Suburban Minneapolis industrial facility trades for $14.55M

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.

The JLL Capital Markets team representing the seller was led by Senior Managing Directors David Berglund and Colin Ryan.

“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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