Town Centre Plaza 1185 Town Centre Dr

Jones Lang LaSalle Americas, Inc. (“JLL”), is pleased to exclusively offer for sale the fee-simple interest in Town Centre Plaza located at 1185 Town Centre Dr in Eagan, Minnesota. The 43,649 SF medical office building asset is 90.2% leased and has a WALT of 5.1 years. The property also has an assumable loan with a below-market interest rate of 3.25% and a maturity in 2031. With a weighted average occupancy of over 16 years, this asset offers the unique opportunity to acquire a proven asset with value-add opportunity in one the strongest medical office markets in the country.
The largest tenant, MNGI, recently signed an early five-year renewal, bringing their remaining term to over seven years. The rent roll has a diverse, complimentary mix of medical tenants ranging from dermatology and counseling to gastroenterology and endocrinology. With an average PSF rent rate under $18.00 and 10% vacancy, the investment provides ample opportunity for income growth.
The property is strategically located within the primary commercial corridor of the southeast Twin Cities metro. The property is also supported by affluent demographics and a strong medical market. Minnesota is home to the headquarters of UnitedHealth Group, Mayo Clinic, Medtronic, and has more than 1,000 other health care companies that employ more than 500,000 Minnesotans and millions more worldwide. Within a one-mile radius, the average household income is an impressive $162,000, 43% higher than the national average. Within a one, three, a five-mile radius, the population and average household income are projected to grow steadily over the next five years.