Midloch Investment Partners and Fountain Real Estate Capital have acquired industrial property Boone Plaza in the Golden Valley submarket of Minneapolis.
Midloch and Fountain are joint-venture investors in the industrial-flex property, which is 123,608 square feet on 10 acres. Boone Plaza is fully leased to a mix of 16 diverse tenants.
The acquisition price was $11.9 million. JLL brokers Colin Ryan, David Berglund, and Scott Loving facilitated the transaction, including a mortgage loan from Royal Credit Union in Minneapolis.
Constructed in 1984, Boone Plaza is located at 1000 Boone Avenue North in Golden Valley. The location has direct access to Interstate 394, Highway 169, and Highway 55/Olsen Memorial Highway, and is just seven miles from downtown Minneapolis. Boone Plaza also is located immediately north of General Mills’ headquarters. Tenants include General Mills, Gonyea Custom Homes, and Schlage Lock Company. Fountain Real Estate will be the leasing broker for the property.
