KCB Real Estate acquired Project Commerce, a portfolio of three mission-critical industrial assets comprised of two distribution and warehouse facilities in Bowling Green, Kentucky, as well as a flex-warehouse facility in Eden Prairie, Minnesota.
The distribution warehouses are positioned strategically due to their proximity to multiple major interstates, regional rail lines, and a large distribution hub comprised of roughly 20 million square feet of rentable industrial properties with 1% vacancy.
The flex-warehouse facility is ideally positioned within the Golden Triangle, one of the most desirable markets for office and industrial space in Minneapolis.
“The entire deal was sourced through a new operating partner who specializes in securing, managing, and leasing NNN industrial properties via sale-leaseback transactions,” said Megan Pautler-Gutnikov, Managing Director at KCB, noting that the transaction is structured at a strong going-in cap rate with a new long-term lease put in place and the tenant responsible for all property expenses.
Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories.
With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.