Four industrial properties in the suburban Twin Cities and one in North Dakota were sold recent for $19.5 million.
The seller was Investors Real Estate Trust, a Minot, N.D., real estate investment trust that is disposing of selected assets and reallocating resources to development projects. IRET's strategy is to own and operate income-producing multi-family residential and commercial properties primarily in the Upper Midwest.
The buyer was not disclosed.
The properties include: the 41,880-square-foot Bodycote Industrial building in Eden Prairie, which sold for $3.1 million, the 49,620-square-foot Metal Improvement building inNew Brighton for $9.3 million, a 172,057-square-foot building in Roseville, and a 42,244-square-foot building in Fargo.
CBRE's Twin Cities office, including Steven Buss, Tom Holtz, Ryan Watts and Judd Welliver, handled the transaction for the seller.
Janet Moore covers commercial real estate for the Star Tribune.