At a glance
- The 174,288-square-foot facility was fully pre-leased before completion, Connect CRE reported.
- The 10.1-acre infill site has access to MSP International Airport and major transportation corridors, and is near employers including Amazon, Blue Cross Blue Shield and Ecolab.
- For allocators, the sale shows a fully pre-leased infill industrial asset can clear with a private buyer, but the undisclosed price leaves no cap-rate benchmark for marking comparable properties.
Standard Real Estate Investments and Endeavor Development sold Cobalt Business Center, a 174,288-square-foot industrial facility in Mendota Heights, Minnesota, to a private investor, according to Connect CRE. Terms were not disclosed.
The 174,288-square-foot facility was fully pre-leased before completion, Connect CRE reported. The 10.1-acre infill site has access to MSP International Airport and major transportation corridors, and is near employers including Amazon, Blue Cross Blue Shield and Ecolab. The building features 32-foot clear heights, 15 dock positions and 4,000 amps of power.
For allocators, the sale shows a fully pre-leased infill industrial asset can clear with a private buyer, but the undisclosed price leaves no cap-rate benchmark for marking comparable properties.
Reported by the Deals desk from Connect CRE. Published . Corrections