Syndicated Equities Sells Bio-Medical Industrial Portfolio in Twin Cities
Syndicated Equities finalized the sale of the Abbott Laboratories Life Sciences Campus in Minnetonka, MN, within the Twin Cities metro area. Syndicated acquired the portfolio, which originally consisted of short-term leases for 280,289 square feet spread out across five buildings, alongside Eagle Ridge Partners in 2017.
The portfolio contained certified clean rooms, labs, manufacturing space, as well as office and warehouse space. The acquisition was structured as a Tenancy-In-Common (TIC) to accommodate investors completing a Section 1031 exchange.
During their ownership, Syndicated and Eagle Ridge negotiated long-term lease renewals for the portfolio, creating significant value for investors. The assets were sold for an undisclosed sum in late July, resulting in a 2.38x equity multiple and 20.71% internal rate of return for Syndicated investors.
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. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).