Capital Partners and Bahrain-based Investcorp have partnered to buy a portfolio of 17 industrial properties in Minnesota for $249M from the Artis REIT, one of the largest diversified REITs in Canada.
The assets, which are spread across the Twin Cities, encompass about 2.5M, according to a report in the Minneapolis/St. Paul Business Journal. The industrial properties are 95% occupied and located in submarkets with little available land for development.
The largest properties in the portfolio include the 406K SF Pilot Knob Distribution Center in Mendota Heights, MN; the 250K SF Energy Park Distribution Center in St. Paul; the 217K SF Penn-James Commerce Center in Bloomington, MN: and Berkshire Lane I and II, encompassing 209K SF in Plymouth, MN.
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