Five Lakes Centre – Value Add Shopping Center

400 S State St. Fairmont, MN 56031
List Price $4,000,000
Cap Rate (2023) 8.85%

For More Information

Spencer O’Donnell

Property Description

We are pleased to present to qualified investors an opportunity to purchase a value-add retail shopping center mall (Five Lakes Centre) located in Fairmont, MN that provides significant upside potential through lease up of a big box and small shops. Five Lakes Centre is a 192,240 SF regional retail hub located on 17.78 acres and positioned on the main north/south corridor of State St and located less than 2 miles from Interstate 90 (main east/west regional corridor).

This opportunity additionally includes the added benefit of the owner spending close to $200,000 on parking lot capital improvements. Fairmont, MN is the county government seat of Martin County ensuring long-term job stability and higher household incomes. It is one of the state’s most affordable places to live and features a healthy business environment with over 780 businesses, some of which include the Mayo Clinic Health System, 3M, Hy-Vee, Walmart, Fairmont Foods and more. This is a unique opportunity to purchase a value-add retail center, priced on actual income at well below replacement cost, sitting on over 17.78 acres of land, providing an attractive entry point to reposition the asset for future occupancy and rental growth.

Investment Highlights:

  • Five Lakes Centre – Value-Add Shopping Center

    • Fee Simple Ownership (Land & Building)

  • 192,240 SF Shopping Center – $200K Parking Lot Capital Improvement Completed

  • Attractive Entry Point – Offered at Well-Below Replacement Costs

  • Large Lot – Over 17 Acres – Incredible Lease-Up Opportunity

    • Opportunity to Substantially Increase Cash Flow

  • Less than 2 Miles from Interstate 90 – Longest Interstate in the Country – Seattle to Boston

  • Nearby Major Retailers Hy-Vee, O’Reilly Auto Parts (Outparcel Not Included), Burger King (Outparcel NAP), Arby’s, Fareway Grocery (Outparcel Not Included), Tractor Supply, Walmart Supercenter, and More

  • Fairmont, MN – County Seat – Accessible by Plane, Rail & Interstate Travel – Positioned on Area’s Main North/South Corridor (State St)

  • Features Over 780 Businesses Including the Mayo Clinic Health System – Fairmont, 3M, Avery Weigh-Tronix, ADS Hancor, Green Plains, CHS, Kahler Automation and Others

  • Planned Industrial Development – Expansive Industrial Park with Minnesota Shovel-Ready Certification

  • Average Household Income of $98,371 within a 5 Mile Radius

Area Demographics

Population 2024
Median HH Income
Average HH Income
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