Marketplace Retail & Office Center, Waite Park, MN
WAITE PARK, MN—Mission Capital Advisors, a national real estate capital markets solution firm, is marketing Marketplace Retail and Office Center, a five-building, 121,406-square-foot, mixed-use property located at 110 2nd Street South in Waite Park, MN. The Mission Capital team of Will Sledge, Kyle Kaminski and Tom Karras is marketing the property on behalf of the seller, a CMBS special servicer.
Located in the western portion of the St. Cloud submarket, Marketplace Retail and Office Center consists of a four-story, 88,190-square-foot building containing a mix of retail and office space, and four single-story retail buildings, ranging in size from 1,740 to 19,716 square feet. The property's total occupancy is 65.7 percent.
“With five separate buildings, and room to build significantly on the property's existing tenant base, this offering will provide strategic investors with various opportunities to create value,” says Kaminski. “In addition to increasing cash flow by leasing up the vacant space, the buyer will be able to consider a range of other value-add plays, including selling off some of the outparcels, or redeveloping parts of the property.”
The property's retail tenant mix features several national and retail chains, including Starbucks and Pizza Ranch. The property is shadow-anchored by Dick's Sporting Goods, Five Below and Fresh Thyme Farmers Market. With its location in the prime retail area of St. Cloud and Waite Park, it is less than a mile from the popular Crossroads Center, offering convenient access to Macy's, JCPenney, Sears and Target.
“This is the perfect investment for a buyer who combines a creative approach with a strong leasing and management team that can increase the property's occupancy,” says Kaminski. “With its strong location in the local market, we anticipate significant interest from local and national investors.”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
