Asking Price
Area Size
NOI Net Operating Income
Cap Rate

Documents

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Key facts

Year Built 1953
Building Area Gross
Land Area Gross ()
Occupancy 100.0 %

Property description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to exclusively offer for sale the fee-simple interest in a Caribou Coffee located in the Duluth, Minnesota. Caribou Coffee is the dominant coffee chain in Minnesota, with a history of sustained growth and plans for future expansion. The building was recently renovated in 2019 including the conversion of a car wash into a drive-thru. The property is ideally situated at a signaled corner along E Central Entrance, a heavily trafficked state highway. This triple net investment presents a unique opportunity to obtain steady, reliable cash flows from while having minimal management responsibilities with the net lease structure. 

Investment highlights

  • Caribou Coffee is the dominant coffee chain in Minnesota with more locations than Starbucks & Dunkin' Donuts combined
  • Duluth is the 2nd largest MSA in Minnesota with ~ 280,000 residents
  • The building was completely renovated in 2019converting a car wash into a drive-thru
  • The lease contains a built-in 10% rent bump in 2024, hedging against future inflation
  • Duluth is an educational hub, with five universities and ~25,000 students in the area
  • The property is located on a major traffic corridorconnecting Duluth's CBD to the retail trade area to the west


Last Updated Date: 26 Apr 2022

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Last Updated Date: 26 Apr 2022

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