The deal was a syndicated tenancy-in-common structured transaction. Upland officials say this sale was unique because it was a collaboration of five investors, some of who were involved in 1031 tax deferred exchanges. Individual investments ranged from $400,000 to $1.5 million.
The seller was Hoyt Properties, which the buyer hired to continue to provide day-to-day property management services and tenant relations. This property in the south central industrial sub-market of the Twin Cities was developed in 1997. Geneva will provide sponsorship activities and asset management while Upland will provide marketing and leasing services.
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