106 E Highway 28
Morris, MN 56267

The subject property is a freestanding, 31,784-square foot building, occupied by Shopko Hometown. It is located in Morris, Minnesota. The property sits just off of Highway 59, one of three major thoroughfares through the city. The property benefits from its close proximity to the University of Minnesota – Morris, a public liberal arts college with an enrollment of roughly 1,900 students. Shopko Hometown has minimal local competition, and the nearest Shopko Hometown is nearly 30 miles away. The tenant originally opened at this location as Pamida in 1972, signing a 20-year NNN lease. The store was remodeled in 2012 after Pamida merged with Shopko. The store now operates as a Shopko Hometown. The tenant recently executed an early lease renewal, bringing the remaining lease term to just under ten years. Their current rent rate is below average for Shopko, at just $3.11 per square foot. There is a rental increase of 10 percent in the next renewal option. Shopko is a $3 billion retailer that operates over 330 stores in 21 states throughout the Midwest, Mountain, North Central and Pacific Northwest regions. They provide quality name-brand merchandise, great values, pharmacy and optical services in small to mid-sized cities. The City of Morris serves as the county seat for Stevens county. The city is home to the major manufacturer, Superior Industries. which employs 800 people, with a majority of their workforce being skilled in engineering or fabrication. However, there are other major employers in the city including, the University of Minnesota, Stevens County Medical Center, and Riverview, LLP, one of the largest dairy milking operations in the country. The city of Morris carries a population of roughly 5,300 residents.