Boston-based STAG buys more metro HQ space.
Byline: Matt M. Johnson
A Plymouth acrylics maker has sold its headquarters building and another building next door to a major national investor in industrial properties.
Boston-based STAG Industrialpaid a total of $18.75 million in cash in two separate deals for the properties,according to certificates of real estate valuemadepublic on Wednesday. The buildings are fully occupied by Acrylic Design Associates, a company that designs and manufactures signage and product displays, and refurbished data center hardware seller Integrity Global Solutions.
The seller in the transaction, Exotic Properties Limited Partnership, shares an address with Acrylic Design Associates and is managed by that company's CEO, William McNeely Jr. Acrylic Design Associates did not immediately respond on Thursday to a request for comment on the sales.
"They were essentially an owner-occupier," said Brent Masica, an executive director with the Twin Cities office of Cushman & Wakefield. Masica, Jason Meyer and Avery Ticer represented the seller in the transaction.
The properties drew a number of bidders, Masica said in a Thursday interview.
STAG purchased a 19-year-old, 86,337-square-foot building at 6050 Nathan Lane N. for $8.475 million and a 23-year-old, 66,682-square-foot building at 6075 Trenton Lane N. for $10.275 million. Acrylic Design Associates has its headquarters in the Nathan Lane building, while Integrity is in the Trenton Lane building, according to CoStar. The buildings are across the street from each other.
The deals, which closed on Oct. 29, work out to a combined $122.53 per square foot of space. Hennepin County values the buildings at a total of $12.75 million for tax purposes.
The buildings' location in the northwest quadrant of Highway 169 and Bass Lake Road and the credit of the tenants made the property attractive to STAG, Masica said. The buildings had recently been re-roofed and painted and have updated HVAC systems, he said.
STAG adds the buildings to a...
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