Description: 42,747-square-foot Class B industrial building, with five drive-in doors and 26-foot clear height, built in 2001 on 4.45 acres at 2859 Lexington Ave. S. in Eagan
Buyers: Eagan Partners-M, LLC, Eagan Partners-Q LLC, Eagan Partners-P LLC, Eagan Partners-S LLC, all related to Capital Partners, Minneapolis
Seller: RK-KB Properties LLC, Pelican Rapids
Purchase price: $3.9 million, with a $1.185 million down payment and a new mortgage
Price per square foot: $91.23
The transaction: Minneapolis-based Capital Partners has paid $3.9 million for a fully-leased 42,747-square-foot industrial building in Eagan.
Eagan Partners-M LLC, Eagan Partners-Q LLC, Eagan Partners-P LLC and Eagan Partners-S LLC, all related to Capital Partners, closed May 31 on the acquisition from RK-KB Properties LLC in Pelican Rapids. The building, located at 2859 Lexington Ave. S., was built in 2001, with five drive-in doors and 26-foot clear height.
The seller is an entity related to the former owner of the building’s tenant, Northern Power Products Inc. Peter Mork, founding partner of Capital Partners, said his company renewed the lease with Northern Power’s current owner. CoStar lists Roger Lervick as the seller and former owner of Northern Power Products.
The acquisition fits the strategy Mork outlined to Finance & Commerce in January. Capital Partners bought about 2 million square feet of space in 2018, the majority of it in two transactions totaling about $109 million, Mork said. He announced plans to focus mainly on smaller, well-positioned properties in 2019.
“This new Eagan acquisition fits that mold perfectly, with excellent location, clear height and parking,” he said this week.
Capital Partners’ portfolio now totals about 5.5 million square feet, all in the Twin Cities, Mork said.
Last sale: N/A
Date of deed: 5-31-19
ECRV released: 6-7-19
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