Chicago-based First Industrial Realty Trust Inc. sold five multitenant industrial properties in the Twin Cities area. The properties totaled 845,622 square feet and were all completely occupied. According to electronic certificates of real estate value, the portfolio was sold for $38.35 million.
The buyer was Westmount Realty Capital, which is based in Dallas. Two of the properties are in Eden Prairie, one is in Burnsville, another in Shakopee and the last in Chaska.
“This portfolio was perfectly positioned by First Industrial for a sale to Westmount,” said Mark Kolsrud, senior vice president at Colliers International Minneapolis-St. Paul, which represented First Industrial in the sale. “The market is enjoying a steady increase in rents and occupancy and was a perfect opportunity for them.”