Midloch, Fountain Real Estate Sell Last-Mile Industrial in Minneapolis Suburb

Midloch Investment Partners and Fountain Real Estate Capital have sold “Last Mile Penn Industrial” at 9231 Penn Ave. So. in the Minneapolis suburb of Bloomington, MN to Buligo Capital for $15.4 million in a deal brokered by Colin Ryan and Dave Berglund at JLL. Midloch and Fountain acquired the property in January 2022 for $11.2 million. 
 
The property had below-market occupancy and needed capital improvements at the time of the acquisition, and was quickly stabilized by the in-house leasing team at Fountain Real Estate, led by Mike Wilhelm and Rick Burnton. Today, the property features strong in-place cash flow, a mix of national and regional tenants, and further upside potential through leasing vacancies. “Last Mile Penn” spans 218,899 square feet. 
 
“Last-mile industrial properties, including those nearby distribution and logistics centers, continue to be strong real estate investment performers nationally,” said Andy Sinclair, CEO and principal of Midloch. 

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