Cap Rate: 5.90%
Net Operating Income: $1,549,803
Square Footage: 115,227
Lot Size: 19.36 AC
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 three (5) year options to renew the lease. There are scheduled increases of $1.00/square foot at each renewal option.
The asset sits in a prime location within a large growing suburb with over 83,000 people. The subject property also benefits from high visibility from Interstate 694 with over 117,000 vehicles per day.
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. The population of Brooklyn Park was 86,478 at the 2020 census.
Brooklyn Park is listed as a “Tree City USA” and is home to 47 miles (76 km) 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 second- and third-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.