6701 Boone Ave N, Minneapolis, MN
Sale Price: $22,990,000
CAP Rate: 6.25%
Net Operating Income: $1,434,576
Building Size: 115,227 SF
Lot Size: 19.36 AC
Increases: Rent Increases 7.5% Every 5 Years
Options: Tenant has Four 5-Year Options to Renew
The Kase Group is pleased to present a rare Absolute NNN Ground Lease opportunity that is leased to The Home Depot (S&P Rated A Investment Grad Credit - NYSE: HD). This is an extremely rare property located in the Minneapolis MSA and unlike anything else on the market. The offering is 100% fee simple interest, including 4 (5) year options to renew the lease. There are scheduled increases of approximately 7.5% every 5 years at each renewal option.
Brooklyn Park is the sixth largest city in the U.S. state of Minnesota. The city is located on the west bank of the Mississippi River, upstream from downtown Minneapolis in northern Hennepin County. Brooklyn Park is a northwest suburb of the Twin Cities Metropolitan area of Minneapolis–Saint Paul. Brooklyn Park is the second largest suburb of Minneapolis–Saint Paul, the sixteenth largest metropolitan area in the United States, with about 3.46 million residents. The population was 75,781 at the 2010 census. Brooklyn Park is listed as a “Tree City USA”, and is home to 47 miles of trails, and 67 award-winning parks, including the Rush Creek Regional Trail, and the northern section of the Palmer Lake Park. The city is also known for the West Coon Rapids Dam, located on the west side of the Mississippi River. North Hennepin Community College and a campus of Hennepin Technical College are located in the city. Brooklyn Park is the home of Edinburgh USA Golf Course, one of the top public golf courses in the United States. Brooklyn Park is a “bedroom community” of Minneapolis and Saint Paul, and is considered both a 2nd and 3rd tier suburb because much of the land developed north of 85th Avenue was developed after the year 2000. The city still hosts undeveloped land and farms, including the historic Eidem Homestead, a 1900s working farm that serves as a popular tourist attraction for families and school field trips.