700 22nd Avenue South - Supermarket FOR SALE


Brookings, SD 57006
$14,467,000 USD
775-348-5220
700 22nd Avenue South, Brookings, SD for Sale
$14,467,000 USD
Supermarket - FOR SALE
1/10
null | Request Cap Rate

700 22nd Avenue South
Brookings, SD 57006


HIGHLIGHTS

  • Hy-Vee Grocery Anchored Shopping Center
  • Stabilized Property with Significant Value Add
  • 39,150 Square Feet of Vacancy (8/11/23)
  • Four Pad Site Development Opportunities
  • Frontage on Three City Streets
  • Existing High Traffic Count to Increase in 2023 with New Interstate Off Ramp

OVERVIEW

Please Download and Complete the Posted Registration, Confidentiality and Non-Disclosure Agreement in order to receive the Offering Memorandum. Contact Todd Blonsley: Email Todd.Blonsley@marcusmillichap.com Marcus & Millichap is pleased to exclusively present Eastside Commons, the premier grocery anchored retail center in Brookings, South Dakota. The rent roll boasts a tremendous variety of tenants who enjoy a location serving residential neighborhoods as well major businesses, such as the 3M Brookings plant (1,000+ employees). This well-maintained retail center is located near Interstate 29, the north/south corridor linking Sioux Falls (55 miles to the south) and Fargo, North Dakota (149 miles to the north). The center is anchored by Hy-Vee Grocery Store, Brookings Municipal Liquor Store and Grifols Biomat Plasma Center. Eastside Commons is home to a mix of national brands and local businesses. This grocery-anchored community center is ideally positioned for businesses entering the marketplace, which makes the “value add” component of this investment opportunity extremely attractive for savvy retail development/investment groups. As of August 2023, the center is approximately 75.5-percent occupied, making the 39,150 square feet of vacancy a tremendous opportunity for an investor to unlock additional cash flow and increase the asset value. The improvements are situated on 13+ acre parcel that provides multiple pad site development opportunities. A new owner can pursue a variety of options including build-to-suits, ground leasing, or pad site sales. Principal Investors Must Download and Complete the Posted Registration, Confidentiality and Non-Disclosure Agreement in order to receive the Offering Memorandum. Contact Todd Blonsley: Email Todd.Blonsley@marcusmillichap.com

FOR SALE DETAILS

PRICE

$14,467,000 USD

PRICE/SF

$91 USD /SF

CAP RATE

Request Cap Rate

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

HyVee Grocery Anchored Center

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Supermarket

ADD'L SUBTYPES

Restaurant, Storefront, Storefront Retail/Office

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1973

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

13.65 AC

LAND SF

594,594 SF

ZONING

Business B-2

APN/PARCEL ID

400750000000200

ASK ABOUT THIS PROPERTY

Todd BlonsleyMarcus & MillichapMore Info
775-348-5220

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Todd BlonsleyMarcus & MillichapMore Info
775-348-5220

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.