Marcus & Millichap Arranges MN Industrial Deal
- Sep 04, 2018
Marcus & Millichap has brokered the sale of an 87,044-square-foot industrial property in St. Paul, Minn. The asset sold to a private, out-of-state investor for $4.7 million. Sean O’Brien and John Godwin, with the firm’s Chicago Oak Brook and Michigan offices, marketed the property and closed the deal on behalf of the seller. Matthew Hazelton, the broker of record in Minnesota, assisted in closing the transaction.
The asset is located at 195-215 Sycamore St., off Rice Street and less than 2 miles from Interstate 35E. It comprises two free-standing buildings and a paved and fenced outside storage space. The property is net-leased to Allied Building Products, which closed an eight-year lease extension prior to the sale. According to a Marcus & Millichap study, one of the advantages of single-tenant net-leased properties is that tenants have more control over expenses and more autonomy in managing the facility.
The nearby area is home to several auto stores and other warehouses in the industrial region north of West Pennsylvania Avenue. Downtown St. Paul is approximately 2 miles away, while Minneapolis-St. Paul International Airport is 13 miles to the south.
Image via Google Street View