FORMER KMART DULUTH, MINNESOTA - LoopNet
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
FORMER KMART DULUTH, MINNESOTA
Table of Contents FORMER KMART
FORMERKMART
TABLE OF CONTENTS
01 02 03
FINANCIAL INVESTMENT MARKET
OVERVIEW OVERVIEW OVERVIEW
PAGES 0 3 - 0 4 PAGES 0 5 - 1 2 PAGES 1 3 - 1 6
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. References to square
footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only
and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Services, Inc. © 2015
Marcus & Millichap ACT ID Z0260407
Financial Overview FORMER KMART
FORMER KMART|DULUTH, MN
5710 GRAND AVENUE
01
FINANCIAL
OVERVIEW
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. References to square
footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only
and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Services, Inc. © 2015
Marcus & Millichap ACT ID Z0260407
Executive Summary | 4 FORMER KMART
ADDRESS:
5710 Grand Avenue, Duluth, Minnesota 55807
Pricing
Price: $4,000,000
Gross Leasable Area: 86,611
Price Per Square Foot: $46.18
Year Built: 1991 PRICE SQ FOOTAGE PRICE/SF
Lot Size: 3.31 +/- Acres $4,000,000 86,611 $46.18
Investment Highlights
86,611 Square Foot Former Kmart Building
Build-to-Suit Construction for Kmart in 1991 Demographics
1-Mile 3-Mile 5-Mile
Positioned In-Line with Spirit Valley Mall | Anchored by
Population 6,535 26,475 59,440
Anytime Fitness, Dollar Tree, U.S.P.S., & Cost Cutters
Average HH
5-Mile Population: 59,440 | 5-Mile Average HH Income: $49,239 $58,810 $55,627
Income
$55,627
Immediate Access to Interstate 35
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. References to square
footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only
and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Services, Inc. © 2015
Marcus & Millichap ACT ID Z0260407
Investment Overview FORMER KMART
FORMER KMART|DULUTH, MN
5710 GRAND AVENUE
02
INVESTMENT
OVERVIEW
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. References to square
footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only
and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Services, Inc. © 2015
Marcus & Millichap ACT ID Z0260407
Investment Overview | 6 FORMER KMART
INVESTMENT HIGHLIGHTS Marcus & Millichap is pleased to exclusively present for your
acquisition review the Former Kmart building in Duluth, Minnesota.
86,611 Square Foot Former Kmart The building is comprised of some 86,611+/- square feet and is
Building positioned with excellent visibility at the intersection of I-35 &
Central Ave.
Build-to-Suit for Kmart in 1991 The building was a build-to-suit construction for Kmart in 1991 and
was built in-line with the Spirit Valley Mall. Spirit Valley Mall is a
Positioned In-Line with Spirit Valley 70,850 square foot mall anchored by tenants such as Anytime
Fitness, Dollar Tree, United States Postal Service, Cost Cutters,
Mall | Anchors Include Anytime Access Music Therapy and several others. Spirit Valley Mall is
Fitness, Dollar Tree, U.S.P.S. & Cost currently 98 percent occupied and has held a strong historical
Cutters occupancy, providing an investor with reassurance of a hopeful
backfill opportunity for the former Kmart space. Along with the
Adjacent to the Verso Corporation Spirit Valley Mall, additional retail traffic drivers within the area
Mill include McDonalds, Menards, Super One Foods, Laura MacArther
Elementary School, CVS, Taco Johns, Walgreens, Whole Foods,
Sits down the street from Menards | and Arby’s.
Consistent Traffic Counts
The former Kmart building benefits from its strategic location off of
I-35, a four-lane, North/South highway that is the major artery from
Immediate Access to Interstate 35 Minneapolis/St. Paul to Duluth. Duluth has a population of 86,293
and is located in North East Minnesota 156 miles straight North of
Minneapolis, Minnesota and straight West of Superior, WI 5 miles.
5-Mile Population: 59,440 | 5-Mile Duluth spans across 43,000 acres featuring 25 miles of shoreline, 23
city parks, 8 hiking trails, 45 miles of snowmobiling trails and
Average HH Income: $55,627
numerous creeks, rivers and waterfalls.
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. References to square
footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only
and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Services, Inc. © 2015
Marcus & Millichap ACT ID Z0260407
Property Photos | 7 FORMER KMART 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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Services, Inc. © 2015 Marcus & Millichap ACT ID Z0260407
Drone Aerial | 8 FORMER KMART
Denfeld High
School
China King Buffet
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. References to square
footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only
and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Services, Inc. © 2015
Marcus & Millichap ACT ID Z0260407
Drone Aerial | 9 FORMER KMART
Richard I Bong
Memorial Bridge
China King
Buffet
Spirit Drive
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. References to square
footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only
and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Services, Inc. © 2015
Marcus & Millichap ACT ID Z0260407
Market Aerial | 10 FORMER KMART 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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Services, Inc. © 2015 Marcus & Millichap ACT ID Z0260407
Local Map | 11 FORMER KMART
83 MILES 154 MILES 155 MILES
Grand Rapids, Minneapolis, Eau Claire,
Minnesota Minnesota Wisconsin
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. References to square
footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only
and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Services, Inc. © 2015
Marcus & Millichap ACT ID Z0260407Regional Map | 12 FORMER KMART
83 MILES 154 MILES 155 MILES
Grand Rapids, Minneapolis, Eau Claire,
Minnesota Minnesota Wisconsin
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. References to square
footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only
and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Services, Inc. © 2015
Marcus & Millichap ACT ID Z0260407Market Overview FORMER KMART
FORMER KMART|DULUTH, MN
5710 GRAND AVENUE
03
MARKET
OVERVIEW
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. References to square
footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only
and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Services, Inc. © 2015
Marcus & Millichap ACT ID Z0260407Duluth Overview | 14 FORMER KMART
DULUTH, MN MARKET OVERVIEW
METRO HIGHLIGHTS
OVERVIEW
The Duluth-Superior metro is located along the north shore of Lake Superior, at TOURIST DESTINATION
the westernmost point of the Great Lakes. The lake as well as nearby state and A variety of natural features as well as the Great Lakes Aquarium, Canal Park, Lake
Superior Railroad Museum and the Glensheen Mansion draw visitors. The annual
national parks and forests draw a multitude of visitors to the region for outdoor Grandma’s marathon is a Boston Marathon qualifier.
activities. The metro consists of St. Louis and Carlton counties in Minnesota and PORTS
Douglas County in Wisconsin. Duluth is the most populous city in the region with The combined facilities in Duluth, Minnesota, and nearby Superior, Wisconsin, form the
largest port on the Great Lakes, shipping commodities worldwide.
86,000 residents and is the seat of St. Louis County. Residents of the city are well
educated with nearly 33 percent holding a bachelor’s degree, well above the U.S. HIGHER EDUCATION
level of 29 percent. The University of Minnesota Duluth, College of St. Scholastica, Lake Superior College,
University of Wisconsin-Superior and Wisconsin Indianhead Technical College are all
located within the metro.
ECONOMY
A large tourism industry is underpinned by the area’s natural beauty, Lake Superior and the many
state and national parks and forests nearby. The region offers an abundance of outdoor activities
and is also the gateway to the North Shore and the Boundary Waters Canoe Area. Fall colors attract
many visitors to the region.
Aviation is a sizable component of the economy. Cirrus Aircraft is headquartered and manufactured
in Duluth. Kestrel Aircraft, AAR Corp., Monaco Air, the 148th Air National Guard and the Duluth
International Airport also provide jobs in the area.
Other major economic drivers include healthcare, manufacturing, data centers and
logistics/transportation.
DEMOGRAPHICS
2017 2017 2017 2017 MEDIAN
POPULATION: HOUSEHOLDS: MEDIAN AGE: HOUSEHOLD INCOME:
279K 117K 40.9 $50,900
Growth Growth U.S. Median: U.S. Median:
2017-2022*: 2017-2022*:
1.8% 2.9% 37.8 $56,300
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. References to square
footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only
and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Services, Inc. © 2015
Marcus & Millichap ACT ID Z0260407Demographic Summary | 15 FORMER KMART
Population Race and Ethnicity
In 2017, the population in your selected geography is 59,440. The The current year racial makeup of your selected area is as
population has changed by -0.36% since 2000. It is estimated that follows: 89.08% White, 2.50% Black, 0.04% Native American
the population in your area will be 59,642.00 five years from now, and 1.27% Asian/Pacific Islander. Compare these to US
which represents a change of 0.34% from the current year. The averages which are: 70.42% White, 12.85% Black, 0.19%
current population is 49.46% male and 50.54% female. The median Native American and 5.53% Asian/Pacific Islander. People of
age of the population in your area is 37.15, compare this to the US Hispanic origin are counted independently of race.
average which is 37.83. The population density in your area is 754.51
people per square mile. People of Hispanic origin make up 2.08% of the current year
population in your selected area. Compare this to the US
Households average of 17.88%.
There are currently 25,886 households in your selected geography.
The number of households has changed by 0.49% since 2000. It is
estimated that the number of households in your area will be 26,184
five years from now, which represents a change of 1.15% from the
Employment
In 2017, there are 46,801 employees in your selected area, this is
current year. The average household size in your area is 2.22
also known as the daytime population. The 2000 Census revealed
persons.
that 55.44% of employees are employed in white-collar
occupations in this geography, and 44.30% are employed in
Income blue-collar occupations. In 2017, unemployment in this area is
In 2017, the median household income for your selected geography 6.22%. In 2000, the average time traveled to work was 18.00
is $42,656, compare this to the US average which is currently minutes.
$56,286. The median household income for your area has changed
by 36.81% since 2000. It is estimated that the median household
income in your area will be $49,176 five years from now, which
represents a change of 15.29% from the current year.
The current year per capita income in your area is $24,716,
compare this to the US average, which is $30,982. The current year
average household income in your area is $55,627, compare this to
the US average which is $81,217.
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. References to square
footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only
and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Services, Inc. © 2015
Marcus & Millichap ACT ID Z0260407Demographic Report | 16 FORMER KMART
POPULATION 1 Miles 3 Miles 5 Miles HOUSEHOLDS BY EXPENDITURE 1 Miles 3 Miles 5 Miles
2022 Projection Total Average Household Retail
$54,555 $60,646 $58,072
Total Population 6,447 26,522 59,642 Expenditure
Consumer Expenditure Top 10
2017 Estimate Categories
Total Population 6,535 26,475 59,440 Housing $14,541 $15,929 $15,324
2010 Census Transportation $9,724 $10,788 $10,270
Total Population 6,569 26,603 59,772 Shelter $8,535 $9,270 $8,933
2000 Census Food $5,701 $6,225 $5,969
Total Population 6,785 26,863 59,656 Personal Insurance and Pensions $4,703 $5,669 $5,277
Current Daytime Population Health Care $4,012 $4,520 $4,310
2017 Estimate 7,709 25,556 76,674
Utilities $3,060 $3,342 $3,226
HOUSEHOLDS 1 Miles 3 Miles 5 Miles
Entertainment $2,425 $2,681 $2,530
2022 Projection Household Furnishings and
$1,473 $1,682 $1,603
Total Households 2,862 11,568 26,184 Equipment
2017 Estimate Education $1,334 $1,539 $1,548
Total Households 2,879 11,459 25,886 POPULATION PROFILE 1 Miles 3 Miles 5 Miles
Average (Mean) Household Size 2.25 2.29 2.22 Population By Age
2010 Census 2017 Estimate Total Population 6,535 26,475 59,440
Total Households 2,894 11,508 26,052 Under 20 25.34% 24.20% 23.29%
2000 Census 20 to 34 Years 23.22% 22.36% 23.96%
Total Households 2,968 11,426 25,761 35 to 39 Years 6.43% 6.36% 6.06%
Occupied Units 40 to 49 Years 11.08% 11.27% 10.98%
2022 Projection 2,862 11,568 26,184
50 to 64 Years 19.56% 20.70% 20.28%
2017 Estimate 3,037 12,160 27,762
Age 65+ 14.38% 15.11% 15.44%
HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles
Median Age 36.00 37.59 37.15
2017 Estimate
Population 25+ by Education Level
$150,000 or More 2.37% 4.71% 4.01%
2017 Estimate Population Age 25+ 4,433 18,180 40,699
$100,000 - $149,000 5.68% 9.00% 9.05%
Elementary (0-8) 0.93% 1.10% 1.17%
$75,000 - $99,999 9.69% 10.92% 10.32%
$50,000 - $74,999 22.12% 22.26% 20.45% Some High School (9-11) 6.65% 5.35% 6.22%
$35,000 - $49,999 15.96% 14.52% 13.96% High School Graduate (12) 34.79% 34.21% 32.70%
Under $35,000 44.20% 38.58% 42.22% Some College (13-15) 28.78% 26.27% 25.46%
Average Household Income $49,239 $58,810 $55,627 Associate Degree Only 10.61% 10.83% 10.57%
Median Household Income $39,376 $46,435 $42,656 Bachelors Degree Only 12.54% 15.03% 16.22%
Per Capita Income $21,843 $25,688 $24,716 Graduate Degree 4.59% 6.39% 6.94%
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. References to square
footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only
and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Services, Inc. © 2015
Marcus & Millichap ACT ID Z0260407CONFIDENTIALITY & DISCLAIMER
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be
made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepare to provide summary, unverified information to prospective
purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has
not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and
square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the
improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this
Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, not has Marcus &
Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers
must take appropriate measures to verify all of the information set forth herein.
NON-ENDORSEMENT NOTICE
Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended
to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus &
Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
NET LEASED DISCLAIMER
Marcus & Millichap hereby advises all prospective purchasers of Net Leased property as follows:
The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, Marcus & Millichap has not and will not verify any of this information, nor has
Marcus & Millichap conducted any investigation regarding these matters. Marcus & Millichap makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any
information provided.
As the Buyer of a net leased property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase. This Marketing
Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. Marcus & Millichap expressly denies any obligation to conduct a due diligence examination of this
Property for Buyer.
Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property. The value of a net leased
property to you depends on factors that should be evaluated by you and your tax, financial and legal advisors.
Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any net leased property to determine to your satisfaction with the suitability of the
property for your needs.
Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and carefully review all legal and financial documents related to the
property and tenant. While the tenant’s past performance at this or other locations is an important consideration, it is not a guarantee of future success. Similarly, the lease rate for some properties, including
newly-constructed facilities or newly-acquired locations, may be set based on a tenant’s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not
guaranteed; the tenant and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to
market, economic, environmental or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting his/her own investigation of all matters affecting the intrinsic value
of the property and the value of any long-term lease, including the likelihood of locating a replacement tenant if the current tenant should default or abandon the property, and the lease terms that Buyer may be
able to negotiate with a potential replacement tenant considering the location of the property, and Buyer’s legal ability to make alternate use of the property.
By accepting this Marketing Brochure you agree to release Marcus & Millichap Real Estate Investment Services and hold it harmless from any kind of claim, cost, expense, or liability arising out of your
investigation and/or purchase of this net leased property.FORMER KMART| DULUTH, MN
Minnesota BOR:
Matthew Hazelton
1350 Lagoon Ave, Suite 840
Minneapoli s, MN 55408
Tel: 952 .852.9700
License: 40449423
EXCLUSIVE OFFERING
PRESENTED BY:
OFFICES
NATIONWIDE
www.marcusmillichap.comYou can also read
