MINNEAPOLIS-Thrivent Financial for Lutherans has sold an industrial real estate portfolio made up of 22 bulk warehouse buildings in four states for $114 million. United Properties Investment Sales represented Thrivent in the sales, which took place over the first quarter.

United Properties negotiated the sale of eight Thrivent-owned bulk industrial buildings totaling 996,000 sf to Shoal Creek Properties, Ltd., a private buyer from Austin, TX. The buildings are located in Denver, Minneapolis and Phoenix, and are about 85% occupied. The transaction totaled $38.65 million or about $39 per sf.

United Properties also recently negotiated the sale of a 14-building, 1.6-million-sf bulk industrial portfolio in Houston. Invesco, a Dallas-based pension fund advisor, purchased the portfolio for $75.2 million, or about $46 per sf. The buildings are currently 95% occupied.

United Properties is a full-service commercial real estate company based in Bloomington, MN, with more than 400 employees and 26.5 million sf of office, industrial, retail and multi-family properties under management. The company specializes in brokerage, property management, corporate real estate services, facility services, construction management, development services and investment services.

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