Edina-based Capital Partners teamed up with Bahrain-based alternative investment firm Investcorp to buy 16 properties across the Twin Cities for $249 million, the Minneapolis/St. Paul Business Journal reported.
The seller is Winnipeg, Manitoba-based Artis REIT, which made about $148 million off of the sale, the outlet reported.
The properties, which span 2.5 million square feet and are about 95 percent occupied, bring Capital Partners’ real estate holdings to a total of 13.5 million square feet.
Jason Simek, a managing partner for Capital Partners, said the purchase was appealing because many of the properties are located in crowded class A submarkets, where there is little developable land available. It’s the second-largest real estate purchase this year in the Minneapolis and St. Paul metropolitan area, behind the $366 million Normandale Lake Office Park sale in Bloomington earlier this year.
The sellers, Winnipeg, Manitoba-based Artis REIT made about $148 million off of the sale of the properties, which are about 95 percent occupied.
The deal includes:
- 120,000-square-foot Parkside Industrial Center at 7300 49th Avenue North in New Hope
- 130,500-square-foot Aurora Industrial Warehouse at 2500 Walnut Street in Roseville
- the 209,000-square-foot Berkshire Lane I and II at 800-1000 Berkshire Lane in Plymouth
- 103,500-square-foot Bush Lake Road Industrial Center in Edina
- 50,500-square-foot Mendota Heights Gateway Commons on Waters Drive
- 217,500-square-foot Penn-James Commerce Center in Bloomington
- 112,500-square-foot 12th Avenue Distribution Center in Plymouth
- 250,000-square-foot Energy Park Distribution Center in St. Paul
- 113,000-square-foot Industrial Park Business Center in Plymouth
- 168,000-square-foot and 170,000-square-foot Mid-City Business Center South in Minneapolis
- 406,000-square-foot Pilot Knob Distribution Center in Mendota Heights
- 68,000-square-foot Crosstown North II and 73,000-square-foot Crosstown North VI in Brooklyn Park
- 84,000-square-foot Plymouth Corporate Campus
- 106,500-square-foot Tech West in Plymouth and a Home Depot store in Richfield
— Victoria Pruitt