PetSuites - Plymouth, MN

Retail-Commercial for Sale
Sale Pending
Catylist Listing ID: 30819672
Property Subtypes: Free-Standing Building, Street Retail
Status: Pending
Building Size (RSF): 15,079 SF
Sale Price: $5,490,900
Unit Price: $364.14 PSF
Property Use Type: Net Leased Investment (NNN), Investment
Sale Terms: Undisclosed
Cap Rate: 5.5%
Average Occupancy Rate: 100
Last Updated: 11/2/2022

Overview / Comments

Qualified investors are extended the opportunity to acquire a 100.0% fee simple interest in a new 20-year absolute net lease PetSuites prominently located in the heart of Plymouth, MN off Highway 169 and Highway 55.
Fully guaranteed by National Veterinary Associates (NVA), the original lease term is twenty (20) years with no termination rights and 10% rental increases every five (5) years throughout the primary term and renewal options. The lease has no landlord responsibilities; the offering is a completely passive real estate investment.
The site is located at the northwest quadrant of Highway 169 and Highway 55. The location of the site is prime and desirable and serves as a billboard to 90,000 VPD traveling the Highway 169 corridor and where several major roadways converge.
The immediate area is surrounded by dense, affluent residential communities and the strongest performing office submarket in the metro area.

Attachments & Media

Current Tenants

Tenant Business Name PetSuites
Website URL www.petsuitesofamerica.com
Year Founded 1996
Suite Number 1
SF of Space Occupied 15,079 SF
Current Rent $302,000 PSF (Annual)

Additional Details

Nearest MSA: Minneapolis-St. Paul-Bloomington
County: Hennepin
Tax ID/APN: 3611822140024
Zoning: COMMERCIAL
Retail Clientele: General, Family, Business, Traveler
Property Located Between: HWY 169 & I-55
Largest Nearby Street: Highway 169
Traffic/Vehicle Count: 88,000
Highway Access: Site offers unparalleled visibility to Highway 169 and is highly accessible: 8 miles west of downtown Minneapolis, 5 minutes from Golden Valley, 7 minutes from St. Louis Park, and 10 minutes from Maple Grove.
Area Description: Over 240,000 people live within a 5-mile radius of the site with an average household income of $110,000. The immediate area is surrounded by dense, affluent residential communities and the strongest performing office submarket in the metro area.
Tenancy: Single Tenant
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 15,079 SF
Property Condition: Excellent
Year Renovated: 2022
Parking Type: Surface

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 8,776 89,239 295,845
Median Age: 40.52 39.85 38.48
Households: 3,927 39,618 126,339

Contact

Photograph of Listing Agent

Justin R Phelps

Hogan Real Estate KCREA Member
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