RealINSIGHT Marketplace and Mission Capital Advisors are pleased to offer the opportunity to acquire Marketplace Retail and Office Center, a 121,406-sf mixed-used facility located in Waite Park, Stearns County, Minnesota (the “Property”).
As of January 2019, the Property is 65.7% occupied by a diverse mix of 55 retail and office tenants. The Property consists of five buildings constructed between 1980 and 1992 on a 10.87-acre site: an 88,190 SF building consisting of a single story of retail tenants and four stories of office space (57.2% occupied); a 19,716 SF, single-story, multi-tenant retail building (80.0% occupied); a 5,152 SF, single-story, multi-tenant retail building (100% occupied); a 6,608 SF, single-tenant, retail building occupied by a restaurant; and a 1,740 SF, single-tenant, retail building occupied by Starbucks. The Property contains 643 parking spaces (5.30/1,000 sf) and is zoned B-2 (Commercial / General Business District).
Value-Add Opportunity – As of January 2019, the Property is 65.7% occupied, offering investors a value-add opportunity through strategic lease-up of the Property.
Strong Demand Generators – The Property is located in the prime retail corridor of St. Cloud and Waite Park and is shadow-anchored by nationally recognized tenants, such as newly-added Dick’s Sporting Goods, Fresh Thyme Farmers Market, and Five Below. Many national retailers are within a one-mile radius, including the popular Crossroads Center (890,000 SF), which includes anchors Macy’s, JCPenney, Sears, Target and Scheels All Sports. Additionally, the property's office tenants generate foot traffic to its retail tenants. The greater overall area is one of the primary regional shopping centers in Central Minnesota.
Excellent Visibility and Access – The Property is located at the intersection of 2nd Street and 2nd Avenue. 2nd Street transforms into Highway 23 in Minnesota, which stretches across the state and enables visitors access to nearby St. Cloud within approximately ten minutes by car. The intersection provides great accessibility and exposure.
Disclaimer: The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions.
Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace, (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property.
You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.
110 2nd Street South, Waite Park, MN 56387
Platform fee for this transaction is 5.00% or a minimum of $25,000.
Cooperating brokers may be eligible for a 0.50% co-op fee if their client is the winning bidder. If you are a broker, click here to login and identify your client.
Col. Frank B., Imholte
c/o Fisher Auction Company Inc.