Midloch Investment Partners and Fountain Real Estate Capital have sold “Last Mile Penn Industrial” in the Bloomington submarket of Minneapolis to Buligo Capital for $15.4 million in a deal brokered by Colin Ryan and Dave Berglund at JLL.
Midloch and Fountain acquired the property in January 2022 for $11.2 million.
“Last Mile Penn” is a well-located last-mile industrial property in a first ring submarket of Minneapolis. The submarket is approximately 95% occupied and provides access to Interstate 494 and the nearby Minneapolis-St. Paul International Airport.
The property had below-market occupancy and needed capital improvements at the time of the acquisition, and was quickly stabilized by the in-house leasing team at Fountain Real Estate led by Mike Wilhelm and Rick Burnton. Today, the property features strong in-place cash flow, a mix of national and regional tenants, and further upside potential through leasing vacancies.
“Last Mile Penn” is 218,899 square feet.
