JLL Capital Markets announced today that it has closed the $9.8 million sale of a portfolio made up of two single-tenant industrial buildings totaling 92,008 square feet and more than 150,000 square feet of outside storage net leased to Foundation Building Materials in the Minneapolis-area communities of Fridley and Monticello, Minnesota.
JLL marketed the property on behalf of the seller. Lincoln Property Company acquired the asset.
With more than 250 locations throughout North America, FBM is headquartered in Santa Ana, California, and is a national distributor of building and construction materials. The portfolio serves a mission-critical purpose for the tenant’s expedited delivery operations and features clear heights ranging from 23 to 26 feet, four dock-high doors, 11 drive in doors, office finish and significant exterior storage yard space.
The portfolio is situated on 13.55 acres at 5346 Industrial Blvd. Ne in Fridley and 207 Dundas Rd. in Monticello. These highly accessible locations are near Interstates 35W and 94 and Highways 280 and 52, which allow for easy transportation and delivery of bulk construction materials.
Both properties are within the Northwest Industrial submarket, which is highly sought-after for users seeking prime last-mile logistics locations. JLL Research notes vacancy remained low and ended 2021 at only 5.5 percent, the second lowest in the entire Minneapolis-St. Paul Industrial market. In the face of global supply chain issues and rising construction costs, demand for industrial space continues to be unprecedented.
The JLL Capital Markets Investment Sales and Advisory team that represented the seller was led by Senior Managing Directors and Minneapolis Capital Markets Co-Heads David Berglund and Colin Ryan. Steve Nelson, a Partner with Hoyt Properties, co-brokered the deal with the JLL team.
