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Boston-based STAG Industrial Inc. has picked up two fully-occupied industrial buildings in Dakota County, paying $27.5 million for the properties.
The REIT’s purchase closed May 15 and includes a 422,727-square-foot warehouse in South St. Paul, MN and an 87,183-square-foot office/warehouse in Mendota Heights, MN, according to the Minneapolis office of CBRE, which represented the seller, San Francisco-based Farallon Capital Management.
Farallon owned the properties for less than a year. The investment and asset management firm acquired the buildings as part of a seven-building, $84 million portfolio deal last July, according to CoStar data.
See CoStar COMPS #3977781.
In Mendota Heights, 2250 Pilot Knob Rd. serves as both a corporate headquarters and depot for Restaurant Technologies Inc., a national company that provides cooking oil management services to restaurants, grocery stores, hotels and institutional clients. The 24-foot tall building was constructed in 1994 on an 8.9-acre site in the northeast quadrant of the intersection between Pilot Knob and Highway 13, one of Dakota County’s main roads. Dakota County assessed the property at $4.5 million for taxes payable in 2019.
In South St. Paul, 411 Farwell Ave. S is a 28-foot tall structure that is a fully-leased to Sportsman’s Guide, a retailer that sells discount gear for outdoorsmen through its website and catalogue. The building was constructed on a 17.8-acre parcel just north and east of the interchange between I-494 and Concord Street South. Dakota County assessed the property at $10.96 million for taxes payable in 2019.
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| The CBRE capital markets team of Judd Welliver, Ryan Watts, Sonja Dusil and Tom Holtz represented the seller, Farallon Capital Management.
The buyer, STAG Industrial, represented itself in the acquisition. |
| Neither STAG nor Farallon responded to requests for comment. However, documents from STAG’s May 1 earnings report show that the REIT is in the midst of a buying binge.
From Jan. 1 to March 31, the REIT bought 10 buildings totaling more than 1.4 million square feet and valued at about $110 million. As of May 1, STAG had even more in the pipeline, with letters of intent or purchase agreements for 141 additional buildings. If all the deals go through, STAG will spend $2.3 billion on new industrial properties before year-end, and would add 39 million square feet to its portfolio. Not including its newest purchases, STAG owns seven buildings in Minnesota, covering a total of 1.39 million square feet, according to its website. Clare Kennedy, Minneapolis / St. Paul Market Reporter CoStar Group
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