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ROGERS, MN-CB Richard Ellis Realty Trust has bought a 335,400-square-foot industrial building here in this Minneapolis suburb. The class A warehouse, located at 13201 Wilfred Ln., is fully leased to Walgreens.

A spokesperson for CB Richard Ellis Realty Trust could not disclose the selling price or previous owner. The SEC filing on the deal, listed the selling price as $15.3 million, with an acquisition cap rate of 8.7%.

“CB Richard Ellis Realty Trust focuses on well-located, high-quality properties with strong tenancies, and this acquisition fits all of those criteria,” says Jack Cuneo, CEO and president of CB Richard Ellis Realty Trust. “This facility is a state-of-the-art building that enhances the CB Richard Ellis Realty Trust portfolio by diversifying into a new market with a long-term credit lease. Walgreens is a leading pharmacy chain, and we are pleased to have them as our tenant.”

The building is located in the Diamond Lake Park, a 97% occupied industrial park located along Interstate 94. Originally built in 1999 it was renovated in 2008 for Walgreens’ package conveyer system. Walgreens’ current lease terms give the big-box retailers the site till July 2018.

With the deal, CB Richard Ellis Realty Trust also acquired a 75,000-square-foot tract of land that could one day be used to expand the facility.

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