Twin Cities developer buys 16-property portfolio for $249 million

Jason Simek of Capital Partners with 9210 Wyoming Avenue North (Capital Partners, Getty)

Edina-based Capital Partners has partnered with Bahrain-based alternative investment firm Investcorp to buy 16 properties in the Twin Cities for $249 million, the Minneapolis/St. Paul Business Journal reported.

The seller is Winnipeg, Manitoba-based Artis REIT, which made about $148 million on the sale, the outlet reported.

The properties, which span 2.5 million square feet and are approximately 95% occupied, bring Capital Partners’ real estate holdings to a total of 13.5 million square feet.

Jason Simek, managing partner of Capital Partners, said the purchase was attractive because many properties are located in crowded Class A submarkets, where there is little developable land available. It’s the second-largest real estate purchase this year in the Minneapolis and St. Paul metro area, behind the $366 million sale of Normandale Lake Office Park in Bloomington earlier this year.

The sellers, Artis REIT, based in Winnipeg, Manitoba, made approximately $148 million on the sale of the properties, which are approximately 95% occupied.

The agreement includes:

  • 120,000 square foot Parkside Industrial Center at 7300 49th Avenue North in New Hope
  • 130,500 square foot Aurora Industrial Warehouse at 2500 Walnut Street in Roseville
  • the 209,000 square foot Berkshire Lane I and II at 800-1000 Berkshire Lane in Plymouth
  • 103,500 square foot Bush Lake Road Industrial Center in Edina
  • 50,500 square feet Mendota Heights Gateway Commons on Waters Drive
  • 217,500 square foot Penn-James Mall in Bloomington
  • 112,500 square foot 12th Avenue Distribution Center in Plymouth
  • 250,000 square foot Energy Park distribution center in St. Paul
  • 113,000 square foot industrial park business center in Plymouth
  • 168,000 square feet and 170,000 square feet Mid-City Business Center South in Minneapolis
  • 406,000 square foot Pilot Knob distribution center in Mendota Heights
  • 68,000 square feet Crosstown North II and 73,000 square feet Crosstown North VI at Brooklyn Park
  • 84,000 square foot corporate campus in Plymouth
  • 106,500 square foot Tech West in Plymouth and a Home Depot store in Richfield

—Victoria Pruitt

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