Walgreens – Hibbing, MN

Walgreens – Hibbing, MN

Walgreens – Hibbing, MN
1130 East 37th Street
Hibbing, Minnesota 55746

4,720,000

Cap Rate 5.87%
Gross Leasable Area (GLA) 14,739
Price Per Square Foot (GLA) $320.24
Year Built 2007
Lot Size 1.64 Acres
  • Fast Closing
  • 1031 Exchange Buyer
  • Short Inspection Period
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Confidentiality and Buyer Registration Agreement

Marcus & Millichap Real Estate Investment Brokerage Company (“Broker”) has been asked to serve in the capacity of exclusive agent for the (“Seller”) regarding the potential sale of the properties known as: Walgreens – Hibbing, MN (the "Property").

To receive financials and other vital data please read, sign and return this completed Confidentiality Agreement to Broker. The property information has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information that prospective Buyers may need or desire. No representation is made by Broker or the Seller as to the accuracy or completeness of the information contained herein, and nothing contained herein shall be relied on as a promise or representation as to the future performance of the property.

By accepting the financial reports and market data, you agree to indemnify, defend, protect and hold Seller and Broker and any affiliate of Seller or Broker harmless from and against any and all claims, damages, demands, liabilities, losses, costs or expenses (including reasonable attorney’s fees, collectively “Claims”) arising, directly or indirectly from any actions or omissions of Buyer, its employees, officers, directors or agents.

Buyer shall indemnify and hold Seller and Broker harmless from and against any claims, causes of action or liabilities, including, without limitation, reasonable attorney’s fees and court costs which James Medefind or Marcus & Millichap REIS may be incurred with respect to any claims for other real estate commissions, broker’s fees or finder’s fees in relation to or in connection with the Property to the extent claimed, through or under Seller.

The Financial Reports and market data, except such information that is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting the property information, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose the information or any of the contents to any other entity (except to outside advisors retained by you, if necessary for you determination of whether or not to make an offer and from whom you have obtained an agreement of confidentiality) without prior written authorization of the Seller or Broker, and that you will not use the information or any of the contents in any fashion or manner detrimental to the interest of the Seller or Broker.

No employee of Seller or at the subject property is to be contacted without the written approval of the agent and doing so would be a violation of this confidentiality agreement.

This free standing 14,739-squarefoot Walgreens is situated on 1.64 acres in Hibbing, Minnesota. Built in 2007, Walgreens signed a 25-year absolute NNN lease which has 16.5 years of primary term remaining. The property is ideally positioned on the hard signalized corner of 37th Street and East Beltline (Combined Traffic Count: 21,200 VPD) which serve as two of the area’s primary arteries. Walgreens is also directly across 37th Street from the 200,000+-square-foot Mesabi Mall Shopping Center which is anchored by two strong regional retailers Super One Foods and L&M Fleet Supply. Walgreens also benefits from its strategic location less than 0.25 miles east of the 85-bed Fairview Range Medical Center and its surrounding medical uses. In addition, the property is situated within the area’s primary retail corridor with 1.6 MSF of retail space within a 3-mile radius. Other major retailers with a presence in the immediate vicinity include: Walmart Supercenter, JC Penney, Lowe’s Home Improvement, Jo-Ann Fabrics, Sears, Peebles, Dollar Tree, Anytime Fitness, McDonald’s, Dairy Queen, KFC, Papa Murphy’s, Caribou Coffee, Chrysler/Dodge/Jeep/RAM and AT&T among others. The property is also surrounded by a myriad of residential and industrial uses and is less than 1.5 miles south of both historic Downtown Hibbing and Hibbing Community College (Enrollment: 1,486 students). With a current population of approximately 18,000, Hibbing, Minnesota is located in St. Louis County (Population: 198,102) approximately 70 miles northwest of Duluth and 190 miles north of Minneapolis-St. Paul. The city is also ideally positioned just minutes from access to northeast Minnesota’s picturesque lakes and is connected within the region by a network of major traffic arteries, railways and a regional airport. Known as the “Heartbeat of Minnesota’s Iron Range”, the city is home to one of the world’s largest open pit iron ore mines and serves as a regional center for government, healthcare, professional services, mining, retail and education.

 

For More Information, Please Contact:

James Medefind

Senior Associate
813-387-4788
james.Medefind@marcusmillichap.com