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|Call for Offers||2022-06-03|
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to exclusively offer for sale the fee-simple interest in a Caribou Coffee located in the Buffalo, Minnesota. Caribou Coffee is the dominant coffee chain in Minnesota, with a history of sustained growth and plans for future expansion. The building was recently built in 2021. This triple net investment presents a unique opportunity to obtain steady, reliable cash flows from while having minimal management responsibilities with the net lease structure.
INNOVATIVE CARIBOU “CABIN” CONCEPT
This site is Caribou Coffee’s new “Cabin” concept, featuring a new drive-up and walk-up only format. This innovative building design minimizes the company use of real estate and maximizes efficiency in service, reducing costs and increasing profitability
MARKET-DOMINANT COFFEE CHAIN
Caribou Coffee is the dominant coffee chain in Minnesota with more locations in the state than Starbucks and Dunkin’ Donuts combined
RECENT 10 YEAR LEASE WITH 10% BUMPS
Caribou signed a 10 year lease in late 2021, which leaves over 9 years remaining on the current term. The lease features 10% rent bumps every 5 years, increases which continue through the option periods
The building is new construction built-to-suit according to Caribou Coffee’s specifications. The recent construction reduces short term costs relating to possible capital improvements
HIGH TRAFFIC CORRIDOR ALONG HIGHWAY 55
The property is located directly off of MN-55, a state highway linking the Minneapolis-St. Paul metro to central Minnesota. The building is easily visible from the highway which carries nearly 18,000 vehicles per day