ST. PAUL—First Industrial Realty Trust, Inc., a Chicago-based operator and developer of industrial properties, just acquired the Rivertown Distribution Center, a 251,968-square-foot warehouse and distribution facility in the Twin Cities for $13.4 million.
Located at 375 Rivertown Dr. in suburban Woodbury, the building was built in 1997 and has 24' clear height, 18 dock positions, 125 foot truck courts, ESFR sprinklers and 157 auto parking stalls. Located about 10 miles east of downtown St. Paul and within one mile of I-94 and Woodbury Dr., the building is 100% leased to two tenants.
"We are pleased to add this quality industrial facility in the Twin Cities as we continuously seek to enhance our portfolio in the region," says Chris Willson, senior regional director for First Industrial in Minneapolis. "Rivertown's convenient location, loading capabilities, and clear height are competitive features that suit the business requirements of our tenants."
The seller, High Street Equity Advisors, LLC, was represented Steven Buss, Tom Holtz, Ryan Watts and Judd Welliver from the CBRE Institutional Group in Minneapolis. High Street focuses on institutional quality industrial properties in the eastern half of the US including the Midwest and Texas.
First Industrial now owns and manages more than 4.6-million-square-feet of industrial properties in the Twin Cities market.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
