JLL Capital Markets closed the $14.55-million sale of a 102,994-square-foot distribution facility at 8175 Jefferson Hwy. in the suburban Minneapolis community of Maple Grove, MN.
Senior managing directors David Berglund and Colin Ryan worked on behalf of the seller, a partnership between PCCP, LLC and Capital Partners. An affiliate of Boston-based STAG Industrial, Inc. purchased the asset.
The single-tenant property is triple-net leased to GAF Materials, LLC, a leading roofing manufacturer in North America with plants strategically located across the U.S. The property includes access to two rail spurs and has approximately six acres of paved outside storage.
“This was a terrific transaction for all parties involved,” Berglund said. “We had an extremely competitive sales process for this asset, and STAG got to the finish line sooner than we expected.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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