Suburban Minneapolis industrial facility trades for $14.55M
JLL Capital Markets closed the sale of the single-tenant, net-leased asset in Maple Grove
MINNEAPOLIS, December 16, 2020 – JLL Capital Markets announced today that it has closed the $14.55 million sale of a 102,994-square-foot distribution facility at 8175 Jefferson Hwy. in the suburban Minneapolis community of Maple Grove, Minnesota.
JLL worked on behalf of the seller, a partnership between PCCP, LLC and Capital Partners. An affiliate of Boston-based STAG Industrial, Inc. purchased the asset.
The single-tenant property is triple net leased to GAF Materials, LLC, a leading roofing manufacturer in North America with plants strategically located across the U.S. The property includes access to two rail spurs and has approximately six acres of paved outside storage.
“This was a terrific transaction for all parties involved,” Berglund said. “We had an extremely competitive sales process for this asset, and STAG got to the finish line sooner than we expected. The overall Industrial sales market remains very strong, and the fact that this property was marketed and sold during the pandemic shows the strength of investor interest towards the industrial asset class. We are tremendously pleased with the success achieved by this transaction on behalf of PCCP and Capital Partners.”
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 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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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 $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About STAG Industrial, Inc.
STAG Industrial, Inc. is a real estate investment trust focused on the acquisition, ownership and operation of single-tenant, industrial properties throughout the United States. As of September 30, 2020, the company’s portfolio consists of 462 buildings in 38 states with approximately 92.3 million rentable square feet. For additional information, please visit the company’s website at stagindustrial.com.