Starbucks/Heartland Dental 601 Apollo dr

Investment Highlights

Both Starbucks and Heartland Dental are on net leases with 10 years of term and built-in rent escalations The property is situated directly adjacent to a Target and a Kohl's, both of which will drive traffic to the center The site is located on the signalized corner of Lake Dr (19k+ VPD) and Apollo Dr (8k+ VPD) Both 10-year leases are directly signed with the parent corporations. The greater center is highly visible from I-35W, which carries nearly 39,000 vehicles per day (VPD) in the area Within a three-mile radius, the average household income is over $142,000

Executive Summary

Jones Lang LaSalle Americas, Inc. (?JLL?), is pleased to exclusively offer for sale the fee-simple interest in Starbucks/Heartland Dental (the ?Property?) located at 601 Apollo Dr in Lino Lakes, MN. The newly constructed 6,440 SF retail asset is a target outlot and is 100% leased to two credit tenants. With 10 years of term on each of the tenants' leases and opportunity for additional ATM income, this investment offers the unique opportunity to obtain steady cash flows from credit tenants in one Minneapolis' fastest-growing suburbs.Both 10-year leases are directly signed with the parent corporations. Notably, these leases have 10 years of firm term, meaning that Starbucks' lease does not include the company's signature five-year early termination option, which is common in multi-tenant centers. Starbucks is publicly traded, boasts an investment-grade credit rating, and has over 31,000 locations worldwide. Heartland Dental is the gold standard of dental tenants, with over 1,700 dental offices supported across the U.S.The property is an outlot to both Target and Kohl's. This strategic positioning and its visibility from Interstate 35W (39,000 VPD) are sure to drive traffic to the center. Additionally, the property is situated on a signalized corner and benefits from significant street frontage. The area is also more than able to support additional retail, evidenced by an average household income of over $142,000 within a three-mile radius.Please see OM for more details.

• Sale Type    Investment NNN
• Property Type    Retail
• Property Subtype    Freestanding Freestanding General Retail Fast Food General Retail Restaurant Office Medical Freestanding
• Building Size    6,440
• Year Built    2023
• Price    4,940,000
• Price Per SF    767
• Cap Rate    6.15
• NOI    303,800
• Percent Leased    100
• Tenancy    Multiple
• Building Height    1 Story
• Building FAR    0.11
• Land Acres    1.32 AC