Colliers International|Minneapolis-St. Paul’s office and industrial investment sales team negotiated the sale of the 365,940-square-foot Timberland North Industrial Portfolio in Brooklyn Park, Minnesota.
Timberland finalized the sale of the portfolio to Red Tail Acquisitions on Oct. 29.
The portfolio consists of four industrial properties totaling 365,940 square feet across 23.29 acres. The buildings in the portfolio were built between 1974 and 1979. Timberland Partners disposed of the portfolio so that it could focus on its specialty, multifamily housing assets. Many of the portfolio tenants are smaller, local businesses, including a distillery and a rustic hardwood reclamation company.
The transaction took 18 months, and required Timberland Partners to work through complicated proeprty issues. The transaction was originally set to close just after the onset of COVID-related shutdowns. Because of the pandemic, Red Tail Acquisitions had to find a new lender and reassess the credit of the tenants, delaying the closing of the deal for eight months.
Colliers office and industrial sales team of Mark Kolsrud, Peter Carbonneau, Peter Loehrer and Lydia Paasch arranged the transaction.