Twin Cities Lure REIT Sponsor from Fargo
- Sep 24, 2015
By Ioana Neamt, Associate Editor
Dakota REIT is expanding its Twin Cities footprint. Over the past nine months, the Fargo, N.D.-based sponsor of non-traded vehicles has acquired three buildings totaling 115,000 square feet in the Minneapolis-St. Paul area, with the help of Cushman & Wakefield | NorthMarq.
The acquisitions mark the first ventures into the market for Dakota, which has more than $300 million in commercial real estate holdings.
At Eagle Point Business Park in Lake Elmo, Dakota has purchased two properties: Eagle Point Business Center II, a single-story, 30,000-square-foot office building, and its neighbor, the 40,000-square-foot Eagle Point Business Center III.
Eagle Point Business Park is a 121-acre, master-planned office located near downtown Minneapolis, downtown St. Paul, the MSP International Airport, and the Mall of America. The park offers easy access to I-94 and I-494/694. In Plymouth, the REIT acquired Plymouth 6-61, a 45,000-square-foot industrial property.
Cushman & Wakefield | NorthMarq Capital Markets Group secured the three purchases on behalf of Dakota REIT, through a team consisting of Scott Pollock, Terry Kingston, Tom O’Brien and Avery Ticer. The company will provide property management, accounting, engineering and leasing services for the three properties.
Image courtesy of Cushman & Wakefield | NorthMarq