Perkins

Property Highlights

• Net Leased Perkins Investment Property - Marcus & Millichap is pleased to exclusively market for sale a single-tenant net-leased Perkins in Maple Grove, MN.
• Over 8 Years Remaining on Long Term Lease with Rent Increases - Perkins occupies the property on an Absolute Triple Net (NNN) Lease which is set to expire on October 31, 2029. The lease then offers four, five-year options to extend, each having rent increases.
• Corporate Guarantee by Perkins LLC - Perkins was founded in 1958 and had successfully operated 290 restaurants in 32 states and in Canada. Recently, Perkins and Marie Callender have split up after 13 years of conjoined business, Huddle House proceeded to buy Perkins for $51.5MM. The purchase has created a family restaurant empire which extended to 700 locations and $800MM in annual sales in 2019.
• Strategic Location Near Retail Corridor - The subject property is located adjacent to a major retail corridor, bringing in several visitors and shoppers daily. The national retailers that are near include Costco, Lowes, Dick’s Sporting Goods, Whole Foods, Trader Joe’s, Nordstrom Rack, Best Buy, Kohls, Michaels, and many more in the immediate surrounding area.
• Located off Major Highway, High Traffic Counts - Perkins is located on the corner of Hemlock Lane (35,500 VPD) and 73rd Avenue. This location is situated one block from Interstate-694 which has over 126,000 vehicles per day.
• Flourishing Community in the Twin Cities - Maple Grove, Minnesota is a flourishing community in the Twin Cities metropolitan area with a total population of 73,533 in 2020. Maple Grove is just 20 miles from the major city of Minneapolis, where many commute to work but also citizens are known to stay in the Maple Grove area because of their solid business community with highly regarded businesses.

• Price: $2,100,000
• Lot Size: 2.48
• Cap Rate: 6.60%
• Lease Type: Absolute Triple Net (NNN)
• Year Built: 1980
• Building SF: 4,840
• Status: Sold
• Guarantor: Corporate - Perkins LLC