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Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to exclusively offer for sale the fee-simple interest in Edinburgh Festival Centre located in Brooklyn Park, Minnesota. Edinburgh Festival Centre presents an unparalleled investment opportunity to obtain a grocery-anchored center with below market rents in one of the Twin Cities' largest and densest suburbs.
Edinburgh Festival Centre consists of three buildings, two consisting of primarily retail tenants and the other consisting of primarily office tenants. The property is 94.4% leased with a WALT of 4.1 years. The property contains 109,991 SF of leasable area and is leased by a healthy mix of 21 national and local tenants. The property is anchored by Festival Foods, a regional grocer with eight locations, which takes up approximately half of the leasable area.
The property sits just off an exit of MN-252, a frequently traveled roadway linking Brooklyn Park to Minneapolis. The site also benefits from high visibility and multiple accesses from Edinburgh Centre Dr. The investment is further enhanced by Brooklyn Park's demographics. Brooklyn Park is the 4th largest city in the Minneapolis-Saint Paul metro and the area contains nearly 100,000 residents within a three-mile radius.
GROCERY ANCHORED CENTER CENTER WITH BELOW MARKET RENTS
- Festival Foods has below market rent and has occupied their space for over 25 years
- Many other tenants carry below market rents, providing an excellent mark-to-market opportunity
WELL POSITIONED NEAR SIGNALIZED CORNER OF MINNESOTA STATE HIGHWAY 252 AND 85TH AVENUE
- The site is positioned off of MN-252 (59,000 VPD), a primary thoroughfare linking Minneapolis' CBD and I-94 to the northwestern suburbs
- The property is accessible from several points and visible from 85th Ave (18,900 VPD)
HEALTHY MIX OF NATIONAL AND LOCAL TENANTS
- Tenants such as Children's Health, Caribou Coffee, Dollar Tree, and Dairy Queen are strong national tenants and provide a credit base to the investment
- Successful local tenants, some of which have been in-place since the 1990s, provide a strong income stream for the center
POPULATED GATEWAY CITY
- Within a 3 mile radius, the area contains nearly 100,000 residents. This density increases demand for real estate in the area
- Brooklyn Park is the 4th largest city in the Minneapolis-St. Paul and the 6th largest in Minnesota