Overview
Newmark has been exclusively retained to facilitate the sale of the Mar-Ten Parking Facility at 921 Marquette Avenue, Minneapolis MN (the “Property”). Mar- Ten Ramp is a ± 443 stall, seven level (inclusive of a basement and the roof level) parking facility located adjacent to three office properties totaling more than 1.2 million square feet and the 821 room Hilton Minneapolis, the Twin Cities largest hotel.
The Property is ideally located in the Minneapolis CBD with easy access to Interstate 35W and Interstate 94, two of the primary traffic corridors into and out of downtown.
In addition to the adjacent office towers, the Property is within a few blocks of the Minneapolis Convention Center, the largest event and exhibition center in the Upper Midwest, hosting 218 events with 478,000 attendees in 2022. In 2023, the Convention Center hosted 205 events with 713,000 attendees.
The MarTen Ramp is located in the center of the nation’s largest “Skyway” system, an above-ground series of connections that allow office users and visitors alike to safely navigate much of the city in a climate controlled, secured environment.
Investment Highlights
SIGNIFICANT CAPITAL INVESTMENT
- $6.3 Million between 2015-2023, including structural and concrete enhancements, fire and life safety improvements, and automation systems. As a result, future capital will be limited in scope.
AUTOMATION
- A Parkonect system was installed in 2021, allowing for advanced reserved parking and QR code entry/exit.
EASY/CONVENIENT ACCESS
- With close proximity to Interstate 35W and 94, the Property’s users have quick and easy access to arrive and depart from the City.
RETURN TO OFFICE INITIATIVES
- It is estimated that more than 60% of the downtown office work force is in the office a minimum of three days per week with property revenue increasing 102% since 2021.
MEANINGFUL ADJACENT USES
- 1.2 million square feet of adjacent office towers
- Across Marquette Avenue sits Artistry on 10th, a nearly 300-unit multi-family residential complex with only 11 on-site parking spaces; many residents use the Property for their parking needs.
- Directly adjacent to the Hilton, Minneapolis’ largest hotel with 800+ rooms.
- Hines Development purchased a surface parking lot across Marquette Avenue with the intention of developing a ± 600,000 SF, class A office Tower, thus providing additional parking demand and the removal of an existing parking lot.
DEPENDABLE ANCHOR TENANT
- Enterprise Rental Car calls the Property its Minneapolis downtown base of operations, providing durable revenue to a future Owner. Enterprise Car Rental recently renewed their lease for an additional five years and remodeled their space at an estimated cost of $120,000.
VALUE ADD POTENTIAL
- A future investor can immediately realize additional net operating income of +/- $200,000 with the lease-up of the 13,571 SF of ground floor retail space at market rent of $15.00 psf.
COVERED LAND PLAY
- In addition to the stabilized parking operations, a future investor can take advantage of Minneapolis’ initiatives towards additional residential housing intermixed in the CBD. The current zoning, DT1 (Downtown Center) with BFC50 Core 50 Built Form Overlay.
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