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83 S 8th St, Minneapolis, MN 811 Nicollet Mall, Minneapolis, MN
F.W. Knoblauch Ground Lease
Asset ClassLand
Lease-Term Remaining: 88 YearsAccess Data Room
$4,800,000 | 5.02% Cap Rate
overview of deal

Overview

The offering as hereinafter described presents qualified investors with the ability to invest in a ground lease under a prominent recently renovated office building in the heart of downtown Minneapolis.

 

The F.W. Knoblauch Ground Lease (Property) consists of two (2) parcels located on the corner of Nicollet Mall and 8th Street in the heart of downtown Minneapolis. The Property sits under the 416,000 SF RSM Plaza and 867-stall parking ramp. The two parcels are comprised of an 11,880 SF parcel fronting 8th Street and a 1,760 SF parcel fronting Nicollet Mall. The lease term expires in 2113 and has a first lien position and provides for rental adjustments every 10 years.

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Investment Highlights

Lease-Term Remaining
88 Years
Site Area
13.64 K Sq. Ft

INVESTMENT OVERVIEW

  • Long Term: 88-year ground lease; 2113 expiration
  • Unsubordinated: Unsubordinated ground lease with first lien position
  • Rent Growth: Rent adjustment every 10 years
  • Main & Main: Nicollet Mall and 8th Street is the center of commerce in the Minneapolis CBD
  • 24-Hour City: Minneapolis is a 24-hour city with a growing population, active redevelopment

 

RSM PLAZA OVERVIEW

  • Square Feet: +/- 416,000 (13-Story East Tower | 20-Story West Tower)
  • Parking: 867 Stalls in 13-Story Ramp (5 stories below grade)
  • Key Tenant: RSM - 12 Year Renewal in 2019 | 125,060 SF
  • Skyway Connections: IDS | Medical Arts
  • Recent Renovation: $10,000,000 in 2018/2019
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83 S 8th StMinneapolis, MN 55402

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Listing provided by Revere CRE