IRG Buys 1 MSF Minneapolis-Area Industrial Portfolio
Industrial Realty Group has purchased a 965,134-square-foot industrial portfolio in St. Cloud, Minn., within the Minneapolis-St. Paul metro. Minnesota Logistics LLC sold seven buildings, while Maiers Transport & Warehousing Inc. sold the eighth, according to Stearns County public records.
IRG will redevelop the eight properties—part of St. Cloud Industrial Park—and has tapped Colliers to handle leasing at the campus.
Publisher’s Clearinghouse is the largest tenant of the industrial park. It will soon vacate the space, a transition that will allow IRG to attract a mix of distribution, manufacturing or warehousing tenants. Following the redevelopment, availabilities will range from 50,000 to 500,000 square feet.
The buildings are:
- 720 Anderson Ave. & 730 Anderson Ave., two 1969-built assets totaling 275,040 square feet
- 710 Anderson Ave., a 102,968-square-foot property completed in 1971
- 5 Mcleland Road, which came online in 1964 and has 106,528 square feet
- 19 & 21 Mcleland Road, two buildings completed in 1967 and totaling 222,940 square feet
- 20 Mcleland Road, a 161,968-square-foot building completed in 1985
- 30-34 Mcleland Road, a single, 1968-built asset totaling 114,789 square feet
All buildings are one-story with dock levelers and bumpers, loading doors, fire sprinklers. The portfolio has clear heights ranging from 12 to 21 feet. The campus is also rail-served and allows for easy access to Interstate 94 and to U.S. Highway 10. St. Cloud Regional Airport is 9 miles away, while Minneapolis is within 72 miles.
The deal comes about seven months after Fulfillment Distribution Center, another tenant at the campus, announced it will be laying off more than 350 employees after its client, Publisher’s Clearinghouse, decided to close its commerce line, St. Cloud Times reported.
The Colliers team in charge of leasing includes Vice President Casey O’Malley, Vice Chair Andy Lubinski, Associate Vice President Aaron Whitmore and Senior Associate Ethan Haglund.
Twin Cities metro ranks second for Midwest sales
A total of $862 million in industrial assets changed hands in the Twin Cities year-to-date through September, according to a recent CommercialEdge industrial report. Across Midwestern markets, only Chicago ranked higher, with $2.1 billion in sales.
In May, EQT Exeter acquired 5.1 million square feet—among the largest industrial transactions in the metro this year. The company picked up a 24-property industrial portfolio from Prologis. The deal’s total value was not disclosed, but 14 of these assets changed hands for a combined $284.6 million.
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