for the entire association. This amounts to over $100K in association expenditures and account balances that will be passed on to new owner at no additional cost. The Blaine, MN industrial park is a highly sought after area for local, regional, and national businesses that want to be strategically located in the northern quadrant of the Minneapolis MSA. The current vacancy rate of the industrial park located adjacent to the Blaine, MN regional airport is less than 1%.

Investment Highlights

  • Unique opportunity to acquire an investment grade industrial property in the highly sought after Blaine, MN Market.
  • Full Triple Net opportunity, all expenses are reimbursed by tenant.
  • 10 yr corporate guaranteed lease with a 5yr option, 3.5% annual increases.

Exclusively Listed By

Financing By

Single-Tenant Industrial

Greenstone Industrial Office

Listing Price: $975,000

Cap Rate
6.09%
Gross SF
6,000
Price/Gross SF
$162.50
Lot Size
1.80 acres
Year Built
1997
Rentable SF
6,000

Investment Highlights

  • Unique opportunity to acquire an investment grade industrial property in the highly sought after Blaine, MN Market.
  • Full Triple Net opportunity, all expenses are reimbursed by tenant.
  • 10 yr corporate guaranteed lease with a 5yr option, 3.5% annual increases.

Investment Overview

Marcus & Millichap is pleased to exclusively represent this condo parcel within the Greenstone Industrial Building in Blaine, MN. The 'property' is a 6,000 SF condo, 100% occupied by a national credit tenant, Mi Costenita. The current lease was recently updated and started a 10 yr term, commencing on 7/1/2021, and includes 3.5% annual rent increases as well as one 5 yr option. The lease treats the property as a triple net asset and all expenses are reimbursed by the tenant. There is an association which handles all of the CAM and Insurance, there is a monthly due of $315, which is also reimbursed by the tenant. The association currently has plans for a new security fence, asphalt repairs, and additional cash on hand for incidentals that total over 2 full years of dues for the entire association. This amounts to over $100K in association expenditures and account balances that will be passed on to new owner at no additional cost. The Blaine, MN industrial park is a highly sought after area for local, regional, and national businesses that want to be strategically located in the northern quadrant of the Minneapolis MSA. The current vacancy rate of the industrial park located adjacent to the Blaine, MN regional airport is less than 1%.

Exclusively Listed By

Financing By

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