JLL Capital Markets has closed the sale of and arranged acquisition financing for a seven-property industrial portfolio totaling 376,218 square feet in Roseville, Oakdale and Woodbury, Minnesota.
JLL marketed the portfolio on behalf of the seller, Link Logistics, procured the buyer, Minneapolis-based Biynah Industrial Partners, and arranged the acquisition financing.
The portfolio is 96% occupied by 18 tenants covering a wide range of industries, including medical technology, manufacturing, building materials, apparel accessories and more. This is on par with the market’s total vacancy, which JLL’s Industrial Insights Minneapolis-St. Paul Q3 2022 notes as 4.5%, resulting from the strong tenant demand in the area with 11 million square feet of tenants actively in the market.
The buildings offer 17’-20’ clear heights, an average of seven dock doors each, ample car parking and market office finish. The properties include:
- 6744 33rd St. North, Oakdale, MN
- 6866 33rd St. North, Oakdale, MN
- Carver Lake, 2280-2310 Ventura Dr., Woodbury, MN
- Gateway Business Center, 2100-2140 West County Rd. C, Roseville, MN
- Granada I Business Center, 3350 Granada Ave. N, Oakdale, MN
- Granada II Business Center, 3400 Granada Ave. N, Oakdale, MN
- Granada III Business Center 3220 Granada Ave. N, Oakdale, MN
The assets are well located within infill submarkets inside the Interstate 494/694 loop and are within a 20-minute drive of downtown Minneapolis and St. Paul. Tenants of the properties are positioned to reach millions of people in major cities within a few hours’ drive, including Madison (3.5 hours), Milwaukee (4.5 hours) and Chicago (6 hours).
The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Senior Managing Directors Colin Ryan and David Berglund and Senior Director Erin Fitzgerald.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Managing Directors Matthew Schoenfeldt and Scott Loving and Director Lucas Borges