Three-Building Portfolio in Highly Sought-After Submarket Trades for $22.3 Million
August 04, 2021
Minneapolis – Transwestern Real Estate Services (TRS) announces its Investment Sales team has arranged the sale of a three-building, 474,669-square-foot industrial portfolio at 14600 21st Ave. North in Plymouth, Minnesota. Transwestern’s Mike Salmen, Alex Baron, Frank Richie and Harrison Wagenseil, along with Ten-X Commercial, brokered the $22.3 million sale to The Meritex Company on behalf of an undisclosed seller.
“This asset is an excellent value-add opportunity for Meritex,” said Salmen. “By redeveloping the property into a modern industrial business park, we expect them to see a quick and successful lease-up.”
Formerly the site of Nilfisk Advance, the 14600 21st Ave. North portfolio is within the Plymouth Industrial Park in the West submarket of Minneapolis-St. Paul, which has historically been one of the strongest industrial submarkets in the Twin Cities area. Plymouth, a thriving first-tier suburb and the state’s 7th largest city, consistently ranks as one of the top places to live and work in Minnesota.
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About The Meritex Company
The Meritex Company is the expert in putting properties and people together, offering the flexibility and innovation of a family-owned company, with the discipline and governance of a much larger business. With more than a century of experience providing light industrial real estate to companies at every stage of their growth, Meritex offers spaces that allow businesses to grow, evolve, and redefine themselves as needed. Meritex owns, develops and manages approximately 11 million square feet of institutional grade, multi-tenant space made up of more than 90 properties, ensuring that each is capable of meeting the demands of its dynamic tenant base. The broad selection in nine markets – Atlanta, Charlotte, Columbus, Dallas, Houston, Indianapolis, Kansas City, Minneapolis-St. Paul and Phoenix – means companies will find the right place to take care of business, while receiving responsive service and great solutions for their space needs, now and into the future. The Meritex Company is headquartered in Minneapolis.
About Transwestern Real Estate Services
Transwestern Real Estate Services (TRS) adds value for investors, owners and occupiers of all commercial property types through a comprehensive perspective and by providing solutions grounded in sound market intelligence. Part of the Transwestern companies, the firm applies a consultative approach to Agency Leasing, Asset Services, Tenant Advisory + Workplace Solutions, Capital Markets, and Research & Investment Analytics.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. Through an integrated, customized approach that begins with good ideas, the firm drives value for clients across commercial real estate services, development, and investment management. Operating from 33 U.S. offices, Transwestern extends its platform capabilities globally through strategic alliance partners whose unique geographic, cultural, and business expertise fuels creative solutions. Learn more at transwestern.com and @Transwestern.