Saber Hall Investment Management acquired Prairieview II and Shady View Business Center, a two-building industrial portfolio in Eden Prairie, Minnesota, for $28 million.
Saber Hall partnered with Madison-based SARA Investment Real Estate and Quality Trusted Commercial Construction & Roofing on the acquisition.
Located in the heart of the Golden Triangle, bounded by Hwy 169, Hwy 212 and I-494, the 275,152-square-foot portfolio was 97% occupied at closing and is home to 19 tenants. The transaction represents Saber Hall’s largest acquisition to date and further expands the firm’s presence in the southwest Twin Cities industrial market. Saber Hall’s portfolio now totals more than 2 million square feet across Minnesota, South Dakota and Florida.
“Eden Prairie continues to be one of the strongest industrial submarkets in the Twin Cities, and we’re thrilled to add two high-quality assets alongside great partners,” said Ryan Bohrer, Saber Hall managing partner. “We’re excited to partner with SARA Investment and QT Roofing and look forward to building on the success of these properties for years to come.”
Prairieview II, located at 9901 W 74th St, totals 154,611 square feet and features 18 to 26-foot clear heights, 22 dock doors and two drive-in doors. Shady View Business Center is located at 7100-7148 Shady Oak Rd and is home to 15 tenants. It is 120,541 square feet and features 14-foot clear heights, 10 dock doors, nine drive-in doors and 356 parking stalls.
Saber Hall will serve as the asset manager and property manager for the portfolio, overseeing leasing, operations, capital planning and day-to-day management.
Colliers’ Mark Kolsrud and Tom O’Brien represented the seller in the transaction. Billy Mork, Mike Vannelli and Joel Torborg of CBRE’s Capital Markets’ Debt and Structured Finance team arranged acquisition financing, which was provided by Bridgewater Bank.
