JLL closes $7.45M sale of Minneapolis industrial facility

PHOENIX, April 27, 2020 – JLL Capital Markets announced today that is has closed the $7.45 million sale of a 200,000-square-foot, single-tenant industrial distribution facility triple net leased to Mauser Packaging Solutions in the Minneapolis-area community of Cannon Falls, Minnesota.

JLL marketed the property on behalf of the seller, and a private foreign investor purchased the asset.

Situated on 16.9 acres at 100 Holiday Ave., the property is in Cannon Falls, which is part of the high-performing Minneapolis MSA, and near Highway 52, which has easy connectivity to downtown Minneapolis. The building is 15 miles from the Wisconsin border and has the capability to serve customers within a 250-mile radius due to its proximity to interstate transportation routes in key Midwestern and Western states.

Due to its location, the property is mission-critical to Mauser Packaging Solutions, an industrial packaging conglomerate with revenues of $4 billion that has occupied the building since 2009 and has 11 years remaining on its lease. Mauser uses the building to offer reconditioning services to customer-owned intermediate bulk containers. The building features clear heights ranging from 30 to 38 feet, 17 docks, two-story office build out and ample surface parking.

The JLL Net Lease Capital Markets team representing the seller was led by Senior Directors Peter Bauman and Tivon Moffitt, along with Managing Director Chris Hickok, Industrial Market Lead in the Industrial and Corporate Services Group, assisting locally in JLL’s Minneapolis office.

“Mission-critical, industrial, single-tenant properties are in high demand, especially in top MSA markets,” Bauman said. “The functionality of the building and salient features helped attract aggressive pricing.”

“This asset attracted a wide range of capital sources from domestic to foreign,” Moffitt added. “We continue to see a multitude of diverse buyers and new market entrants for single-tenant properties. The seller was very pleased with this outcome.”

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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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