Neogen STNL Industrial Life Science Offering - Twin Cities, MN_Property for Sale

6744 33rd St N, Oakdale, MN, 55128-3623, US

Neogen STNL Industrial Life Science Offering - Twin Cities, MN

Asset Description

Jones Lang LaSalle ("JLL"), as exclusive advisor to the Owner, is pleased to present to investors the opportunity to acquire the Neogen STNL Life Science Facility (the "Property"), a single credit tenant industrial asset recently renovated in 2024 that totals 45,740 square feet of prime industrial real estate located in Oakdale, MN.

Located in the infill 494 / 694 interstate loop of the Twin Cities MSA, the Neogen STNL Facility is an opportunity to acquire a mission-critical life science asset with an institutional quality tenant. The Property features modern finishes, major tenant-funded renovations, and an industry-leading tenant with a long-term in-place lease and a high likelihood for a lease renewal, assuring stable cashflows and returns to investors. This asset is ideally positioned as a highly desirable Life Science product within the northeast submarket and presents a considerable discount to replacement cost.

The offering is 100% occupied by Neogen, a publically traded ("NEOG") global animal and food safety company with over 40+ years of operating history. Recently acquiring 3M's Food Safety Corporation in September 2022, Neogen has continued its broad global growth in over 60 countries across the world.

...

Attributes

Building area net

4,249 m²

Occupancy

100%

Year built

1997

Year renovated

2024

Media

Investment Highlights

100% Occupied in a 2024 renovated industrial facility located in the Infill Northeast submarket secured by long term stable cash flows
Neogen has invested significant capital into the Property totaling over $10M for a complete renovation in 2024
The Asset is well located in the infill Northeast quadrant within the 494/694 loop. The Northeast Quadrant has seen the 2nd highest activity for active tenants accounting for over 26% of Q2 2024's total leasing activity
Mission-critical site operating as 3M Food Safety’s and now Neogen’s producer of food safety testing products
The Northeast submarket is critically under-supplied as Tenant Demand outpaces new speculative construction by nearly 4x
Life Science net absorption has averaged over 1M SF annually since 2019
Neogen celebrated the 2023 fiscal year with its 32nd consecutive year in reported revenue increases.
The asset has received an ISO 9001:2015 certificate allowing for design, development, and microbiological testing for Food and Beverage industries