9010 Jamaica Ave S
ALDI | Rare Fee Simple (Building Ownership)
Marketing description
Investors are offered the opportunity to acquire a single-tenant net-lease ALDI property located in Cottage Grove, MN (Minneapolis-St. Paul MSA). ALDI is the largest traditional "supermarket-only" chain in the U.S. with over 2,600 stores and is targeting over 800 new store openings through 2028. With ALDI owning a majority of their real estate or ground leasing, this is a rare fee simple (both building and land) ownership structure. ALDI has successfully operated at this location for 10 years and recently exercised their first of 5, (5) year option periods. Investors will benefit greatly from the property's excellent real estate fundamentals. A modest Base Rental rate of $11.50 per square foot will bode well for healthy store level economics. With respect to location, the property is positioned at a hard corner lighted intersection with three points of ingress/egress. In addition to its positioning, ALDI sits on an expansive 3.40-acre lot with ample front parking (100 surface spaces) and a large rear lot allowing for ease of delivery truck mobility. The immediate area surrounding the ALDI is growing as the population increased 21.22% from 2010 to 2020 and is projected to grow an additional 6.97% by 2030.
Investment highlights
- Tenant has been operating at this location since 2016, showcasing strong commitment
- Corporately guaranteed by ALDI, Inc.
- Tenant recently exercised a 5-year option with 4, (5) year renewal options remaining
- Regularly scheduled rental increases in each of the option periods
- Located across the street from Cub grocery store, which attracts 703.6K annual visitors
- 0.6 miles from Target, which attracts 1.1 million annual visitors
- 0.9 miles from Menards, which attracts 933.5K annual visitors
- 1.2 miles from Walmart Supercenter, which attracts 1.9 million annual visitors
- Other notable retailers in the area include O'Reilly Auto Parts, AutoZone Auto Parts, Burger King, Subway, Pap Murphy's, ExtraSpace Storage, HyVee, Chipotle, HomeGoods, Kohl's, PetSmart and more
- 4 schools located within a 2.5 mile radius, serving over 3,100 students
- 0.4 miles from the on/off ramp of U.S. Highway 10/61, which sees 42,022 vehicles per day
- Frontage along Jamaica Ave S, which sees 10,532 vehicles per day
- Average household income of $136,738 within a five-mile radius
- 42,516 residents within a three-mile radius | 67,080 residents within a five-mile radius
- Since 2010-2020, the population grew 21.22% within a five-mile radius and is expected to grow an additional 6.97% by 2030
- 31,479 employees within a three-mile radius | 48,394 employees within a five-mile radius
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