Shopping Strip

Walmart Shadow Center

Listing Price: $1,850,000

Cap Rate
8.64%
Gross SF
13,000
Rentable SF
13,000
Price/Gross SF
$142.31
Lot Size
1.58 acres
Year Built
2013

Investment Overview

Marcus & Millichap is pleased to present this standalone Dollar Tree and standalone Maurices located in Grand Rapids, Minnesota.

Grand Rapids is the county seat of Itasca County and is named for the 3.5-mile long local rapids in the Mississippi River. Grand Rapids provides small town charm whilst surrounding its residents and visitors with Minnesotas nature. Set apart by a progressive attitude and abundant resources, Grand Rapids is the emerging economic focus of Northcentral Minnesota. Significant increases in area employment are anticipated over the next few years as the largest projects in development come online, therefore Grand Rapids is actively seeking new business and housing partners and assisting the growth of existing enterprises.

The two buildings cover 13,000 square feet, both constructed as build-to-suit for each tenant in 2013. There is zero near-term lease rollover as each tenant has substantial lease term left. Dollar Tree and Maurices both operate under modified triple net leases, with the landlord responsible for the roof and structure and each tenant reimbursing for their pro-rata share of expenses.

Dollar Tree is a Fortune 150 company and operates more than 14,835 locations across 48 states and Canada. In July 2015, Dollar Tree completed its purchase of Family Dollar after a long-awaited completion of the deal that drew close to a yearlong takeover saga that included a hostile buyout attempt from another discount retailer, Dollar General.

Mauricess was a part of Ascena Retail Group, Inc which operates more than 4,900 stores across five main brands and is publically traded on the NASDAQ under the ticker symbol ASNA. However, in late March 2019, a majority stake in the Duluth-based retail chain was purchased in a $300 million deal by an affiliate of the London-based private equity firm, OpCapita LLP. Ascena will maintain a significant minority interest.

Investment Highlights

  • Positioned as a Walmart Supercenter Outparcel
  • Offering Includes Standalone Dollar Tree & Standalone Maurices
  • Modified NNN Leases for Both Tenants | Tenants Reimburse Fully for Share of Expenses
  • Walmart, Target & The Home Depot Nearby | Close Proximity to Several Major Retailers
  • Ideally Situated in a Rapidly Growing Trade Area
  • Zero Lease Rollover Until April 2023 | No Near-Term Lease Rollover Risk

Exclusively Listed By

Shopping Strip

Walmart Shadow Center

Listing Price: $1,850,000

Cap Rate
8.64%
Gross SF
13,000
Rentable SF
13,000
Price/Gross SF
$142.31
Lot Size
1.58 acres
Year Built
2013

Investment Highlights

  • Positioned as a Walmart Supercenter Outparcel
  • Offering Includes Standalone Dollar Tree & Standalone Maurices
  • Modified NNN Leases for Both Tenants | Tenants Reimburse Fully for Share of Expenses
  • Walmart, Target & The Home Depot Nearby | Close Proximity to Several Major Retailers
  • Ideally Situated in a Rapidly Growing Trade Area
  • Zero Lease Rollover Until April 2023 | No Near-Term Lease Rollover Risk

Investment Overview

Marcus & Millichap is pleased to present this standalone Dollar Tree and standalone Maurices located in Grand Rapids, Minnesota.

Grand Rapids is the county seat of Itasca County and is named for the 3.5-mile long local rapids in the Mississippi River. Grand Rapids provides small town charm whilst surrounding its residents and visitors with Minnesotas nature. Set apart by a progressive attitude and abundant resources, Grand Rapids is the emerging economic focus of Northcentral Minnesota. Significant increases in area employment are anticipated over the next few years as the largest projects in development come online, therefore Grand Rapids is actively seeking new business and housing partners and assisting the growth of existing enterprises.

The two buildings cover 13,000 square feet, both constructed as build-to-suit for each tenant in 2013. There is zero near-term lease rollover as each tenant has substantial lease term left. Dollar Tree and Maurices both operate under modified triple net leases, with the landlord responsible for the roof and structure and each tenant reimbursing for their pro-rata share of expenses.

Dollar Tree is a Fortune 150 company and operates more than 14,835 locations across 48 states and Canada. In July 2015, Dollar Tree completed its purchase of Family Dollar after a long-awaited completion of the deal that drew close to a yearlong takeover saga that included a hostile buyout attempt from another discount retailer, Dollar General.

Mauricess was a part of Ascena Retail Group, Inc which operates more than 4,900 stores across five main brands and is publically traded on the NASDAQ under the ticker symbol ASNA. However, in late March 2019, a majority stake in the Duluth-based retail chain was purchased in a $300 million deal by an affiliate of the London-based private equity firm, OpCapita LLP. Ascena will maintain a significant minority interest.

Exclusively Listed By

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