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(Minneapolis Msa), Mn Investment Highlights Subject Offering

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(Minneapolis Msa), Mn Investment Highlights Subject Offering SOUTHEAST CORNER OF HIGHWAY 36 & FAIRVIEW AVENUE NORTH ROSEVILLE (MINNEAPOLIS MSA), MN INVESTMENT HIGHLIGHTS SUBJECT OFFERING id-America Real Estate Corporation, in cooperation with Mid-America MReal Estate – Minnesota, LLC (a licensed Minnesota broker), has been retained by the owner to sell the 100% fee simple interest in Roseville Plaza. The shopping center caters to a dense upper-middle income population in a dominant regional trade area and provides a unique redevelopment opportunity for potential investors. Location: Southeast Corner of State Highway 36 & Fairview Avenue North 1750 West Highway 36 Roseville (Suburban Minneapolis), Minnesota 55113 GLA: 108,213 SF with expansion capability Tenants: Planet Fitness, Starbucks, BMO Harris Bank (Ground Lease) Vacancies: Former Sports Authority (47,782 SF) and Golfsmith (18,480 SF) Occupancy: 39% Year Built: Originally 1992 (Planet Fitness and former Sports Authority building); Expanded 2007 (BMO Harris Bank, Starbucks, and former Golfsmith) Traffic Counts: State Highway 36 (91,000 VPD) Fairway Avenue North (11,900 VPD) DOMINANT REGIONAL RETAIL TRADE AREA – Roseville Plaza is positioned within the super-regional Roseville trade area, home to Rosedale Center, a 1.28 million square foot top-performing Class A mall that generates inline sales of $600 per square foot and has 14 million annual visitors. Rosedale Center is the highest performing regional mall in the metro area KEY aside from Mall of America. The dense trade area consists of nearly 2.7 million square feet that is 87% leased. The retail market serves 2 million people and features a wide array of dominant national retailers such as Target, Kohl’s, Macy’s, Lowe’s, Walmart, Hobby Lobby, Best Buy, Marshalls, Michaels, Cub Foods, REI, HomeGoods, ALDI, Barnes & Noble, and more. STRONG IN-PLACE TENANCY – 108,213-square-foot shopping center currently leased to Planet Fitness, Starbucks, FEATURES and BMO Harris Bank. Planet Fitness provides outstanding drawing power to the asset as reportedly one of the top performing gyms in the Planet Fitness chain in Minnesota. Starbucks and BMO Harris Bank (ground lease) also generate significant traffic as both outlot buildings feature drive-thrus, providing convenient access to customers. UNIQUE REDEVELOPMENT OPPORTUNITY – Roseville Plaza offers a buyer the opportunity to improve an existing shopping center located in a dense and established retail corridor where there are significant barriers to entry and limited opportunities for new construction. The now 39% leased property has recently experienced the loss of both Sports Authority and Golfsmith units as a result of both chains’ Chapter 7 bankruptcy filings. A purchaser can take advantage of the opportunity to capture national credit tenants looking to gain entry or relocate within this dense market, along with other potential users. OUTSTANDING INFILL DEMOGRAPHICS – With a total population of 83,200 within a three-mile radius with average incomes of $90,000, Roseville Plaza caters to a very strong upper-middle income suburban population. Moreover, population is expected to grow 3.3% from 2017 to 2022 within the area. EXCELLENT VISIBILITY AND ACCESSIBILITY – The center is strategically positioned adjacent to the interchange of State Highway 36 (91,000 VPD) and Fairway Avenue North (11,900 VPD) and three-quarters of a mile directly east of a full interchange with Interstate 35W (152,000 VPD) providing convenient regional access from neighboring communities. Roseville Plaza is located directly across from Rosedale Center, less than 10 minutes from downtown St. Paul and Minneapolis. $ POTENTIAL YIELDS – The subject is offered “free and clear” of any existing debt, providing the opportunity for a buyer to finance the transaction at today’s market rates. DEMOGRAPHIC PROFILE WITHIN 5-MILE RADIUS: POPULATION HOUSING UNITS MEDIAN HOME VALUE DAYTIME POPULATION AVERAGE HH INCOME MEDIAN AGE 351,252 141,118 $235,216 453,243 $77,935 32.9 LEASING PLAN Highway 36 (91,000 VPD) Square Tenant Name Unit Frontage Road Feet Vacant 0A0 18,480 BMO Harris Bank 0B0 7,800 Starbucks Coffee 0C1 1,868 Planet Fitness 0D0 32,283 Vacant 0E0 47,782 Fairview AvenueVPD) N (11,900 0D0 Total 108,213 0B0 Former Sports Authority Former Available Pad Golfsmith ( + / - 8,000 SF) 0E0 0E0 0A0 • Roseville is a suburban community of 35,250, located in the northern Minneapolis/St. Paul metropolitan area. Located on two major highways (Interstate 35W and State Highway 36), it is one of only two Twin Cities suburbs that borders both LOCATION Minneapolis and St. Paul and is a short 10-minute commute to either downtown area. • Roseville’s economy is home to businesses and industries that employ nearly 39,000 people. Major employers in the area include Target Corporation, Earthgrains/Metz Baking, Minnesota Department of Transportation, Best Inc, Health Span Home Care, Old Dutch Foods, McGough Construction, and Symantec Corporation. Roseville Plaza enjoys a solid daytime & MARKET population of nearly 120,000 people within a three-mile radius, 143% over the residential population within the same area. • Roseville is considered the retail and commercial hub of the northeast Twin Cities suburban area. The trade area has seen significant recent investment further validating retail demand. Rosedale Center, anchored by Macy’s and JCPenney, is in the final stages of a $35 million renovation and expansion, including the addition of Von Maur, slated to open fall 2018. Twin Lakes Station, a proposed 160,000-square-foot retail development at the northwest corner of Fairview Avenue North and County Road C, is planning for a spring 2019 delivery. • The city’s population grew 4.7% from 2010 to 2016 and is projected to grow 3.3% over the next five years within a three- mile radius from the subject offering. DEMOGRAPHICS The following table demonstrates the incredibly dense and growing demographic profile of the j communities surrounding Roseville Plaza: j Coon Rapids j Blaine j ST65 ST35 ¦¨§35E Brooklyn Park Maple Grove ST96 Distance from Subject: 1 mile 3 miles 5 miles ST95 2017 Population 6,264 83,170 351,252 Forecasted 2022 Population 6,473 85,874 369,251 ST36 Plymouth Roseville ¦¨§694 % Change 2017 to 2022 3.3% 3.3% 5.1% j STST5555 Maplewood 2017 Households 2,871 35,231 141,118 ST55 Forecasted 2022 Households 2,962 36,274 148,368 ¦¨§94 Minneapolis j % Change 2017 to 2022 3.2% 3.0% 5.1% ¦¨§¦¨§94 St Louis Park 2017 Median Home Value $292,222 $254,716 $235,216 Minnetonka St Paul ¦¨§94 2017 Daytime Population 18,937 119,307 453,243 Woodbury 2017 Average Household Income $96,418 $90,016 $77,935 ST7 Edina 2017 Median Household Income $70,919 $64,858 $53,104 Richfield 2017 Median Age 42.2 38.5 32.9j ST100 Eden Prairie ¦¨§494 MINNEAPOLIS - SAINT PAUL ¤£212 Cottage Grove INTERNATIONALj AIRPORT Inver Grove Heights Bloomington Eagan ¤£52 Shakopee ST95 j ¦¨§35W j ST29 13 ST Burnsville ¤£10 Apple Valley ¦¨§35E j ST35 j ST316 £169 ¤ ST13 ¤£52 ST3 ¤£52 ¤£61 ¦¨§35 EAST FACING AERIAL PROPERTY DESCRIPTION • The Planet Fitness and former Sports Authority portion of the shopping center was originally developed in 1992. The remaining junior box (former Golfsmith) and two outlots were developed in 2007. Roseville Plaza features 108,213 square feet of retail space and is located on approximately 11.04 acres of land. • There is an undeveloped pad next to the former Golfsmith providing the ability to build an additional 8,000 square feet or to add more parking. • The shopping center benefits from excellent freeway visibility along State Highway 36 and easy ingress and egress off Fairview Avenue North. Access to the center is provided by a fully signalized intersection at Fairview Avenue North and Frontage Road. • The site features a solid parking ratio of 4.3 spaces per 1,000 SF. TENANCY • Planet Fitness at Roseville Plaza is one of the top three performing gyms in the Planet Fitness chain in Minnesota. Both a franchisor and operator of fitness cen- ters, Planet Fitness has approximately 10.5 million members and over 1,400 stores in 49 states making it one of the largest fitness club franchisees. Entrepreneur included Planet Fitness in the top 25 of its “2018 Franchise 500” ranking. The franchisee at Roseville Plaza (PF Minnesota, LLC, a subsidiary of PF Baseline Fitness) owns 34 clubs throughout the country, 12 of which are located within Minnesota. • Starbucks and BMO Harris Bank (ground lease) are both operating in freestanding outlots with drive-throughs. Starbucks recently extended its lease for 10 years into 2028 providing a stable income stream for a potential buyer. BMO Harris has $25.8 million in deposits, representing a 31% increase over last year’s deposits. • At 39% occupied, Roseville Plaza offers a purchaser a unique redevelopment opportunity to reposition this asset, thus providing a solid leasing opportunity to capture unrepresented national credit tenants looking to gain entry or relocate within this dense and established retail trade area that is a true destination market. Moreover, these are the only mid-size spaces offering freeway visibility within the trade area. FINANCIAL Roseville Plaza is being offered “free and clear” of any existing debt. Given the two recent vacancies, the center is operating at about a break even NOI level. We expect Buyers to value the property on a repositioning and/or redevelopment basis. In-Place Net Operating Income: ($10,503) Projected Stabilized Net Operating Income: $995,043 For further information contact owner’s exclusive representatives. The Wrigley Building Ben Wineman Emily Dutson 353 Wayzata Boulevard, Suite 650 Mark Robinson (Licensed MN Broker) 410 North Michigan Avenue, Suite 1100 Direct: 630.954.7336 Direct: 630.261.6962 Minneapolis, MN 55416 Direct: 952.563.6664 Chicago, Illinois 60611 [email protected] [email protected] Direct: 952.563.6600 [email protected] Direct: 630.954.7300 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information.
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