Industrial Realty Group has acquired a 422,727-square-foot industrial distribution facility in South St. Paul, Minnesota, expanding its Twin Cities portfolio with a rail-served cross-dock property.
The facility is located at 411 Farwell Avenue and previously served as the headquarters of online and catalog retailer The Sportsman’s Guide.
Financial terms of the acquisition were not disclosed.
The property sits on 19 acres in an established industrial corridor.
The building includes approximately 392,727 square feet of warehouse space and 30,000 square feet of office space and is fully available for occupancy.
IRG plans to reposition and market the property to industrial users.
The building’s logistics infrastructure includes cross-dock loading on three sides, 36 dock-high doors, two drive-in doors, a 110-foot truck court and a 22-foot clear height.
It also provides substantial employee parking.
An existing Union Pacific rail spur and rail doors create the potential for future rail service, although the rail connection would need to be activated.
Location is another major component of IRG’s investment thesis.
The facility is approximately two minutes from Interstate 494, providing access to the broader Minneapolis-St. Paul interstate network.
It is also approximately 15 minutes from downtown St. Paul and Minneapolis-St. Paul International Airport.
IRG believes the property can serve either one large industrial user or be divided among multiple tenants, widening the potential pool of occupiers.
The acquisition adds to a national IRG portfolio spanning more than 150 properties across 32 states and over 100 million square feet of rentable space.
The firm specializes in acquiring, developing, managing and adaptively reusing commercial and industrial real estate.
KEY QUOTE:
“The property’s cross-dock configuration, rail capability and access to the Twin Cities transportation network make it a strong addition to our portfolio and an attractive opportunity for companies seeking efficient regional or national distribution space.”
Peter Goffstein, Executive Vice President Of IRG
