CBRE recently arranged the sale of a 386,000-square-foot distribution center at 5501 West Old Shakopee Road in Bloomington to Onward Investors, a Minnesota-based national commercial real estate investment and development firm.
Matt Oelschlager and Paige Rickert of CBRE Minneapolis represented the seller in the transaction and will also be responsible for the marketing and leasing of the property on behalf of Onward Investors.
“Onward’s goal is to take a very functional but a bit dated asset with an infill location and reposition it to a Class A industrial facility,” said Oelschlager. “What has historically been a single-tenant facility will be marketed as both a single or multi-tenant opportunity for lease. The building features 24’ clear, abundant dock loading and a significant area for trailer drops. Trailer drops have become a highly desired user need in recent years and the ability to offer as much as we can in this first-ring suburban location is unique.”
Upgrades to the property are set to begin immediately and will be completed in spring 2021.
