Inventure Real Estate Acquires Walgreens at 115 2nd Ave N in Sauk Rapids, Minnesota
SAUK RAPIDS, MN — April, 2026 — Inventure Real Estate has acquired the freestanding Walgreens pharmacy at 115 2nd Ave N in Sauk Rapids, Minnesota, adding a 14,490 square foot single tenant retail asset to its Central Minnesota portfolio. The property sits on 1.59 acres at one of the busiest signalized corners in Benton County, directly across the Mississippi River from downtown St. Cloud.
The acquisition reflects Inventure’s continued focus on well located, income producing commercial real estate in the markets it knows best. Sauk Rapids is 4 miles from Inventure’s St. Cloud headquarters, and the firm has been active in the corridor for years.
The asset carries an absolute NNN lease with a corporate guaranty and roughly 11 years of term remaining, followed by fifty consecutive 1 year renewal options. Walgreens has operated at the corner since 2011, when it relocated from a smaller footprint site nearby to secure a drive thru, expanded parking, and better traffic flow.
Property Details
- Address – 115 2nd Ave N, Sauk Rapids, MN 56379
- Building size – 14,490 square feet
- Land area – 1.59 acres
- Year built – 2011
- Tenant – Walgreens, corporate guaranty
- Lease type – Absolute NNN, zero landlord responsibilities
- Lease commencement – October 1, 2011
- Current term expiration – September 30, 2036
- Term remaining – Approximately 11 years
- Renewal options – Fifty 1 year options
- Annual base rent – $645,000
- Occupancy – 100 percent, single tenant
- Building type – Freestanding with drive thru pharmacy
- County and market – Benton County, St. Cloud MSA
Why This Deal Works
A Corner That Cannot Be Replicated
The site occupies a rare 4 corner position with two signalized intersections and three points of ingress and egress. Traffic counts tell the story clearly:
- 2nd Street N – 21,100+ vehicles per day
- Benton Drive – 17,500+ vehicles per day
- 2nd Ave N – 5,100+ vehicles per day
Combined, more than 43,000 vehicles pass the property daily. In a market the size of Sauk Rapids, that concentration of exposure at a single intersection is the exception rather than the rule. Access matters as much as visibility, and this site delivers both from every direction.
Structural Demand From Healthcare
St. Cloud Hospital sits 1.3 miles from the property. It is the largest healthcare facility in the region, with 489 beds and more than 6,500 staff, including over 500 physicians. That volume of daily patient and employee traffic creates steady, non discretionary pharmacy demand that does not fluctuate with the retail cycle. Prescription fills follow hospital discharges, and this store is the nearest Walgreens to that campus.
A Purpose Built Store, Not a Legacy Box
Walgreens built this location in 2011 as a relocation from a smaller footprint site nearby. The move was made specifically to add a drive thru, expand parking, and improve traffic flow. That distinction matters. Stores a tenant chose to build are materially different from stores a tenant inherited, and the capital Walgreens committed here is a direct signal of how it views the trade area.
Passive Ownership Structure
The lease is absolute NNN with a corporate guaranty and no landlord responsibilities. Taxes, insurance, maintenance, roof, and structure all sit with the tenant. Fifty consecutive 1 year renewal options extend well beyond the current term, giving the tenant meaningful runway to stay in place and giving ownership long term visibility on the asset.
A Growing Residential Base at the Door
The 57 unit Mississippi Lofts apartment complex sits directly across the street, and Sauk Rapids has posted steady population growth for two decades on the strength of St. Cloud’s employment base and a lower cost of living than the Twin Cities metro.
Trade area demographics:
| Radius | Population | Households | Avg. Household Income | Businesses |
|---|---|---|---|---|
| 3 mile | 54,990 | 22,268 | $77,090 | 2,388 |
| 5 mile | 110,604 | 43,591 | $86,576 | 3,573 |
| 10 mile | 140,303 | 54,586 | $91,002 | 4,256 |
About the Sauk Rapids and St. Cloud Market
Sauk Rapids is located in Benton County along the east bank of the Mississippi River, directly across from St. Cloud and just over an hour northwest of the Minneapolis and St. Paul metro. The city is positioned along U.S. Highway 10 and State Highway 15 with quick access to Interstate 94.
As part of the St. Cloud Metropolitan Statistical Area, Sauk Rapids draws on a diverse regional economy spanning healthcare, education, manufacturing, and retail trade. Major employers include CentraCare Health and St. Cloud State University, alongside a base of national and regional manufacturers. The result is a market with real employment depth and housing affordability that continues to pull residents from larger metros.
About the Tenant
Walgreens is one of the largest retail pharmacy operators in the United States, founded in 1901 and headquartered in Deerfield, Illinois. The company operates more than 8,700 stores nationwide and employs over 240,000 people.
In August 2025, Sycamore Partners completed its acquisition of Walgreens Boots Alliance, and Walgreens now operates as a standalone private company. The transition is intended to give the pharmacy business greater flexibility to execute its turnaround, with a sharper focus on core pharmacy operations and cost discipline.
Frequently Asked Questions
Where is the property located? The Walgreens is at 115 2nd Ave N, Sauk Rapids, MN 56379, in Benton County within the St. Cloud Metropolitan Statistical Area.
How large is the building? The freestanding building is 14,490 square feet on 1.59 acres, built in 2011 with a drive thru pharmacy.
What kind of lease is in place? An absolute NNN lease with a corporate guaranty. The tenant is responsible for taxes, insurance, maintenance, roof, and structure, leaving no landlord obligations.
How much lease term remains? The current term runs through September 30, 2036, roughly 11 years, followed by fifty consecutive 1 year renewal options.
Who acquired the property? Inventure Real Estate, a St. Cloud based commercial real estate firm active in acquisitions, brokerage, owner’s representation, and development across Central Minnesota.
Is the property available for lease or sale? No. The building is fully occupied by Walgreens under a long term lease and is not currently available.
This announcement is for informational purposes only. It is not an offer to sell or a solicitation of an offer to buy any security or interest in any investment, and it should not be construed as investment advice.
