Walgreens- Elk River, MN

MINNEAPOLIS–ST. PAUL MSA – Located within the nation’s 16th largest MSA and the second largest in the Midwest, Elk River benefits from access to over 3.7 million residents. Minneapolis itself saw a strong 11% population growth from 2010 to 2020. Beyond the strength of the broader metro, Elk River offers a stable, resilient commercial real estate market with a track record of consistent growth over the past decade.
STRONG POPULATION GROWTH – Elk River is a fast-growing Minneapolis suburb, with projected population increases of 9.3% within 1 mile and 10.1% within 3 miles over the next five years, fueling long-term demand.
LONG-TERM LEASE EXTENSION – In 2020, Walgreens executed a brand-new 15-year lease with 5% rent escalations every five years — a structure implemented at only a select few hundred locations nationwide, underscoring the tenant’s long-term commitment and confidence in this site.
RENTAL ESCALATIONS – Walgreens benefits from rare rental escalations of 5% every 5 years, providing a built-in hedge against inflation and increasing long-term investment returns.
NURSING HOME ADJACENT – Situated just 0.2 miles from Guardian Angels Care Center, a 120-bed skilled nursing facility providing long-term and rehabilitative care. The property’s close proximity supports consistent traffic from staff, patients, and visitors, driving additional daytime demand and reinforcing the site’s viability for healthcare-adjacent and service-oriented tenants.
AFFLUENT COMMUNITY – This Walgreens serves the high-income community of Elk River in Minneapolis’s northwest suburbs, where the average household income within a 3-mile radius exceeds $128,000—driving strong consumer spending and retail stability.
HIGH VISIBILITY SITE – Strategically located at the signalized intersection of Hwy 169, one of the main routes to Northern Minnesota, this Walgreens has visibility to over 57,000 vehicles per day, benefiting from exceptional exposure and consistent drive-by traffic.
STRONG RETAIL CORRIDOR – Positioned within a high-traffic retail hub, this Walgreens is surrounded by a strong mix of national tenants including Home Depot, Walmart Supercenter, PetSmart, Chipotle, Panera Bread, AutoZone, Valvoline, Tractor Supply, McDonald’s, and numerous others. This dense concentration of recognizable brands creates a consistent consumer draw, drives high daily foot traffic, and reinforces the long-term stability and desirability of the retail corridor.

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Kurt Sauer