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Nearly 6 Mil SF of Industrial Space Up for Grabs in Twin Cities

MINNEAPOLIS-Big REITs are raising capital, shifting strategy.

By Jim McCartney | Updated on September 11, 2000

MINNEAPOLIS-There is up to 6 million sf of Twin Cities industrial space up for sale and more will likely hit the market soon, according to industrial brokers. Behind the disposition is the difficulty REITs are having raising money in the capital markets and a trend by some big industrial REITs toward a more focused approach as to what type of property they want to hold, says Eric Bjelland, vice president of investment services for Bloomington-based United Properties.

Among the big sellers of property is Chicago-based First Industrial Realty Trust, which has placed 1.3 million sf of bulk-warehouse and manufacturing space and 600,000 sf of office-showroom space on the market. Indianapolis-based Duke-Weeks Realty Corp. has put up for sale about 1 million sf of office-warehouse space, and Des Moines-based Principal Financial is selling 600,000 sf of office-showroom space.

“We usually sell about 3 million sf to 4 million sf each year,” Bjelland says. “But we’ve already sold 2 million sf this year, so if everything gets sold, it will be the biggest year in three to four years, maybe longer.”

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