CBRE Capital Markets recently represented ownership in the sale of River Road Business Center I-IV, a 270,000-square-foot office/tech portfolio in Fridley, Minnesota. Q.T. Holdings, LLC purchased the portfolio for $18.9 million.
The Minneapolis-based team of Judd Welliver, Ryan Watts, Sonja Dusil and Tom Holtz represented the seller, Hoyt Properties, Inc. The sale closed on June 2.
The four-building portfolio was 93 percent occupied at the time of the sale with a mix of 34 tenants. Industries represented in the River Road Business Center include manufacturing, services, health care, wholesale products and technology.
Built between 1986 and 1988, the River Road Business Center has a 55 percent overall office finish with 14-foot clear height, 28 loading docks and 29 drive-in docks to accommodate a wide array of potential users