North Star Distribution Portfolio_Property for Sale

Various locations

North Star Distribution Portfolio

Portfolio description

Aerial Tour & Portfolio Highlights

Jones Lang LaSalle, Inc. ("JLL.) has been exclusively retained to market for sale the North Star Distribution Portfolio (the "Portfolio" or "Properties") - Six (6) last mile, distribution centers located within the highly desirable 494/694 infill loop across three cities, Eagan, Champlin, and Plymouth in the Twin Cities Metroplex.

The 745,702 square foot Portfolio is currently 96% occupied and totals six (6) buildings within infill micro-markets; the Northwest Interchange, Airport Southeast, and Plymouth West Corridor where vacancy is sitting tight, ranging from 2.2% to 3.9%. These highly desirable properties offer a variety of suite sizes catering to a diverse tenant pool within the Twin Cities' market. Spaces range from approximately 14,842 square feet to 221,750 square feet with an average office buildout of 14.9%, clear heights of 24' to 26', and ample dock- high loading. The Portfolio's rent roll offers 3.7 years of weighted average remaining lease term (WALT) with in-place rents that are 27.8% below market.

The Portfolio also provides a diversified investment spread across the Twin Cities with ample access to major highways while capturing strong demographic fundamentals from a customer and labor perspective. Located minutes away from I-94, I-494, and I-35E, the Portfolio is ideally located to provide last mile services with access to major transportation corridors.

...

Attributes

Building class

Building area net

745,702 sf

Occupancy

95.7%

WAULT

3.7 years

Year built

1997

North Star Distribution Portfolio (6 Properties)

Media

Investment Highlights

Exceptional Mark-to-Market Opportunity: Portfolio offers a substantial 27.8% upside potential, positioning for strong future returns

Strategic Twin Cities Footprint: 745,702 SF portfolio comprising 6 infill-located Class A distribution assets in the metro's top-performing micro-markets

Prime Logistical Advantage: Strategically positioned with superior access to major transportation arteries and key business hubs, enhancing tenant appeal and operational efficiency

Strong Occupancy with Quality Tenant Base: 95% occupied by a diverse mix of 15 tenants, including investment-grade companies, ensuring stable income streams

Balanced Lease Profile: WALT of 3.7 years offers a blend of near-term upside potential and long-term stability across single and multi-tenant properties

Rare Market Entry Opportunity: Only six multi-building parks exceeding 725K SF have traded in the Twin Cities since 2021, underscoring the scarcity of large-scale investment opportunities in this high-growth market