RMA Client to Sell Five Industrial Buildings in the Twin Cities
RMA Real Estate Services property management client West Development announced the sale of a five-property industrial portfolio located in the Minneapolis-St. Paul metro area to Link Logistics Real Estate.
The deal closed on December 27, 2021.
"The commercial real estate market in the Twin Cities is seeing very strong valuation metrics,” says Tom Noble, West Development president. “It was an optimal time to take advantage of unique market conditions and sell the portfolio for our future strategic growth plans.”
West Development built four of the properties between 2000 – 2008 and purchased the fifth in 2009. With deliberate maintenance and oversight of the portfolio for years, West Development was able to capture the market opportunity for the buildings.
“We are very thankful for the partnership with RMA and their excellent property management services, explained Noble. “Their diligence and care of the properties helped us maintain our standards of high-quality buildings.”
The property locations are strategically placed with ease of highway access and ample space making them ideal industrial properties. Totaling 376,000 square feet, the buildings are 100 percent leased to a diversified tenant base including R.R Donnelly, Cameron’s Coffee, Entegris Corporation, Det-Tronics, and Accu Tech.
The buildings are located at 5500 & 5700 12th Ave E, Shakopee, 9775 85th Ave N, Maple Grove, 10901 & 10851 Louisiana Ave S, Bloomington.
The acquisition reflects Link’s commitment to growing its Twin Cities logistics real estate portfolio, as well as the Company’s broader strategy of targeting infill, last-mile locations throughout the U.S.
Link holds the largest portfolio of high-quality industrial real estate assets located exclusively in the U.S. with more than 6,300 customers and 440 million square feet of logistics facilities across key distribution markets in the U.S.
“We’re excited for the opportunities this sale provides for West Development for current initiatives and development opportunities we’re working on in the Twin Cities and other markets around the country.” says Noble.