Location: 5000 Vernon Avenue South, Edina
Size: 2,748 SF
Year Built: 2019
Acquisition Date: Dec 2018
Orion entered into a 10-year lease with Caribou Corporate, which was completed in March 2019. Orion redeveloped a former Jiffy Lube site that was converted to single story retail and is now environmentally clean. The property features double drive-thru windows and lanes, a mural wall, and outdoor patio.
The top performing Starbucks in Minnesota is located one block away occupying an inline space.
Location: 3813 West 44th Street, Edina
Size: 1,057 SF
Year Built: 2004
Acquisition Date: Feb 2017
In December 2016, Orion secured a purchase agreement for a 1,057 sf retail building occupied by Milio’s sandwich shop. Milio’s lease expired in February 2018, which led to a significant discount in purchase price.
In January 2018, Milio’s exercised their renewal right and has a lease in place through February 2023, with one additional 5-year renewal option.
Location: 3900 Minnetonka Blvd, St. Louis Park
Size: 1,048 SF
Year Built: 1953
Acquisition Date: April 2018
In November 2017, Orion entered into negotiations with Mulberrys on a 10-year sale/leaseback for their first store. Orion closed in April 2018.
During due diligence, Orion discovered that since Mulberrys acquired the property in 2006, MPCA vapor testing guidelines had changed. Orion escrowed funds to cover costs of significant vapor testing and any potential remediation.
With a no association letter from the MPCA to Orion, escrow funds were released to the Seller.
Location: 4528-30 France Avenue South, Edina
Size: 10,026 SF
Year Built: 2017
Acquisition Date: Oct 2016
In March 2016, Orion secured a purchase agreement for 4528 France Avenue, a 4,068 sf building occupied by Fresenius Medical, and 4530 France Avenue, a vacant Rapid Oil Change.
After entitlements were completed, including rezoning and replatting, Orion began construction of a 5,958 sf structure attached to the existing 4,068 sf building. The property is 100% leased by Gateway Bank, Edina Cleaners and Bean + Ro.
Location: 4500 France Avenue South, Edina
Size: 7,000 SF Retail & 45 Apartments
Type: Mixed Use
Year Built: 2020
Acquisition Date: October 2018
In May 2017, Orion secured a purchase agreement for 4500 France Avenue and the adjacent houses at 3905 & 3907 Sunnyside Avenue. Orion began site concept design and submitted for entitlements in July 2017 and closed on the site in October 2018.
The Lorient was completed Sept 2020.
PARK GLEN CORPORATE CENTER
Location: 4500 Park Glen Road, St. Louis Park
Size: 58,816 SF
Year Built: 1986
Acquisition Date: January 2020
Orion closed on the purchase of this 48,816 sf Class B office property in January 2020. The property’s location along the new, to-be-constructed Southwest Light Rail Transit line was a key factoring the acquisition.
The property is currently 98% leased and experienced minimal disruption during the Covid-19 pandemic, proving that select high-quality assets are positioned to withstand volatile market conditions.
Location: 2400 Pilot Knob Road, Eagan
Size: 38,000 SF
Year Built: 2004
Acquisition Date: Dec 2014
In October 2014, Orion secured a purchase agreement for the Fagron building, a 38,000 sf office/production/ warehouse facility. Fagron is a leader in customized pharmaceutical compounding and the building is certified by the Drug Enforcement Administration.
The building is currently 100% leased through May 2025.
Location: 5995 149th Street West, Apple Valley
Size: 30,147 SF
Year Built: 1988
Acquisition Date: Dec 2015
In December 2015, Orion secured a purchase agreement for Venstar 9, a 30,147 sf building anchored by Lifetime Fitness. Four other office/warehouse tenants also occupy the building, two of which are partners in Irish Lightning, a single asset Orion LLC.
During due diligence, Orion negotiated a 5-year renewal option with Lifetime Fitness, which significantly reduced leasing risk.
SOUTHDALE PROFESSIONAL CENTER
Location: 6550 York Avenue South, Edina
SIZE: 62,152 SF
Year Built: 1973
Acquisition Date: Dec 2020
While Covid-19 decimated certain office buildings, others performed well. Based upon our experience with Park Glen we knew that small businesses needed to go to the office. At closing the building was 58% occupied. Since then, we have signed leases and renewed/expanded existing Tenants, bringing occupancy above 80%.