NorthPark VII rendering. Picture courtesy of Sealy & Co.
Sealy & Co. has acquired NorthPark Enterprise Middle VII, a 221,128-square-foot industrial asset within the Minneapolis suburb of Brooklyn Park, Minn. Scannell Properties bought the absolutely leased property in an off-market deal.
The acquisition got here on the heels of one other transaction that concerned each corporations: Final month, Sealy acquired two Memphis, Tenn., industrial properties from Scannell. The Class A buildings have been absolutely occupied as properly on the time of sale.
Managing Director of Funding Companies Jason Gandy and Director of Funding Companies Davis Gibbs led each offers on behalf of Sealy & Co.
A Minneapolis-area industrial facility
Based on CommercialEdge information, NorthPark VII got here on-line in 2021 on some 73 acres of land inside NorthPark Enterprise Middle, a 230-acre master-planned campus that might embody as much as 19 industrial buildings when absolutely developed.
Located at 10600 Xylon Ave. N., the rear-load facility options 32-foot clear heights, two drive-in doorways, 50 dock-high doorways, ESFR sprinklers and parking for automobiles and trailers. Located in Minneapolis’ Northwest submarket, the property gives easy accessibility to highways 169 and 610, in addition to to Interstate 94.
The Twin Cities has seen detrimental absorption of business area in two of the final 20 quarters, in accordance with 1 / 4 4 2022 report by Avison Younger. Regardless of posting a excessive internet absorption, final yr’s leases recorded the bottom exercise since 2010. The realm’s industrial provide totaled 6.3 million sq. ft on the finish of December, with the quarterly common has been climbing annually since 2018.
