Twin Cities-based Water Street Partners, LLC, has closed on the purchase of 610 Business Center, (9300 Winnetka Avenue N., Brooklyn Park, MN) for $10 million. The property includes an 80,000 square foot Class A building with office and warehouse space. The building is leased to a wholly-owned subsidiary of SGS.
Water Street Partners, LLC, was formed in 2017 and pursues assets of all property types and risk profiles in a variety of markets, with a concentration in the Minneapolis-St. Paul metropolitan area. It’s investment activities include acquiring existing properties and capitalizing select development opportunities. Water Street Partners is led by experienced real estate professionals Joe Boone and Jim Hegedus. The acquisition of 610 Business Center is a seed investment for Water Street’s fund, as they work toward completing capital raising efforts.
“Several characteristics of 610 Business Center make it an ideal investment for the fund,” said Joe Boone, Water Street Partners Managing Partner. “Among those are location, quality, functionality and tenancy, as each of these reinforces our conviction that the building will produce strong results over the hold period.”
“We are impressed by the growth and success SGS has achieved to this point, and we look forward to a long and prosperous relationship going forward,” said Jim Hegedus, Water Street Partners Managing Partner. “The building has served their needs for more than ten years, and we expect that to continue as this well-established location continues to improve.”
For more information, visit: water-street-partners.
