Minneapolis-area distribution facility sells
JLL Capital Markets closed the sale of the Shakopee property positioned to serve the growing Twin Cities population
MINNEAPOLIS, May 2, 2022 – JLL Capital Markets announced today that it has closed the sale of a 164,701-square-foot, single-tenant distribution and warehouse facility fully leased to Logistics Insight Corp. in the Minneapolis suburb of Shakopee, Minnesota.
JLL marketed the property on behalf of the seller, Interstate Development. An affiliate of Boston-based STAG Industrial, Inc. acquired the asset.
Logistics Insight Corp. is a wholly owned subsidiary of Universal Logistics Holdings, Inc., which is a full-service provider of customized transportation and logistics solutions. The one-building, front-load facility was constructed in 1984 and most recently renovated in 2020. It offers the tenant a clear height ranging from 20 to 21 feet, 19 dock-high doors, one drive-in door, LED lighting, low office finish and ample parking, in addition to approximately 1.5 acres of outside storage capacity.
Positioned on 11.01 acres at 5101-4901 Valley Industrial Blvd., the facility is in Shakopee, a growing and prominent southwest Twin Cities community 25 miles from downtown Minneapolis. It is located at the intersection of County Road 101 and Highways 169 and 13, which provides easy access to the Twin Cities’ 3.6 million residents. This booming area is projected to obtain a 31 percent population growth between 2010 and 2040, and it is well on its way given its nearly 9 percent growth logged between 2010 and 2019.
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 Colin Ryan and David Berglund.
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 jll.com.
About Interstate Development
Interstate Development is a “tenant service” driven real estate development and investment company, focused on delivering flexible, entrepreneurial and best-in-class service to meet the needs of its tenants.
About STAG Industrial, Inc.
STAG Industrial, Inc. is a real estate investment trust focused on the acquisition, ownership and operation of industrial properties throughout the United States. As of December 31, 2021, the company’s portfolio consists of 544 buildings in 40 states with approximately 108.6 million rentable square feet. For additional information, please visit the company’s website at stagindustrial.com.