News release

Minneapolis industrial portfolio trades for $9.8M

JLL Capital Markets closed the sale of the two-property, single-tenant, net-leased portfolio in Fridley and Monticello

March 29, 2022

Kimberly Steele

Industries, Work Dynamics and PDS PR
+1 713 852 3420

MINNEAPOLIS, March 29, 2022 – JLL Capital Markets announced today that it has closed the $9.8 million sale of a portfolio comprising two single-tenant industrial buildings totaling 92,008 square feet and more than 150,000 square feet of outside storage net leased to Foundation Building Materials (FBM) in the Minneapolis-area communities of Fridley and Monticello, Minnesota.  

JLL marketed the property on behalf of the seller. Lincoln Property Company acquired the asset.

With more than 250 locations throughout North America, FBM is headquartered in Santa Ana, California, and is a national leading distributor of building and construction materials. The portfolio serves a mission-critical purpose for the tenant’s expedited delivery operations and features clear heights ranging from 23 to 26 feet, four dock-high doors, 11 drive in doors, office finish and significant exterior storage yard space.

The portfolio is situated on 13.55 acres at 5346 Industrial Blvd. Ne in Fridley and 207 Dundas Rd. in Monticello. These highly accessible locations are near Interstates 35W and 94 and Highways 280 and 52, which allow for easy transportation and delivery of bulk construction materials.

Both properties are within the Northwest Industrial submarket, which is highly sought-after for users seeking prime last-mile logistics locations. JLL Research notes vacancy remained low and ended 2021 at only 5.5 percent, the second lowest in the entire Minneapolis-St. Paul Industrial market. In the face of global supply chain issues and rising construction costs, demand for industrial space continues to be unprecedented.  

The JLL Capital Markets Investment Sales and Advisory team that represented the seller was led by Senior Managing Directors and Minneapolis Capital Markets Co-Heads David Berglund and Colin Ryan. Steve Nelson, a Partner with Hoyt Properties, co-brokered the deal with the JLL team.

“Industrial buildings consisting of outdoor, covered storage are very difficult to find and are in high demand in the Twin Cities market,” said Berglund. “The replacement costs of these facilities, today, are tough to stomach so we feel that both buyer and seller ended up with a great execution.”

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 sales and 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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About JLL

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 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Lincoln Property Company

Lincoln Property Company is an international real estate firm offering a comprehensive suite of value-added services for their clients. With its substantial local presence in each of the markets Lincoln serves, the firm ideally situates their offices to clientele: tenants, investors, lenders and owners of real estate. Their people and philosophy are the key ingredients for Lincoln’s solid track record of success.