601 Nicollet Mall - Specialty FOR SALE


Minneapolis, MN 55402- Downtown West
$10,200,000 USD
612-834-2250
601 Nicollet Mall, Minneapolis, MN for Sale
$10,200,000 USD
Specialty - FOR SALE
1/9
null | Request Cap Rate

601 Nicollet Mall
Minneapolis, MN 55402
Downtown West


HIGHLIGHTS

  • Institutionally Owned and Maintained
  • Fully Automated and Secure Parking
  • Adjacent Iconic Office Towers Drive Demand
  • Poised for Growth / Return to Office Mandates
  • Central Location
  • Revenue Stability and Flexibility

OVERVIEW

Institutionally Owned and Maintained ?Owned and operated by UGP Gaviidae Common, LLC (an entity controlled by Chicago-based InterPark) who facilitated capital and remedial maintenance of more than $2,000,000 over the course of their ownership. Fully Automated and Secure Parking ?The Property is a fully automated, secure parking facility featuring 374 parking stalls with high utilization rates. Adjacent Iconic Office Towers Drive Demand ?Directly connected to Wells Fargo Center, a 1,500,000 million square foot class “A” office tower experiencing significant leasing velocity. Poised for Growth / Return to Office Mandates ?Target (7,100 downtown employees), US Bank (4,200 employees), Ameriprise Financial (4,200 employees), and Xcel Energy (1,600 employees) have all increased the requirement for employees to be in the office. Minneapolis has seen an 11.4% year-over-year surge in corporate office utilization. Central Location ?The Property’s central location and proximity to major sports and concert venues drive traffic to the downtown core typically during non-traditional business hours. Revenue Stability and Flexibility ?The Property has significant large-block users such as Centerpoint Entergy, Frederikson & Byron, Fulbright & Jaworski, among others that provide consistent revenue during traditional business hours while also maximizing transient parking opportunities during non-business hours. After Hours Demand Drivers ?Nearby hotels such as the Westin and Rand Tower, as well as the fine and casual establishments like Murrays and Oceanaire drive high parking demand during non-business hours.

FOR SALE DETAILS

PRICE

$10,200,000 USD

PRICE/SF

$66 USD /SF

CAP RATE

Request Cap Rate

% LEASED

-

TENANCY

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Gaviidae Common Parking Garage

PROPERTY TYPE

Specialty

ADD'L SUBTYPES

Parking Garage

TOTAL BUILDING SIZE

-

STORIES

4

BUILDING CLASS

-

YEAR BUILT

1988

SPRINKLERS

-

PARKING SPACES

374

LAND DETAILS

LAND ACRES

0.87 AC

LAND SF

37,897 SF

ZONING

B4-2

APN/PARCEL ID

22-029-24-44-0127

ASK ABOUT THIS PROPERTY

Kevin PeckSuntide Commercial Realty, Inc.More Info
612-834-2250

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Kevin PeckSuntide Commercial Realty, Inc.More Info
612-834-2250

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