18-property industrial portfolio in the Midwest sells for $13M
JLL Capital Markets completed the sale of the 105,500 SF portfolio occupied by Frito-Lay in Minnesota, Iowa, Wisconsin and North Dakota
MINNEAPOLIS, September 20, 2022 – JLL Capital Markets announced today that it has closed the $13 million sale of an 18-property industrial portfolio totaling 105,500 square feet across four Midwest states. Twelve of the buildings are in Minnesota, three are in Iowa, two are in Wisconsin and one is in North Dakota.
JLL marketed the portfolio on behalf of Ebert Construction. Essjay Investment Co acquired the portfolio.
The buildings were completed between 2007 and 2021 as build-to-suit mission-critical facilities for Frito-Lay, a subsidiary of PepsiCo (NASDAQ:PEP). The portfolio consists of:
- 2291 Ross Dr., Albert Lea, MN
- 1925 42nd Ave. W, Alexandria, MN
- 2314 Cram Ave. SE, Bemidji, MN
- 702 Thiesse Dr., Brainerd, MN
- 180 Industrial Park Rd. S, Buhl, MN
- 12820 US Hwy. 10, Wadena, MN
- 1088 Cormorant Ave., Detroit Lakes, MN
- 3205 SE 7th St., Grand Rapids, MN
- 3761 Midway Rd., Hermantown, MN
- 1177 Benjamin Ave., SE Hutchinson, MN
- 39555 Golden Ave., North Branch, MN
- 2501 1st St. N, Willmar, MN
- 638 Radio Rd., Storm Lake, IA
- 1726 Moelleres Dr., Decorah, IA
- 604 Midway Blvd., Fort Dodge, IA
- 33723 Delagrave Dr., Prairie du Chien, WI
- 5517 E.M. Copps Dr., Stevens Point, WI
- 1601 19th St. N, Wahpeton, ND
Each building is located in a different market proximate to Frito-Lay’s core retailer locations. The facilities are strategically located to serve Frito Lay’s “Direct Store Delivery” system, the largest DSD system in North America. This delivery system enables individual drivers to quickly deliver product to retailers throughout their respective markets.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Directors Matt Hazelton and Cory Villaume.
“We had a lot of interest from all over the country in this group of assets given the credit profile of Frito-Lay, and the “mission critical” nature of these bin facilities,” Villaume. “Even though these properties are all in rural areas throughout the Midwest, this transaction is a great example of the flight to credit quality we are seeing take place across the board”.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.