Eden Prairie, Minn.-based Liberty Property Trust recently purchased three industrial distribution properties in Minnesota totaling more than 450,000 square feet of space. The properties were purchased for about $25 million.
Dave Jellison, senior vice president, city manager for Liberty in the state said, “We are strategically expanding our industrial distribution footprint in this market and it is our belief that these buildings are in locations that will offer us great opportunity to attract new or expanding businesses. In the coming months, we will continue to seek growth for our industrial portfolio.”
Rogers Distribution Center is located in Rogers, Minn., in the northwest submarket of Minneapolis. The property, a 147,160-square-foot multi-tenanted warehouse facility on 9.14 acres of land, was developed in 2008 and is currently 41 percent occupied by one tenant. The acquisition augments Liberty’s nearby master-planned development, Liberty Industrial Park at Diamond Lake, also in Rogers.
9000 109th Avenue North in Champlin, Minn., is a 221,750-square-foot bulk warehouse facility situated on 14.36 acres. The building was developed in 1995, renovated in 2005 and is currently fully occupied by a single tenant (Cardinal Health) for whom the building is titled.
Cedar Bluffs Business Center I in Eagan, Minn., is an 81,329-square-foot multi-tenanted warehouse building situated on 27 acres southeast of Minneapolis. Developed in 2005, it is currently 76.3 percent occupied by two tenants.
