Rarely Available Outlot In Desirable Rochester Market
Rochester is the third largest metropolitan area in Minnesota with over population of 211,000. The Mayo Clinic forms the core of Rochester's economy, located a mile and a half away, and draws millions of visitors to the city each year. The extremely tight local market has little to no property available for new pad users because of its attractive demographic for retailers.
Excellent Regional Trade Area
The subject property is located in the primary retail corridor for the Rochester MSA, which includes many national retailers. With a long history at the site, the tenant has developed a strong customer base and become a mainstay in the community since opening its doors in 2001.
Absolute NNN Lease
The absolute NNN lease structure allows for completely passive ownership without any landlord responsibility.
Outlot to Super-Regional Mall
The property sits as an outlot to the 760,000 sf GGP owned Apache Super-Regional Shopping Mall anchored by Macy’s, JC Penney, Barnes & Noble, and Herbergers. The mall is on the SEC of Hwy 63 (44,000 VPD) and Hwy 14 (25,000 VPD). This is the only super-regional mall within a seven county area.
The subject site features excellent visibility from Hwy 14, the primary retail corridor in the Rochester MSA. The high traffic that this corridor experiences on a daily basis brings customers traveling in all directions.
Annual Increases In Rent
The annual increases throughout its primary term and during the option periods further improves the average yield on the investment and helps hedge against inflation throughout the remainder of the lease term.
Within a mile from a site, there are approximately 7,700 full time residents with a household average income of $89,730. There are nearly 100,000 people within 5 miles of the site, drawing customers from the city as well as local suburbs in the MSA.