Shopko & T-Mobile 8578 Rock Ridge Dr

Horvath & Tremblay is pleased to present the exclusive opportunity to acquire the new construction two-tenant plaza located at 8578 Rock Ridge Drive in Mountain Iron, Minnesota (the “Property”). The two-tenant plaza is improved with Shopko Optical and T-Mobile (Corporate Guaranty) and contains 4,880 square feet on a 1.42-acre parcel. The Property was completed in 2022, Shopko Optical has 4+ years remaining on their lease with three (3), 5-Year renewal options. T-Mobile 8+ years remaining on their lease with three (3), 5-year renewal options. Both tenants’ leases call for attractive rent increases every 5-years throughout their primary lease terms and/or at the start of their renewal options. The Property is positioned along Rock Ridge Drive, and is an outparcel to a Walmart Supercenter, one of the area’s primary shopping destinations. The Property enjoys outstanding visibility and frontage along US Highway 169, and is 2.5-miles from the center of Virginia (the area’s largest town), and 2.5-miles from U.S. Steel’s Minntac mine, which is the state’s largest single mining operation, and is home to the largest concentration of employees in the area. The Property is surrounded by other newer construction retail properties and is located adjacent to a Comfort Inn & Suites, and two larger apartment communities. Mountain Iron is located at the junction of US Highways 169 and 53 in the northwest portion of the State.