PCCP, LLC and Minneapolis-based Capital Partners have formed a joint venture and acquired a soon-to-be vacant Class-A, 386,724-square-foot industrial property at 19850 S. Diamond Lake Road in Rogers, Minnnesota. The seller was Stag Industrial.
Built in 2001, Diamond Lake Road is situated on a 22.-acre site and has been fully occupied for the past 20 years. The property features 32-foot clear height, EFSR sprinklers and ample vehicle parking. An upcoming lease maturity will allow the venture to implement some capital improvements, including installing LED lighting, and re-lease the asset to a fresh set of tenants.
CBRE is handling the leasing and the asset can accommodate users from 180,000 square feet to 386,724 square feet.
The facility is located within the Northwestern submarket which is the most active industrial submarket in the Twin Cities and will be one of a few buildings that can provide more than 200,000 square feet of industrial space in the near-term. It is situated 30 minutes northwest of Minneapolis in the Rogers industrial node.
I-94 runs through Rogers and connects to I-494/I-694 which provides access to the entire Twin Cities metro and to labor pools in the surrounding suburbs. Notably, a new interchange at Brockton and I-94 is to be completed in November 2021. This will further improve access to the property by offering tenants the ability to access I-94 via the current interchange in Rogers and via this new interchange to the south upon completion.
The acquisition marks the third joint venture between PCCP and Capital Partners following the purchase of two separate Twin Cities industrial portfolios in 2017 and 2020. Capital Partners is a highly experienced local real estate investment firm that focuses on industrial real estate in the Twin Cities. Capital Partners’ current holdings consist of over 8.2 million square feet with over 400 tenants.