Fiddich Review Centre
Alternative Investment

Twin Cities Developer Buys 16-Property Portfolio For $249M

Capital Partners' Jason Simek with 9210 Wyoming Avenue North (Capital Partners, Getty)

Capital Partners’ Jason Simek with 9210 Wyoming Avenue North (Capital Partners, Getty)

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

Source link

Related posts

Investors Rake In Over $5 Million During The First Half Of This Year Via Private Debt Investment Platform


BuildESG Launches Community Forum for ESG Team Members of Alternative Investment Firms, Portfolio Companies and Small Businesses


Alternatives boost sets China’s CIC on path to becoming world’s largest SWF | Asset Owners


Leave a Comment