Retail•Strip Center•For Sale

Plaza 53 Shopping Center

5463-5469 Mountain Iron Dr, Virginia, Minnesota 55792

Sale Price $1,495,000
Zoning Highway Commercial District
Bldg Type Multi-Tenant
Year Built 1970
Stories 1
Vacancy 38%
Gross Bldg 79,800 SqFt
Land Area 6.22 Acres
SVN | Northco is pleased to present for sale a multi-tenant mall in located in Virginia, MN. This 80,000 square foot mall is a great value-add and/or redevelopment opportunity at $18 per square foot. The center is currently 33.15% occupied with the core tenant mix including national credit retailers and service providers. The 6.49 acre property fronts Hwy 53 and consists of a 5.46 acre parcel that Plaza 53 sits on and an additional 1.03 acres of additional development land. SVN | Northco is pleased to present for lease a multi-tenant strip center located in Virginia, MN. This 80,000 square foot center has a variety of tenants, many of which are national credit retail tenants and service providers, and the property is located in a busy commercial area with numerous retailers such as Menards, Target, Super One Foods, AmericInn, AutoZone, Valvoline Instant Oil Change, among others, as well as a number of local businesses in the immediate vicinity. The Thunderbird Mall is located across Highway 53 from the property. Virginia, MN is located in Saint Louis County on the Mesabi Iron Range, one of the sub-regions of Minnesota's Iron Range. Virginia is considered the commerce center of the Mesabi Range and serves as the shopping, industrial, educational, and medical hub for the surrounding communities. The Mesabi Range communities have experienced a revitalization as new technology in mining warranted the reopening of the multiple area mines and the creation of thousands of jobs. Major highways that run through the town are US Highway 53, US Highway 169, and State Highway 135. Virginia is located approximately 64 miles from Duluth and 200 miles from Minneapolis.
  • Value-Add Mall Opportunity - Currently 33.15% Occupied
  • Great Redevelopment Opportunity
  • $18 Per Square Foot
  • Fronts Highest Trafficked Road in Area - MN Hwy 53 at 18,000 VPD
  • Center and Shopping Hub of the Mesabi Range Cities
  • Revitalization from Recent Re-Opening of Area Mines
  • Core Tenants Include Dollar Tree, Auto Value, Edward Jones
  • Canadian National (CN) Rail Line Runs Directly Behind the Property
  • 79,800 square foot retail strip center
  • 17 retail spaces currently available
  • Frontage on Highway 53 (17,000 VPD), near Highway 169 junction (19,000 VPD)
  • Adjacent to many businesses including Menards, Target, Super One Foods, AmericInn, AutoZone, Valvoline Instant Oil Change, among others
  • The Thunderbird Mall, a major regional shopping mall, is located across Highway 53 from the property
1/2/2020 9:19:10 PM 2/17/2020 4:11:37 PM
Frank Jermusek, JD
President / Managing Director
SVN | Northco Real Estate Services
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