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BLOOMINGTON, MN- High Street Equity Advisors LLC, which entered the Twin Cities this week with an eight-building industrial buy, has tapped locally based Welsh Cos. to lease and manage the 520,151-sf portfolio.

Bill Wardwell, a Welsh senior vice president of brokerage services, says that the eight properties are more than 99% leased to 25 tenants, including Rasmussen Business College, Pitney Bowes, Blue Cross and Blue Shield, and Viad Corp. The only current vacancy in the property is 20,000 sf in Boone Industrial Center, a 75,859-sf building at 7624 Boone Ave. in Brooklyn Park. The Welsh leasing team for the portfolio includes Bill Ritter, Ted Carlson, Ryan Doyle, Rob Brass, Steve Nilsson and Jeff Jiovanazzo

Welsh’s Pam Sunder is the property manager of the High Street buildings. In addition to Boone Industrial Center, the portfolio comprises Northland Interstate Business Center II, a 79,958-sf building at 7125 Northland Terrace in Brooklyn Park; a 59,782-sf building at 9401 73rd Ave. in Brooklyn Park; Eagandale Tech Center, a 75,599-sf building at 1303 Corporate Center Dr. in Eagan; Twin Lakes Corporate Center, a 74,094-sf building at 2720 Arthur St. in Roseville; Golden Triangle Tech Center, a 91,971-sf building at 7505 Golden Triangle Dr. in Eden Prairie; and the 31,708-sf Braemar II and the 31,180-sf Braemar III at 6925 and 6955 Washington Ave. in Edina.

Overall the Twin Cities industrial market has experienced some positive momentum in 2006, Wardwell says. “We’ve seen the industrial market this past year continue to stabilize and get stronger,” he says, adding that there has been a slight upward pressure on rates and fewer concessions. He says that many in the market are wondering when vacancies will decline enough and rental rates will rise enough to spur new construction. High land and construction costs have made industrial development a challenge locally.

Calls to High Street seeking more information about its recent acquisition were not returned at press time. The Boston-based real estate investment firm focuses its acquisitions on assets with gross values between $10 million and $35 million, according to the company website. When shopping for industrial properties, High Street looks for well-located substantially leased bulk/multitent distribution facilities with at least 18-foot clear height and modern dock ratios. The company typically targets East Coast markets, such as Massachusetts, Connecticut, New York, New Jersey, Pennsylvania, and Florida, for industrial buys.

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