2522-2550 Nicollet

Jones Lang LaSalle Americas, Inc. (“JLL”), is pleased to exclusively offer for sale the fee-simple interest in Icehouse Plaza (the “Property”) located at 2522-2550 Nicollet Ave in Minneapolis, MN. The 37,884 SF retail/residential mixed use asset is 100% leased and has a WALT on the commercial portion of 6.0 years. Featuring seven commercial and 13 residential tenants, this asset offers the unique opportunity to acquire a fully occupied, mixed-use property on the best corner in one of Minneapolis' most sought after submarkets.
At list price, the building is well-below replacement cost on a per square foot basis. Additionally, over $500k in structural improvements, a roof replacement with warranties, and various common area improvements have been recently completed. The most recent new lease, which is with Starbucks, has a per square foot rent rate that is 67% higher than the next highest rate in the center, illustrating the mark-to-market potential of the investment.
The property features iconic Minneapolis restaurants in the heart of Eat Street, a historic submarket with excellent fundamentals. The two largest tenants, Icehouse and Vertical Endeavors, which take up over half of the commercial space, have been at the property for over 11 years. Additionally, the property benefits from being in a high-density area central to essential amenities; within a three-mile radius, the area has a population of over 262,000 people, and the property is located between the downtown Minneapolis and the Minneapolis-Saint Paul International Airport, being just 10 minutes from both.