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Investcorp Buys $50.8M in Twin Cities Warehouse Stock

Bulk Portfolio Deal Includes 801,000 Square Feet
January 30, 2018
Investcorp, the Manama, Bahrain-based global investment manager with $21.3 billion in assets under management, has snapped up 10 warehouse properties in Hennepin County in a series of nine transaction with the sellers, Los Angeles-based Tryperion Partners.

Tryperion was partnered with Minneapolis’ Capital Partners in owning the warehouse properties. Capital Partners is staying on as an owner, said Peter Mork, general partner at Capital Partners. Tryperion and Capital Partners still jointly own Baker Technical Plaza in Minnetonka.

The industrial sale totaled $50,799,999 in all, and included 800,649 square feet of rentable space. The transaction closed last week, according to certificates of real estate value released on Thursday.

The largest individual sale was for 6820 Shingle Creek Pky in Brooklyn Center, which sold for $7.89 million. The smallest transaction was a $3.82 million deal for 7180 Northland Cir. N in Brooklyn Park.

Investcorp declined to comment on the deal.

For Tryperion, the time was right to make a play, said Eliot Bencuya, partner and co-founder of the company.

"We acquired individual properties with a strategy to aggregate and lease-up a portfolio with a strong and stable tenant base in preparation for a disposition to an institutional buyer," Bencuya wrote in an e-mail on Friday. "Having executed our business plan, and with last mile industrial properties in high demand, we felt the current environment provided an opportune time for the realization of our investment."

The properties included in the deal are:
  • 11100 Jefferson Hwy N in Champlin

    Investcorp purchase price: $5,645,637 ($42 /SF)

    Description: Single-story building with 133,949 square feet of rentable building area, 10 docks and 18-foot ceilings. Built in 2000 on 10.4 acres.

    Last sold: June 2017 for $7.5 million.

    Assessed market value, taxes payable in 2018: $6.23 million.

  • 7180 Northland Cir. N in Brooklyn Park - Northland Business Park IV

    Investcorp purchase price: $3,816,746 ($66 /SF)

    Description: 57,600 square feet of rentable building area, six docks and 20-foot ceilings. Built in 1974 on 4.2 acres.

    Last sold: August 2015 for $2.44 million.

    Assessed market value, taxes payable in 2018: $2.8 million.

  • 6820 Shingle Creek Pky in Brooklyn Center - Shingle Creek Commerce Center I

    Investcorp purchase price: $7,894,708 ($54 /SF)

    Description: 146,870 square feet of rentable building area, 5 docks and 20 foot ceilings. Built in 1973 on 9.28 acres.

    Last sold: September 2014 for $6.03 million.

    Assessed market value, taxes payable in 2018: $5.65 million.

  • 6840 Shingle Creek Pky in Brooklyn Center - Shingle Creek Commerce Center II

    Investcorp purchase price: $7,661,106 ($67 /SF)

    Description: 113,510 square feet of rentable building area, 15 docks and 20-foot ceilings. Built in 1972 on 8.5 acres.

    Last sold: January 2015 for $3.94 million.

    Assessed market value, taxes payable in 2018: $4.31 million.

  • 5205 Hwy 169 in Plymouth - Midwest Business Center

    Investcorp purchase price: $5,842,165 ($59 /SF)

    Description: 98,847 square feet of rentable building area, with six docks and 16-foot ceilings. Built in 1978 on 7.9 acres.

    Last sold: December 2015 for $4.51 million, part of $18 million portfolio deal.

    Assessed market value, taxes payable in 2018: $4.74 million.

  • 7500 Washington Ave. S in Eden Prairie - Washington Square

    Investcorp purchase price: $5,230,769 ($113 /SF)

    Description: 46,200 square feet of rentable building area, with 13 docks and 16-foot ceilings. Built in 1974 on 5.6 acres.

    Last sold: December 2015 for $3.78 million, part of $18 million portfolio deal.

    Assessed market value, taxes payable in 2018: $3.92 million.

  • 2530 Kasota St. in St. Paul - Kasota Industrial Center I

    Investcorp purchase price: $5,114,690 ($68 /SF)

    Description: 75,682 square feet of rentable building area, with 10 docks and 20-foot ceilings. Built in 1978 on five acres.

    Last sold: December 2015 for $3.64 million, part of $18 million portfolio deal.

  • 500 Kasota Ave. in Minneapolis - Kasota Industrial Center II

    Investcorp purchase price: $5,114,690 ($68 /SF)

    Description: 74,874 square feet of rentable building area, with four docks and 20-foot ceilings. Built in 1979 on 4.2 acres.

    Last sold: December 2015 for $3.75 million, part of $18 million portfolio deal.

    Assessed market value, taxes payable in 2018: $2.67 million.

  • 7251 and 7301 Washington Ave. S in Edina - Edina Twins Business Center North and South

    Investcorp purchase price: $4,479,488 for both ($86 /SF)

    Description: North Building - 26,265 square feet of rentable building area, six docks, and 17-foot ceilings. Built in 1968 on 1.9 acres.

    South Building - 25,952 square feet of rentable building area, four docks, 17- to 18-foot ceilings. Built in 1969 on 2 acres.

    Last sold: December 2015 for $3.44 million for both, part of $18 million portfolio deal.

    Assessed market value, taxes payable in 2018: $2.96 million for both.



Clare Kennedy, Minneapolis / St. Paul Market Reporter  CoStar Group   
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