Upland Real Estate Group, Inc., has arranged the sale of 700 Hennepin Avenue located in the heart of vibrant downtown Minneapolis: sports and entertainment district. The 30,977 Sq-Ft building sold for $7,500,000 to an individual New Jersey investor. The rare net lease property features tenants, Seven the Steakhouse and Clear Channel Billboards: both tenants have over 9 years remaining on their lease term and annual rent increases. Seven has operated at this location since 2007. The restaurant space and rooftop have been refreshed, and the acclaimed Sameh Wadi has been named the new Culinary Director. 700 Hennepin is nested in a dense retail area featuring popular nearby attractions including: Pantages Theatre, Target Center (Timberwolves), Target Field (Twins), First Avenue (Prince), the State and Orpheum Theatres, US Bank Stadium, and Mayo Clinic Sports Medicine. Strong 5-mile demographics include a population of 472,642 and an average household income of $79,812. Traffic counts on Hennepin Avenue tally at 22,720 vehicles daily. On South 7th Street counts tally at 15,800 vehicles daily. Keith A. Sturm, CCIM, Deborah K. Vannelli, CCIM, and Amanda C. Leathers of Upland Real Estate Group, Inc., Minneapolis, Minnesota exclusively represented the seller.
