Two-building industrial portfolio near Minneapolis sells
JLL Capital Markets closed the sale of the portfolio in a sought-after industrial market in Bloomington
MINNEAPOLIS, Jan. 6, 2022 – JLL Capital Markets announced today that it has closed the sale of a two-building light industrial portfolio totaling 121,572 square feet in the Minneapolis-area community of Bloomington, Minnesota.
JLL marketed the property on behalf of the seller, Hoyt Properties Incorporated.
The portfolio comprises the 58,976-square-foot Victoria Pond Center and the 62,596-square-foot Cedar Business Center, both of which were developed in the mid-1980s and feature brick exteriors and generous glass lines.
Victoria Pond Center, which is located at 4801 West 81st St., is fully leased to a diverse roster of 11 tenants. The building has a 12-foot clear height, five dock-high doors, eight drive-in doors and ample parking. Positioned on 8.1 acres within the Southwest Industrial submarket, the building has easy access to Interstate 494 and Highway 100 and is also proximate to Minneapolis-St. Paul International Airport.
Situated on 4.69 acres at 8100 Old Cedar Avenue South, Cedar Business Center has flexible, open floor plates and is 91 percent leased to four tenants. Building features include a 12-foot clear height, one dock-high door, seven drive-in doors and 254 surface parking stalls. With easy access to Interstate 92 and Highway 77, the building is minutes from Minneapolis-St. Paul International Airport and is across the highway from the Mall of America.
The Minneapolis Industrial market continues to experience increased demand and low vacancy rates. According to JLL Research, the Minneapolis market had a low 5.8 percent vacancy at the end of the third quarter of 2021.
The JLL Capital Markets Investment Advisory team representing the seller was led by Senior Managing Directors David Berglund and Colin Ryan.
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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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 $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Hoyt Properties Incorporated
Hoyt Properties, through its investment arm Forum Equities, acquires value-add commercial properties in partnership with institutional and high net worth individual investors. In this case, MLG Private Equity participated as an investor.