Lunds & Byerly's
401 East County Road 42 Burnsville, Minnesota 55306
- 72,339 Square Feet
- For Sale
Building Size: 72,339 SF
Year Built: 1988
Land Size: 366,067 square feet or 8.41 acres
Current Occupancy: 100%
Parking Ratio: 5.5/1,000 SF
The Property is listed without a price.
Year One NOI: $826,409
Lunds & Byerly’s, the leading upscale grocer in the Twin Cities, has occupancy rights until September 30, 2033, and represents 67% of the Property’s gross annual revenue. Lunds & Byerly’s has a very low health ratio of 2.55%.
At 100% occupancy, the Property provides an investor outstanding cash flow and long-term residual value.
DURABLE RENT ROLL
94% of the net rentable area has been in tenancy for more than 10 years. Erik’s Bike Shop recently renewed for 5 years extending their commitment to over 20 years at the Property.
MINIMAL LEASE ROLLOVER
On average, only 2% annual lease rollover in the next (5) five years.
Burnsville has nearly 3,000,000 square feet of competitive retail space and has a low vacancy rate of 3.47%, significantly lower than the metro average of 6%.
The Property is located on County Road 42 at the signalized corner of County Road 42 and Portland Avenue.
FREE AND CLEAR OF EXISTING DEBT
The Property is being offered free and clear of existing debt allowing investors to take advantage of plentiful capital and historically low interest rates.
SIGNIFICANT CAPITAL IMPROVEMENTS
The roofing system for each building was replaced in 2008 with a EPDM-Ballasted roof under warranty until 2028. Each parking field was milled with a 2” overlay in 2017.
EASE OF MANAGEMENT
Lunds & Byerly’s is responsible for day-to-day operations for the grocery store parcel.
LACK OF HIGH-END GROCERY COMPETITION
Lunds & Byerly’s has no direct competitors within a five-mile radius.
Within three (3) miles of the Property, the population is 82,000 and the average household income is $97,000.
Area Available: 72,339 Square Feet