Address: 8585 Aspen Lane N, Brooklyn Park, Minnesota, United States 55445
Cap Rate: 5.75%
Lease Type: Triple Net (NNN)
Annual Rent: $200,000
Net Operating Income: $200,000
Lease Term Remaining: 20 Years
Rental Increases: 1.50% Annually
Options: One (1), Five (5) Year Option
Year Built: 1997
Rentable Sq/Ft: 3,419 SF
Rent Sq/Ft: $58.5
Price Sq/Ft: $1017
Lot Size: +/- 1.36
Marcus & Millichap is pleased to present the exclusive listing for a Perkins Restaurant and Bakery located at 8585 Aspen Lane N in Brooklyn Park, Minnesota. The site consists of roughly 3,419 rentable square feet of building space on estimated 1.36-acre parcel of land. This Perkins Restaurant and Bakery is subject to a brand new, long term, 20-year absolute triple-net (NNN) lease, which commenced on November 1st, 2019. The current annual rent is $200,000 and is scheduled to increase by 1.50%annually throughout the base term and in the one (1), five (5)-year tenant renewal option period.
The subject property is situated on Aspen Lane North, which boasts an average daily traffic count exceeding 17,900 vehicles. Aspen Lane N is intersected by 85th Ave N, which serves as a feeder road to Interstate 41, which brings an additional 19,000 and 56,200 vehicles into the immediate area daily. There are approximately 71,000 individuals residing within a three-mile radius of the subject property and more than 202,800 individuals within a five-mile radius of the property.
The property is well positioned in a dense retail corridor with many national and local tenants, car dealerships and academic institutions all within immediate proximity to the site. Major national tenants include: Walmart, Menards, Fleet Farm, McDonald’s, Burger King, Taco Bell, Jimmy Johns, Planet Fitness, Firestone as well as many more. The subject property benefits from being located near several academic institutions. Most notable, Hennepin Technical College, is located less than two miles from the subject property and has a total enrollment of approximately 6,750 students. This Perkins is also located less than two miles from multiple car dealerships, including Lupient KIA of Brooklyn Park, Walser Hyundai, and Luther Brookdale Chrysler Jeep Dodge Ram.
Brooklyn Park is the sixth largest city in the U.S. state of Minnesota. The city is on the west bank of the Mississippi River, upstream from (north of) downtown Minneapolis in northern Hennepin County. Brooklyn Park is a northwest suburb of the Twin Cities metropolitan area. Brooklyn Park is listed as a “Tree City USA” and is home to 47 miles of trails and 67 parks, including the Rush Creek Regional Trail and the northern section of Palmer Lake Park. The city is also known for the West Coon Rapids Dam, on the west side of the Mississippi River. North Hennepin Community College and a campus of Hennepin Technical College are in the city. 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 north of 85th Avenue was developed after 2000. The city still has undeveloped land and farms, including the historic Eidem Homestead, a 1900s working farm that is a popular tourist attraction for families and school field trips. Brooklyn Park’s economy is driven on by manufacturing, construction, and retail trade. Future job growth over the next ten years in Brooklyn Park is predicted to be 36.2%.
Broker of Record: Jon Ruzicka License #40583288