4510 Airport Approach Road, Duluth, MN 55811 For Sale

SRS National Net Lease is pleased to offer the opportunity to acquire the leasehold interest (building ownership) in a FedEx-anchored, two-tenant investment property located at Duluth International Airport in Duluth, Minnesota. The property features more than five years of remaining weighted average lease term (WALT), providing stable in-place income anchored by FedEx, which has occupied the property for more than 35 years and exercised multiple renewal options, demonstrating its long-term commitment to the site. The property benefits from a NNN lease structure, with tenants responsible for real estate taxes, insurance, and substantially all maintenance obligations. FedEx also reimburses annual ground rent expense in excess of $6,992, while unreimbursed landlord responsibilities are generally limited to the first $6,992 of annual ground rent, the roof, structure, select exterior elements, and HVAC replacement, making the asset an attractive, low-management investment opportunity.

The property is located on Duluth International Airport and benefits from direct access to the runway, taxiway, and ramp areas, providing a highly specialized airside configuration that cannot be replicated at an off-airport location. The facility serves a mission-critical role within FedEx’s regional air cargo network, making relocation operationally complex and cost prohibitive. Ownership further demonstrated the property’s long-term strategic value by completing a 7,668-square-foot expansion in 2017, increasing the FedEx facility to 29,688 square feet to accommodate the tenant’s continued growth. The asset also benefits from a diversified income stream through a second tenant, Vantage DLH LLC, which occupies a separate building on the property under an independent lease. The aviation-related use of both facilities reinforces the property’s role as essential airport infrastructure and supports long-term occupancy.