The Boulder Group completed the sale of a single-tenant Outback Steakhouse restaurant at 8880 Springbrook Dr NW in Coon Rapids, Minnesota, for $3.418 million.
The 6,268-square-foot property is strategically positioned just west of MN 47 (22,100 VPD), which bifurcates the main retail corridor for the surrounding area and provides access to downtown Minneapolis less than 15 miles to the south.
The subject property benefits from its location less than 1 mile from the Northtown Mall, which has 62 stores and receives over 5 million visitors annually. Prominent retailers nearby include Target, Walmart, Home Depot, Best Buy, Burlington, Hobby Lobby, ALDI, Cub Foods, Big Lots, Walgreens, Barnes & Noble, Dollar Tree, Urban Air Trampoline and Adventure Park, Planet Fitness, Chick-fil-A, Chipotle, KFC, Taco Bell, Wendy’s, Chase, and Wells Fargo.
The property is located within the Minneapolis-St. Paul MSA, ranked #16 in the United States by population. The area has strong demographics, with over 235,000 people living within 5 miles of the property and an average household income of $107,635.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer in the transaction. The seller is a New York-based real estate private equity firm and the buyer is a California-based private individual.
This NNN lease has 12 years remaining with three 5-year renewal options and contains 1.8% annual rental increases in the primary term. The tenant has operated at the property for 27 years.
