198 Northtown DrBlaine, MN 55434

For Sale
$3,890,000

High-traffic Sky Zone; strong tenant, great location.

Overview

Added:
Dec 11, 2024
Days on market:
92
This exceptional investment opportunity presents a fee-simple interest in a 30,499 square foot, single-tenant retail property leased to Sky Zone Trampoline Park. Located in Blaine, Minnesota, this property boasts a prime location as an outparcel to the Northtown Mall, a premier shopping destination in the Minneapolis-St. Paul metropolitan area. The property benefits from high visibility at the signalized intersection of Highway 47 (31,500 vehicles per day) and 85th Ave NW (15,600 vehicles per day). The lease is a gross lease with a corporate guarantee, providing significant security. The current lease term extends to March 31, 2028, with 3.4 years remaining, and includes two five-year renewal options. A 4.66% rent increase is scheduled for April 1, 2026. The property features a newer roof (2019 TPO replacement) and enjoys excellent access to major highways, including Highway 65, Highway 47, and US-10. The surrounding area demonstrates strong demographics, with a population exceeding 225,000 and over 83,000 households within a five-mile radius, boasting an average household income of $106,000. The property's location within a bustling retail corridor, anchored by national retailers such as Walmart, Target, and Sam's Club, further enhances its value. The asking price is $3,890,000, representing a cap rate of 8.50% and a price per square foot of $127.55. The Net Operating Income (NOI) is $330,668. The property sits on a two-acre lot and consists of one building. This is a rare opportunity to acquire a high-performing, well-located retail asset with a strong tenant and significant upside potential.

Highlights

  • High-visibility outparcel to Northtown Mall in Blaine, MN, at a signalized intersection of Hwy 47 and 85th Ave NW.
  • 2019 TPO roof replacement.
  • Excellent highway access via Hwy 65, Hwy 47, and US-10.
  • Densely populated and affluent trade area within 5 miles.
  • Strong retail performance at Northtown Mall and its anchor tenants.
  • Surrounded by a robust retail corridor with numerous national brands.

Property Details for 198 Northtown Dr

Property type
Lifestyle centers, Power centers
Square Feet
30,499 SF
Year Renovated
2019
Buildings
1
Lot Size (sq. ft)
87,120 SF

Location Insight

City
Blaine
County
Anoka
State
Minnesota
Latitude
45.1289048
Longitude
-93.2607986
198 Northtown Dr, Blaine, Minnesota

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
198 Northtown Dr
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message