MDH Partners acquired 740 Kasota Circle, an 81,000-square-foot infill cold storage facility in Minneapolis, Minnesota.
Houston Hawley served as the acquisition lead for MDH Partners. Judd Welliver and Bentley Smith with CBRE represented the seller.
Constructed in 1977, 740 Kasota Circle is situated on 4.8 acres of land and features ESFR sprinkler systems and 24-foot clear heights. Approximately 80 percent of the building is temperature-controlled.
The building is ideally positioned only two miles north of I-94, which opens to I-494 and the Minneapolis-Saint Paul International Airport, and less than three miles east of I-35, which provides convenient access to the Burlington Northern Railroad. Minnesota is home to the headquarters of 16 Fortune 500 companies including Target, Best Buy, General Mills, Ameriprise Financial and UnitedHealthGroup.
The cold storage facility is fully leased by Wholesale Produce Supply, one of the largest distributors of produce in the Upper Midwest and Canada. Wholesale Produce Supply has occupied the facility since 1977. The company offers value-add food processing capabilities and specialized logistics services including LTL logistics, forward distribution, direct freight consolidation and backhaul integration.
According to CBRE, the Minneapolis industrial market saw nearly two million square feet of space absorbed in the third quarter, more than any single quarter since 2017. This brings the year-to-date total to 4.6 million square feet of space absorbed, more than any year in the past decade, with one quarter remaining.
