Arden Logistics Parks acquired the Minneapolis Light Industrial Portfolio, a three-building, 361,428-square-foot portfolio of light industrial assets in the Minneapolis region.
The portfolio consists of the Flying Cloud Business Centre in Eden Prairie and the Oakview Business Centre I and II located in Eagan, Minnesota. The portfolio is currently 98% leased and represents the first Minneapolis acquisition for ALP as the company continues to expand into new markets.
The Flying Cloud Business Centre is a 204,000-square-foot, 24’ clear, Class-A warehouse building 100% leased to four tenants. The asset has achieved full occupancy for several years demonstrating the tenant demand for the property. The well-located building is also positioned at the nexus of Highway 62, Highway 169 and Highway 212, placing it within the coveted “Golden Triangle” submarket of Eden Prairie.
The Oakview Business Centre I & II is a 157,428-square-footlight industrial campus that is 96% leased to 10 tenants in a myriad of industries. The overall portfolio has been 100% occupied for 15 of the previous 21 years, demonstrating tenant demand and positive positioning within the overall market.
The nearly fully leased 344-million-square-foot Minneapolis/St. Paul industrial market continues to enjoy favorable conditions, having successfully absorbed over 14 million square feet of space over the past 24 months, representing the strongest absorption phase on record.
