Portfolio
CARIBOU COFFEE
Location: 5000 Vernon Avenue South, Edina
Size: 2,748 SF
Type: Retail
Year Built: 2019
Acquisition Date: Dec 2018
Overview
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.
MILIO'S
Location: 3813 West 44th Street, Edina
Size: 1,057 SF
Type: Retail
Year Built: 2004
Acquisition Date: Feb 2017
Overview
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.
MULBERRYS
Location: 3900 Minnetonka Blvd, St. Louis Park
Size: 1,048 SF
Type: Retail
Year Built: 1953
Acquisition Date: April 2018
Overview
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.
EDINA GATEWAY
Location: 4528-30 France Avenue South, Edina
Size: 10,026 SF
Type: Retail
Year Built: 2017
Acquisition Date: Oct 2016
Overview
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.
THE LORIENT
Location: 4500 France Avenue South, Edina
Size: 7,000 SF Retail & 45 Apartments
Type: Mixed Use
Year Built: 2020
Acquisition Date: October 2018
Overview
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
Type: Office
Year Built: 1986
Acquisition Date: January 2020
Overview
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.
FAGRON
Location: 2400 Pilot Knob Road, Eagan
Size: 38,000 SF
Type: Industrial
Year Built: 2004
Acquisition Date: Dec 2014
Sale Date: Nov 2021
Return: 23% IRR 2.75 equity multiple
Overview
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. Orion had the building 100% leased through May 2025.
VENSTAR 9
Location: 5995 149th Street West, Apple Valley
Size: 30,147 SF
Type: Industrial
Year Built: 1988
Acquisition Date: Dec 2015
Overview
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 BUILDING
Location: 6550 York Avenue South, Edina
SIZE: 62,152 SF
Type: Office
Year Built: 1973
Acquisition Date: Dec 2020
Overview
While Covid-19 decimated certain office buildings, others performed well. Similar to Park Glen, we knew that the small businesses that fill these buildings need an office footprint in order to survive and thrive. At closing the building was 58% occupied. Orion has committed to modernizing and updating the interiors of the building, which has resulted in signed leases and renewals/expansions with existing Tenants, bringing occupancy above 90%.
CROSSTOWN CORPORATE CENTER
Location: 6385 Old Shady Oak Road, Eden Prairie
SIZE: 59,953 SF
Type: Office
Year Built: 1999
Acquisition Date: March 2022
Overview
Orion closed on the purchase of this 60,000 sf Class A office property in March of 2022. Ideally located in the amenity-rich suburb of Eden Prairie, Crosstown Corporate Center is currently 97% leased. Location, occupancy, and diverse tenants make this acquisition a solid addition to the Orion portfolio.
70TH & FRANCE
Location: Corner of 70th & France, Edina, MN
Size: 190,000 SF Office, 40,000 SF Retail, 270 Apartment Units and 540 Parking Stalls
Type: Mixed Use
Year Built: Q1 2022 (start construction)
Acquisition Date: 2021
Overview:
In 2020, Mortenson tapped Orion to pursue the US Bank site on France Ave in Edina. The 18 month entitlement process included a PUD and re-zoning. The Orion/Mortenson vision provides for $250+ million in total development including a 270 unit apartment building, 230,000 SF Class A office/retail building and 540 stall parking ramp. Demolition started in Q1 2022 and construction is estimated to be completed in 2026.
THE CRAFTSMAN
Location: 7250 France Ave, Edina, MN
Size: 130,000 SF
Type: Office
Year Built: Q2 2024 (start construction)
Acquisition Date: 2021
Overview:
This state-of-art, Class A office building will be part of the first phase of a development that will include an updated street design, green space, pedestrian connections, and stormwater management for the immediate area.