Industrial W Minnesota

CBRE sells 220,000-square-foot distribution center in Minnesota

  

CBRE Capital Markets represented ownership in the sale of the Long Lake Distribution Center, a 220,557-square-foot Class-A infill distribution center in Roseville, Minnesota, for $18.65 million to Boston-based TA Realty LLC.

Judd Welliver, Ryan Watts, Sonja Dusil, and Tom Holtz of CBRE Capital Markets in Minneapolis, represented the seller, Investors Real Estate Trust. The sale closed Nov. 28.

Located at 3015 and 3075 Long Lake Road in the first-ring suburb of Roseville, the Long Lake Distribution Center offers immediate proximity to Minneapolis and St. Paul. The facility, constructed in 2015, features modern warehouse amenities including 32’ clear height, wide column spacing and 31 dock doors.

The property was 84 percent occupied by two tenants at the time of the sale with one 36,053-square-foot vacancy. The new owner has the potential to increase operating income through additional leasing.