Value Add Retail - 168,768 SF- Midwest Location | 33% Occupancy with Strong NOI | High Double Digit Cap Rate Potential

Highlights:

• 168,768 SF three-story masonry building, 33% occupied and generating positive cash flow
• Capital One lease through 8/31/2028, with a strong sub-tenant in place in modern, recently renovated space
• Prominent downtown corner location with frontage on W Saint Germain St and 7th Ave S
• Adjacent public parking garage plus 397 surface spaces supporting accessibility
• Walkable urban setting near St. Cloud State University and civic employers
• Located within the Minneapolis–St. Paul regional market influence

Description:

View details: https://rimarketplace.com/auction/3062/retail/saint-cloud/mn

600–660 W Saint Germain Street is a 168,768 square foot, three-story freestanding retail property located in the heart of Downtown Saint Cloud, Minnesota. Currently 33% occupied and generating positive cash flow, Capital One has a lease through 8/31/2028 with a strong subtenant in place.

Positioned on a 1.33-acre corner parcel with frontage along West Saint Germain Street and 7th Avenue South, the asset sits within the city’s primary retail, office, and civic corridor. The property was constructed in 1985 and features flexible large floor plates, masonry construction, a multi-level layout, and direct access to an adjacent public parking garage, in addition to on-site surface parking.

St. Cloud's Draft Downtown Plan (April 2026) designates the subject property as one of only 13 Priority Redevelopment Sites citywide, with multiple paths to value anchored by significant identified demand gaps. This includes a proposed Riverwalk which will physically connect Downtown, St. Cloud State University, and St. Cloud Hospital along the Mississippi, routing thousands of daily trail users through this trade area. It's the same infrastructure playbook the Downtown Plan credits for transforming Stillwater, Red Wing, and Winona into regional dining and entertainment destinations. With the Draft Downtown Plan just released, this is the optimal time for an early mover to reposition this asset and capture the value lift as Downtown St. Cloud transformation gains momentum.

Learn more: https://st-cloud-downtown-plan-hlplanning.hub.arcgis.com/

The property is situated within the Minneapolis–St. Paul MSA’s broader regional influence and serves as a dominant commercial presence within the Saint Cloud submarket. The surrounding area benefits from strong walkability, proximity to St. Cloud State University, and a consistent daytime population driven by nearby government offices, healthcare facilities, and regional employers. With substantial square footage and flexible floor plates, the asset is well-positioned for a variety of retail, entertainment, mixed-use, or adaptive reuse strategies in a supply-constrained downtown environment.