6499 University Ave NE
Office | 74,377 SqFt
Marketing description
Cushman & Wakefield is pleased to present 6499 University Ave, a 74,377 square foot boutique office project in desirous northeast suburban Minneapolis, Minnesota. Currently 100% leased, 6499 University provides investors with durable cash flow, long-term weighted average lease term (WALT), strong-anchor tenancy, an attractive basis, and a coveted, highly visibility location.
The project is occupied by four diverse tenants, including two strong performing non-profit tenants, Benedictine Health Systems and Rise, Inc., Benedictine Health is headquartered at the project and occupies 48% of the building with lease term until January 2031. RISE occupies 11% of the project and recently renewed their lease until September 2029 Northeast Metropolitan Intermediate School District No. 916, who recently signed a 10 year lease at the project, occupies 34% of the project and Integrated Business Solutions, who recently signed a 5 year lease at the project, occupies the remaining 7% of the project. The combination of these four, diverse tenants provides investors with a 6.1 year WALT at the project.
6499 University additionally provides investors with excess land for redevelopment or expansion. Within a 1-mile radius of the project, over 550 multifamily units have been developed since the start of 2022.
Strategically located at the intersection of University Ave and Mississippi St, the project is situated in a highly visible location with over 36,000 vehicles, on average, passing by each day. 6499 University is located less than 1.5 miles from Interstate 694, allowing tenants to enjoy efficient access throughout the metro area via multiple interstates and highway systems. Interstate 94, Interstate 35W, Highway 100, Highway 65, Highway 610, and Highway 10 are in close proximity enabling tenants in occupancy to draw from multiple labor pools.
The combination of durable cash flow, strong-anchor tenancy, attractive basis, and dynamic location make 6499 University a compelling acquisition opportunity.
Investment highlights
- 100% leased office project: 6499 University Ave’s current 100% occupancy provides investors with a strong current return. The project was historically a single-tenant building that was occupied by Cummings until 2019. In 2019, previous ownership multi-tenanted the project which was brought to stabilization by current ownership in 2025.
- Durable cash flow & favorable 6.1 year walt: The current occupancy provides investors with durable cash flow. The project boasts an attractive 6.1 year weighted average lease term (WALT) with no rollover until 2029.
- Strong, committed anchor tenancy: Benedictine Health occupies 49% of the project and has been headquartered at 6499 University since 2019. All departments of Benedictine including their C-suite, Accounting, Human Resources, and Operations sit at this location. Benedictine continues to expand their operations, adding 407 employees since the start of 2024. ISD No. 916 occupies 34% of the project and operates Metro Heights Academy out of this location. Rise, Inc. has occupied the project since 2019 and has lease term through August 2029 while Integrated Business Solutions recently signed a 5 year lease at the project with term into 2031.
- Excess land & future development opportunities: 6499 University sits on 3.76-acres, providing ample parking that can accommodate very dense users and also provides the opportunity for future development of the surface area to provide additional amenities such as a pickleball court or outdoor entertainment space.
- Branding/signage opportunity: 6499 University offers a tremendous branding/signage opportunity for tenants as 36,000 vehicles per day, on average, pass the project. The branding/signage opportunity can provide an additional source of income for ownership.
- Premier location & accessibility 6499 University’s location at the intersection of University Ave and Mississippi St contribute to its strong anchor tenancy and dynamic leasing opportunity. The project enables firms in occupancy to draw from multiple labor pools and access clients throughout the metro area. Primary transportation arteries in close proximity to 6499 University Ave NE include
- # of Floors: 3 Floors
- % Leased: 100%
- Rentable Area: 74,377 SF
- Parking Ratio: 4.3/1,000
- Parking Stalls: 320 Surface Stalls
- Foundation: Cast in-place concrete perimeter wall footings with concrete foundation walls
- Frame: Reinforced concrete columns, beams, and floor slabs
- Windows: Fixed aluminum frame insulated pane windows
- Roof: Low sloped, ballasted, single-ply EPDM membrane roof
- HVAC: Heating – hot water supplied by four, gas-fired, “Slant-Fin Caravan” hot water boilers. Cooling – Chilled water supplied by two packaged rooftop “Trane” cooling units. Each unit has a nominal rating of 90-tons and used R-22 as a refrigerant.
- Electrical: 1,600 AMP / 3 Phase / 277 / 480 Volt
- Elevators: One (1) 4,000 LB capacity
- Plumbing/Restroom: City of Fridley
- Gas Service: Centerpoint Energy
- Sewer: City of Fridley
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