Industrial W Minnesota

Marcus & Millichap sells industrial property in Minneapolis suburb

  

Marcus & Millichap closed the sale of a 82,350-square-foot industrial building in Bloomington, Minnesota, selling the property for $3 million.

Marc C. Paylor and Claire J. Roberts, investment specialists in Marcus & Millichap’s Minneapolis office, were retained as the exclusive advisers to market and sell the property on behalf of the seller. The buyer, a limited liability company, was secured and represented by Nick Leviton of Colliers International.

The property at 8301 Grand Ave S, was previously owned by U.S. Venture, which distributes and markets energy, automotive and lubricants products throughout North America.

As part of the sale, U.S. Venture executed a 10-year NNN lease and will remain in the building. U.S. Lubricants, a division of U.S. Venture will continue to use the building as a bulk storage and distribution center for its commercial lubricants.

Other tenants include Nikolas Bakery, which offers a full line of bakery products to food service and national retail chains and Companies to Classrooms, a non-profit organization that provides donated office supplies and furniture to local schools.