JLL Capital Markets has closed the sale of a two-building light industrial portfolio totaling 121,572 square feet in the Minneapolis-area community of Bloomington, Minnesota.
JLL marketed the property on behalf of the seller, Hoyt Properties Incorporated.
The portfolio comprises the 58,976-square-foot Victoria Pond Center and the 62,596-square-foot Cedar Business Center, both of which were developed in the mid-1980s and feature brick exteriors and generous glass lines.
Victoria Pond Center, which is located at 4801 West 81st St., is fully leased to a diverse roster of 11 tenants. The building has a 12-foot clear height, five dock-high doors, eight drive-in doors and ample parking. Positioned on 8.1 acres within the Southwest Industrial submarket, the building has easy access to Interstate 494 and Highway 100 and is also proximate to Minneapolis-St. Paul International Airport.
Situated on 4.69 acres at 8100 Old Cedar Avenue South, Cedar Business Center has flexible, open floor plates and is 91 percent leased to four tenants. Building features include a 12-foot clear height, one dock-high door, seven drive-in doors and 254 surface parking stalls. With easy access to Interstate 92 and Highway 77, the building is minutes from Minneapolis-St. Paul International Airport and is across the highway from the Mall of America.
The Minneapolis Industrial market continues to experience increased demand and low vacancy rates. According to JLL Research, the Minneapolis market had a low 5.8 percent vacancy at the end of the third quarter of 2021.
The JLL Capital Markets Investment Advisory team representing the seller was led by Senior Managing Directors David Berglund and Colin Ryan.