ST. PAUL, MN-Bristol Group Inc., based in San Francisco, has sold Midway Distribution Center here to Irving, TX-based Cobalt Capital Partners for $14.4 million. The 252,000-sf property, at 2075 Ellis Ave. in the Midway submarket, is 90% leased to tenants including Iron Mountain and Viking SupplyNet.
Jennifer Widener, Bristol project manager, tells GlobeSt.com that the company had held the property for 20 years, but decided to sell because of cap rate hikes. "We don't have any other assets in that market," she says. "Every year we looked at it, it was a bridesmaid for five to 10 years. We believe cap rates are moving upward, and so we thought we'd put the building out to market. Our industrial portfolio is only strategized in four markets: Southern California, Chicago, Northern New Jersey and Florida." She said the firm has sold four properties this year, and is selling two more by Dec. 31, including a property in Southern California and one in southern Florida.
She says one unit is available for lease at Midway, a warehouse and distribution building with a clear height of 28 feet, a deep truck court and a large yard to accommodate trailer parking and storage. The lease rate is $4.75 per sf, which includes office space, Widener says. Steven Disse, Jeffrey Kahan and Jeffrey Devine with Colliers Bennett & Kahnweiler joined Mark Kolsrud with Colliers Turley Martin Tucker in Minneapolis in representing Bristol on the deal.
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