Enclave, a Fargo-based unified real estate investment company, has closed on the acquisition of a 255,501-square-foot, two-building industrial asset in Maple Grove, Minnesota. Enclave purchased the portfolio from Artis REIT for $25.5 million.
CBRE’s Judd Welliver, Bentley Smith, Zach Graham, Ryan Bain, Michael Caprile and Joe Horrigan represented the seller in the transaction. CBRE’s Joel Torborg, Mike Vannelli and Billy Mork of CBRE Capital Markets’ Debt and Structured Finance team in Minneapolis secured the fixed-rate, interest-only $15 million loan on behalf of the buyer.
The property is located at the intersection of 9200 Forestview Lane N and 9155 Cottonwood Lane N, southwest of Highways 169 and 610. The warehouse facility is fully leased to two tenants, Malark Logistics and Avonix Imaging. The asset is situated on 20.14 acres in the Northwest industrial submarket, the largest in the Minneapolis MSA.
“It’s a great asset that sits in one of the strongest industrial submarkets in the Twin Cities and is 100% leased long term to two tenants,” said Alex Arenkill, Senior Developer at Enclave.
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