06/23/2021 | Press release | Distributed by Public on 06/23/2021 09:37
MINNEAPOLIS, June 23, 2021 -JLL Capital Markets announced today that it has closed the $82.3 million sale of Plymouth Ponds Business Park, an eight-building, multi-tenant light industrial park in the suburban Minneapolis communities of Plymouth, Minnesota.
JLL advised the buyer, Link Logistics, in the acquisition of the portfolio from the seller in an off-market transaction.
Situated on 60 acres at 17100 Media Rd., Plymouth Business Park is at the intersection of Highway 55 and County Road, which provides easy access to Interstates 394 and 494. The park is approximately 13 miles west of downtown Minneapolis and 25 miles from the Minneapolis-Saint Paul International Airport.
The JLL Capital Markets team that represented the buyer was led by Senior Managing Directors Colin Ryan and David Berglund.
'This is another example of the strength of infill industrial,' Ryan said. 'Plymouth Ponds is the ideal business park in the Twin Cities - well located, high-quality stabilized assets at a price well below replacement cost. We continue to see more and more capital chase secondary markets like Minneapolis-St. Paul because of the higher yields when compared to the smile states.'
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Link Logistics, established by Blackstone in 2019, is a leading national provider of last-mile logistics real estate solutions designed to meet the needs of the modern supply chain. The company operates the largest portfolio of high-quality logistics real estate assets located exclusively in the U.S. Link Logistics has more than 6,400 customers and 420 million square feet of logistics facilities across key distribution markets in the U.S. Link Logistics has the scale, geographic footprint and logistics expertise, as well as a heightened focus on sustainability to power the supply chain of tomorrow. For more information regarding the company, please visit linklogistics.com.