Big Lake Town Square
726 Rose Drive Big Lake, Minnesota 55309
- 67,858 Square Feet
- For Sale
Address: 726 Rose Drive / 240 Phyllis Street, Big Lake, MN
Square Feet: 67,858
Proforma NOI: $832,986
Coborn’s recently extended their lease through July 31, 2030 reflecting its’ long-term commitment to the Property. Coborn’s is the sole grocery store in the community of Big Lake and its nearest competitor is Cub Foods in Monticello, 4.4 miles away. Coborn’s rent represents 73.42% of the Property’s total revenue.
At 98% occupancy, the Property provides an investor outstanding liquidity and long-term residual value.
DURABLE RENT ROLL
The Property was developed in 2005 of which 90% of the net rentable area is occupied by original tenants. During an investors 10-year hold, average annual tenant roll is a low 2.20%.
The population of Big Lake has grown 40% in the past 10 years with over 1,100 homes being built in the city and the potential to add 4,000 households over the next 20 years. Sherburne County is the 11th fastest-growing county out of Minnesota’s 87 counties.
The Northstar Line is a commuter rail route running from Big Lake to downtown Minneapolis and is an attractive amenity for those living in Big Lake and commuting downtown for work. The Big Lake station is located directly across Highway 10 from the Property. Daily ridership is on average 2,400 riders per day with a target of 5,900 riders per day by 2030.
DESIRABLE TENANT MIX
Diverse mix of service, retail and restaurant tenants that cater to the surrounding neighborhood and communities.
BIG LAKE SCHOOLS
Within a block of the Property are Independence Elementary, Big Lake Middle School and Big Lake High School, which includes over 3,200 students in total.
FREE AND CLEAR OFFERING
The Property is being offered free and clear of any debt.
Area Available: 67,858 Square Feet