MINNEAPOLIS—It looks like the Twin Cities' soaring industrial economy has opened up opportunities for owners willing to sell. Fairbridge Properties, for example, recently sold a 261,805 square foot industrial facility in suburban Coon Rapids to Shopoff Realty Investments for about $14 million. Fairbridge owned the property for less than three years but realized an internal rate of return of 75%.
“We were buying the property as a long-term hold,” Dr. Dmitry Gordeev, Fairbridge's founder and managing partner, tells GlobeSt.com. The Princeton, NJ-based firm “started improving the asset from day one as if we would hold it for twenty years.”
Occupied by longtime tenants Honeywell Aerospace and MEDRAD, the flex facility benefits from a number of physical improvements made by Fairbridge. These include repainting the entire exterior of the building, replacing the windows, resurfacing the parking lot, retrofitting the parking lot lighting, replacing a number of RTU HVAC units, and implementing an annual preventative roof maintenance program.
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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.
