Stars Align for Industrial Property in MN

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.”